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Binance has fulfilled its commitment to burn 1.2% Terra Classic (LUNC) for each transaction on the exchange following a proposal from the community.
According to Binance, all LUNC burning will not affect LUNC spot and margin trading fees. The exchange caps trading fee rates at 0.1%.
#Binance completes the first $LUNC burn, burning all trading fees collected from LUNC spot and margin trading pairs.
For more details about the first burn and all future burns, please check the announcement linked below for weekly updates moving forward.https://t.co/Depz9nYDVO
— Binance (@binance) October 3, 2022
In the last 7 days, the amount of fees that the exchange received from LUNC trading was 1.8 million USD.
Traders react negatively to burn numbers
Over the past 24 hours, LUNC price has increased by 59.4% to $0.00031654 as traders wait for information on how much LUNC has been burned.
However, after announcing the number of LUNC burned, Binance dealt with mixed reactions from the community as the number was several times lower than expected.
One trader, Tree of Alpha, pointed out that the amount of LUNC burned is only 0.09% of LUNC’s market cap. Kcryptojunkie also advised traders to dump LUNC.
The @binance burn the $LUNC community was waiting for just happened.
One week's worth of fees collected by Binance burned.The value? A meager $1.8m, 0.09% of market cap.https://t.co/azUst9kMj5
— Tree of Alpha (@Tree_of_Alpha) October 3, 2022
According to estimates, at Binance’s current coin burning rate, it will take up to 15 years for Terra Classic to complete its goal of bringing the total supply of LUNC from 6.7 trillion LUNC to only 10 billion.
MikeHerzig5, on the other hand, responded to a tweet by the LUNC community, praising Binance and CEO Changpeng Zhao for taking the initiative and urging other exchanges to follow suit:
#lunc #cz first of all a big thank you to cz.❤️👍 he kept his word that's great. less than many of you would have expected but that you can't count is not his fault. now it's up to us to get all the other exchanges on board. Then we have a great result. Then we can also talk
— Mike Herzig (@MikeHerzig5) October 3, 2022
LUNC founder on the run
Interpol issued a red notice for Kwon for violating South Korea’s capital markets laws. Kwon is currently facing class action lawsuits in both the U.S. and South Korea.The U.S. Securities and Exchange Commission is investigating whether Terraform Labs and Kwonduped investors call TerraUSD a stablecoin. Kim Hyung-joong from Korea University’s cryptocurrency research department said:
“Prosecutors want to punish Kwon as an example, but it would be a different matter if Kwon was actually found guilty in court.”
LUNC price drops after burning
The Tom DeMark (TD) Sequential indicator shows a sell signal on LUNC’s four-hour chart. The spike in selling pressure pushed the LUNC price below the 50-hour moving average (MA50) at $0.00031. If this happens, LUNC will likely return to the 100-hour MA at $0.00025.
To rally, LUNC must print a 4-hour candlestick above the recent high of $0.00037 to invalidate the bearish trend. The rally could give LUNC the strength to move up to $0.00046.
