- The effect is a 5% increase in the price of LUNC.
- Binance sent almost 5.59 billion Terra Classic (LUNC) tokens to the burn address.
Over 5 billion Terra Classic (LUNC) tokens have been delivered to the burn address by the biggest cryptocurrency exchange in the world, Binance. After the Terra community voiced their displeasure with the “opt-in button” idea, Binance said they will be eliminating trading fees on LUNC spot and margin trading pairings every Monday. The effect is a 5+% increase in the price of LUNC.
On October 3 at 1:16 PM UTC, Binance sent almost 5.59 billion Terra Classic (LUNC) tokens to the burn address. Add 67.15 million LUNC for the transaction charge. The first batch of LUNC trading fees to be burned were accrued from September 21st to October 2nd.
Report Every Tuesday
An earlier announcement from the cryptocurrency exchange said that every Monday, all accumulated trading fees for LUNC spot and margin trading will be destroyed. A report detailing the burn and the next scheduled on-chain burn transaction will be published weekly on Tuesdays.
Many predicted that Binance would burn over $15 million each week, but the first burn estimates are far lower. The reason for this is that all transaction fees were assumed to be 0.1% in default throughout the computations. In addition, the Binance VIP program is used by investors because of the cheap fees they may get from trading based on their volume.
Over the course of the last day, the price of Terra Classic (LUNC) has increased by more than 5%, reaching a high of $0.00035. However, the disparity between the burnt and anticipated numbers causes the price to swiftly reverse. At this time, LUNC can be purchased for $0.00031, a drop of almost 6%.
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