Luna Price Drops 7% Despite Binance Burning $1.86M in LUNC

By 2 years ago
  • Binance has finished its first burn of Terra Classic (LUNC), burning about $1.86 million in USDT equivalent from trading fees collected from spot and margin trading pairs.
  • Binance first announced that it would burn the trading fees on September 26, and the next announcement will take place on October 10.
  • However, the price of LUNC has not gone up as a result of the burn. The coin is down approximately 7% over the last 24 hours.

Binance has completed its first burn of Terra Classic (LUNC), burning $1.86 million of the trading fees collected from spot and margin trading pairs. The exchange tweeted about the burn on October 3, pointing to a post

that explained the burn mechanism in detail.

The exchange burnt about 5.59 billion LUNC, the USDT equivalent of which is $1.86 million. The details of the next burn will be made known on October 10.

Amount of LUNAC burnt: Terra Finder

Binance revealed that it would burn all trading fees from spot and margin trading pairs of LUNC on September 26, which the Terra community was eager to hear about. They hope that this will increase the price of the LUNC token. It’s a positive step forward for the community, which has been hit hard by the collapse of the Terra ecosystem.

Meanwhile, authorities are still on the hunt for the co-founder of Terraform Labs, Do Kwon. South Korean authorities have managed to get Interpol to issue a red notice

, and now there is an international lookout for Kwon. However, he has insisted that he is not on the run.

Terraform Labs has issued its own statement on the matter, saying that the case was highly politicized. It also said that it would not reveal Kwon’s location because of “physical security risks.”

LUNC Price Doesn’t Get the Bump the Community Wanted

LUNACUSDT: TradingView

The LUNC burns have been at the center of discussion in the community, which the members hope will boost the price. So far, 13.8 billion LUNC has been burned, about 0.2% of the whole supply. Today alone, there have been 9.4 million LUNC burned by tax.

However, it has not had the intended effect. The LUNC token price has actually fallen by roughly 7% to $0.0003. The 24-hour volume of LUNC stands at $835 million, while it has a fully diluted market cap of $2.1 billion.

LUNAC Development Activity: Santiment

That hasn’t stopped the community from pushing forward. Data from Santiment shows an uptick in development activity, as the community members seek to add value to the token.

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Rahul Nambiampurath

Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.