{"id":65504,"date":"2022-10-04T14:50:08","date_gmt":"2022-10-04T07:50:08","guid":{"rendered":"https:\/\/wikibinance.com\/?p=65504"},"modified":"2022-10-04T14:57:15","modified_gmt":"2022-10-04T07:57:15","slug":"lunc-after-binance-burns-tokens","status":"publish","type":"post","link":"https:\/\/wikibinance.com\/en\/news\/lunc-after-binance-burns-tokens.html","title":{"rendered":"What\u2019s next for Terra\u2019s LUNC after Binance burns 5.5 Billion tokens"},"content":{"rendered":"<p>Binance has fulfilled its commitment to <a href=\"https:\/\/wikibinance.com\/en\/news\/binance-1-2-lunc-burn.html\">burn 1.2% Terra Classic (LUNC) for each transaction on the exchange<\/a> following a proposal from the community.<\/p>\n<p>According to Binance, all LUNC burning will not affect LUNC spot and margin trading fees.\u00a0The exchange caps trading fee rates at 0.1%.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">#Binance<\/a> completes the first <a href=\"https:\/\/twitter.com\/search?q=%24LUNC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$LUNC<\/a> burn, burning all trading fees collected from LUNC spot and margin trading pairs.<\/p>\n<p>For more details about the first burn and all future burns, please check the announcement linked below for weekly updates moving forward.<a href=\"https:\/\/t.co\/Depz9nYDVO\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/Depz9nYDVO<\/a><\/p>\n<p>&mdash; Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1576943349143310336?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">October 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the last 7 days, the amount of fees that the exchange received from LUNC trading was <strong>1.8 million USD.<\/strong><\/p>\n<h2><strong>Traders react negatively to burn numbers<\/strong><\/h2>\n<p>Over the past 24 hours,<a href=\"https:\/\/ecoinomic.io\/crypto\/LUNC\/terra-luna\/\" target=\"_blank\" rel=\"noopener\"><strong> LUNC<\/strong>\u00a0<\/a>price has increased by 59.4% to $0.00031654 as traders wait for information on how much LUNC has been burned.<\/p>\n<p>However, after announcing the number of LUNC burned, Binance dealt with mixed reactions from the community as the number was several times lower than expected.<\/p>\n<p>One trader, Tree of Alpha, pointed out that the amount of LUNC burned is only 0.09% of LUNC&#8217;s market cap. Kcryptojunkie also advised traders to dump LUNC.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">@binance<\/a> burn the <a href=\"https:\/\/twitter.com\/search?q=%24LUNC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$LUNC<\/a> community was waiting for just happened.<br \/>One week&#39;s worth of fees collected by Binance burned.<\/p>\n<p>The value? A meager $1.8m, 0.09% of market cap.<a href=\"https:\/\/t.co\/azUst9kMj5\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/azUst9kMj5<\/a><\/p>\n<p>&mdash; Tree of Alpha (@Tree_of_Alpha) <a href=\"https:\/\/twitter.com\/Tree_of_Alpha\/status\/1576925754918506496?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">October 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to estimates, at Binance&#8217;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.<\/p>\n<p>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:<\/p>\n<p>https:\/\/twitter.com\/MikeHerzig5\/status\/1576957884436316161?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1576957884436316161%7Ctwgr%5E31b2c4e49cda7d7f2952846a83cb020845b9eb6a%7Ctwcon%5Es1_c10&#038;ref_url=https%3A%2F%2Fwikibinance.com%2Ftin-tuc%2Flunc-binance-dot-55-ty-token.html<\/p>\n<h2 id=\"h-lunc-founder-on-the-run\"><strong>LUNC founder on the run<\/strong><\/h2>\n<p><a href=\"https:\/\/ecoinomic.io\/en\/news\/interpol-issued-a-red-notice-for-do-kwon.html\" target=\"_blank\" rel=\"noopener\">Interpol issued a red notice for Kwon<\/a> for violating South Korea&#8217;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&#8217;s cryptocurrency research department said:<\/p>\n<blockquote><p>&#8220;Prosecutors want to punish Kwon as an example, but it would be a different matter if Kwon was actually found guilty in court.&#8221;<\/p><\/blockquote>\n<h2><strong>LUNC price drops after burning<\/strong><\/h2>\n<p>The Tom DeMark (TD) Sequential indicator shows a sell signal on LUNC&#8217;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.<\/p>\n<p>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.<\/p>\n<figure id=\"attachment_65464\" aria-describedby=\"caption-attachment-65464\" style=\"width: 850px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-65464\" src=\"https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/10\/LUNC.png\" alt=\"LUNC\" width=\"850\" height=\"460\" srcset=\"https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/10\/LUNC.png 850w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/10\/LUNC-300x162.png 300w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/10\/LUNC-768x416.png 768w, https:\/\/wikibinance.com\/wp-content\/uploads\/2022\/10\/LUNC-750x406.png 750w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><figcaption id=\"caption-attachment-65464\" class=\"wp-caption-text\">LUNC price. Source: TradingView<\/figcaption><\/figure>\n\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-center kksr-valign-bottom\"\n    data-payload=\"{&quot;align&quot;:&quot;center&quot;,&quot;id&quot;:&quot;65504&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;bottom&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;5&quot;,&quot;greet&quot;:&quot;Rate this post&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}\">\n    \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n    \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            <span class=\"kksr-muted\">Rate this post<\/span>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0The exchange caps trading fee rates at 0.1%. #Binance completes the first $LUNC burn, burning all trading fees [&hellip;]<\/p>\n","protected":false},"author":28,"featured_media":65507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[392],"tags":[],"_links":{"self":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/65504"}],"collection":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/comments?post=65504"}],"version-history":[{"count":2,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/65504\/revisions"}],"predecessor-version":[{"id":65524,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/65504\/revisions\/65524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media\/65507"}],"wp:attachment":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media?parent=65504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/categories?post=65504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/tags?post=65504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}