Binance Reverses its Stance on LUNC Burn Mechanism

Binance Reverses its Stance on LUNC Burn Mechanism
  • The address for the burn was developed by the locals.
  • FatMan’s post has enraged Terra classic investors.
  • CZ’s actions caused the currency to tumble in the market shortly after.

Future trading commissions on LUNC spots or margin trading pairs will be remitted to the token’s burn address, as was specified in their blog post. This address for the burn was developed by the locals. 

It’s LUNC Until further notice, the burn program, which began on September 1, 2022, will be in effect. In response to the newly enacted community-burn idea, the campaign was created.

The blog entry stated,

All trading commissions on LUNC margin and spot trading pairs will be burned by Binance using a burn scheme. They will deliver them to the burner address for the LUNC.

In the meantime, LUNC investors have continued to get on the nerves of the infamous Terra whistleblower FatMan. Remember how FatMan claimed that LUNC holders had intimidated exchanges into imposing the 1.2% tax burn on their platform?

FatMan has again attacked LUNC supporters after Binance implemented a burn mechanism on all LUNC spot and margin trading fees, saying that Binance deciding to burn millions of dollars out of their own pocket because of unreasonable demands of an angry Twitter mob is a true exemplar of the raw, unbridled power that the PR & social media hold.

FatMan’s post has enraged Terra classic investors, who have proceeded to put him on the heat for hours.

Furthermore, CZ’s actions caused the currency to tumble in the market shortly after. The position was based on the effect it had on trading activity, which other exchanges have emphasized.
Notably, LUNC`s price jumped by more than 25% in five minutes. At the time of publication, CMC indicated that LUNC was trading at $0.0002789. Terra Classic is also up 7% within the last 24 hours.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer