A Crypto Exchange Joins Binance in Terra Luna Classic LUNC Token Burn Initiative- Will This Fuel the Price Rally?

Estimated read time 2 min read
  • WEEX, a crypto exchange, has pledged to burn 30% of Terra Luna Classic (LUNC) trading fees, mirroring Binance’s commitment to burning 50% of fees.
  • This collaborative effort aims to reduce the circulating supply of LUNC tokens, potentially boosting their value.

In a concerted effort to bolster the Terra Luna Classic (LUNC) community’s initiative to decrease the token’s circulating supply, WEEX, a Singapore-based crypto futures trading platform, has declared its support by committing to burn 30% of LUNC trading fees. This move echoes Binance’s commitment, which burns 50% of trading fees for the LUNC burn mechanism.

WEEX and Binance to Contribute to LUNC Burn

WEEX recently announced its intention to align closely with the Terra Luna Classic community and its endeavors to revitalize LUNC. The exchange plans to allocate 15% of trading fees from both its Futures Pro and Spot platforms, culminating in a substantial contribution of 30% of all trading fees across various pairings. This initiative forms part of WEEX’s ambassador program, aimed at promoting Terra Luna Classic while simultaneously diminishing its overall token supply.

Notable figures within the Terra Luna Classic community, such as LuncLive validator owner Mr. Diamondhandz, have expressed their membership in WEEX’s ambassador program. WEEX, known for its non-KYC approach and absence of maker fees, holds licenses in the United States and Canada as a Money Services Business (MSB).

Binance, on the other hand, has been actively burning Terra Luna Classic (LUNC) tokens, having already incinerated over 53 billion tokens to date. The recent 19th batch of the LUNC burn mechanism saw 2.21 billion LUNC tokens eradicated, further contributing to the reduction of LUNC’s circulating supply.

LUNC and USTC to Rally

Despite recent fluctuations, both LUNC and its counterpart USTC are poised for potential rallies. LUNC witnessed a minor 2% decline in the past 24 hours, trading at $0.000179. Similarly, USTC experienced a 1% drop, with its price settling at $0.0345. Despite these fluctuations, there remains optimism within the community regarding potential price surges.

However, it’s essential to note the decline in trading volume, indicating a potential decrease in interest among traders. Nevertheless, the collaborative efforts of platforms like WEEX and Binance, coupled with community-driven initiatives, may serve to reinvigorate interest and contribute to the long-term sustainability and growth of Terra Luna Classic and its associated tokens.

vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.

You May Also Like

More From Author