The first burn of Terra Classic (LUNC) by Binance has been completed. Trading fees from spot and margin trading pairings were around $1.86 million in USDT equivalent.
The burning of trade fees was initially announced by Binance on September 26. The next news will follow on October 10.
However, the burn has not resulted in a price increase for LUNC. Over the past 24 hours, the coin’s price has decreased by about 7%.
Binance has finished burning its first Terra Classic (LUNC) token, using $1.86 million in trading commissions from pairings for spot and margin trading. On October 3, the conversation tweeted about the burn and linked to a post with more informations about it in detail.
5.59 billion LUNC, or $1.86 million in USDT, were burned in the trade. On October 10, the specifics of the next burn will be made public.
The Terra community was excited to learn that Binance would burn all trading fees from LUNC spot and margin trading pairs on September 26. They anticipate that doing this will drive up the cost of the LUNC token. It’s a start in the right direction for the neighborhood, which has been severely impacted by the demise of the Terra environment.
Authorities are still looking for Do Kwon, the other co-founder of Terraform Labs. There is currently a worldwide search for Kwon after South Korean officials were successful in convincing Interpol to issue a red notice. He has emphasized, meanwhile, that he is not hiding.
In a comment on the subject, Terraform Labs said that the situation was extremely politicized. Additionally, it stated that due to “physical security considerations,” Kwon’s whereabouts would not be disclosed.
Lacks the Increase the Community Wanted for LUNC Price
The community has been talking a lot about the LUNC burns, which the members think will increase the price. 13.8 billion LUNC have been consumed thus far, or around 0.2% of the total supply. 9.4 million LUNC have been taxed out of existence only today.
It has not, however, produced the desired outcome. Actually, the cost of a LUNC token has decreased by almost 7% to $0.0003. LUNC has a $835 million 24-hour volume and a $2.1 billion market valuation when fully diluted.
The community has still continued to advance despite this. According to Santiment data, development activity has increased as the community works to improve the coin.
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