LUNC price surges 40% on Binance burn support
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Terra Luna Classic (LUNC), the original version of the collapsed cryptocurrency Terra Luna, has rallied on Monday afternoon, with massive gains pushing the coin back to highs seen early last week.
The LUNC/USD pair is trading around $0.00029885 at the time of writing, with intraday highs of $0.00031905 on major exchanges that list the coin.
According to data from CoinGecko, the cryptocurrency is up more than 40% in the past 24 hours – with most of the gains coming after this good news in the form of Binance support for the cryptocurrency burning mechanism.
Binance implements LUNC burning
On Monday, Binance CEO Changpeng Zhao announced that the crypto exchange, the world’s largest by trading volume, plans to burn a 1.2% tax rate as the Terra Luna Classic community seeks to reduce the coin’s supply.
“Binance implements a burning mechanism to burn all trading fees from LUNC spot and margin trading pairs by sending them to the LUNC burning address. The specific amount of LUNC to be burned, its corresponding value in USDT and the ID of the on-chain transaction will be updated weekly in this announcement until further notice“, the exchange informed its customers.
Zhao also commented on the LUNC tax burn, noting that the platform is implementing the model because LUNC holders would not have supported the previously announced participation proposal. He tweeted:
Instead, we have decided to start burning all trading fees collected from Binance’s LUNC/BUSD and LUNC/USDT spot and margin trading pairs.
Payments are converted to LUNC and then sent to the burning address. The burn injury is paid for by us, not by the users.
– CZ 🔶 Binance (@cz_binance) September 26, 2022
As for payments, Binance noted: “Trading fees for LUNC spot and margin trading pairs collected using non-LUNC token (eg USDT, BUSD and BNB) are converted to LUNC at Binance live exchange rates every Monday at 00:00:00 (UTC). ).”
In the last 24 hours, Terra Luna Classic has registered a daily trading volume of just over $2.4 billion, with data from CoinGecko showing 6,901,298,301,199 LUNCs in circulation.