Cryptocurrency Terra Luna Classic (LUNC) soars once more as a result of a very bullish post from Binance. It was only yesterday when LUNC’s price plunged to $0.000179, and recently, it has recovered to $0.0003125.
Following some incredibly important news from the CEO of Binance Changpeng Zhao on Twitter, Terra Luna Classic (LUNC) started experiencing a trend reversal — going from bearish to bullish.
The major centralised exchange Binance has officially announced that it will now enable the Terra Luna Classic (LUNC) burning mechanism in order to decrease the supply.
» Binance To Implement Terra Classic (LUNC) Burn Mechanism
Quick thread on what we’re doing and why below.https://t.co/b86RlCGPmv
— CZ 🔶 Binance (@cz_binance) September 26, 2022
Zhao tweeted that there are three things to note here: The LUNC community was displeased with this approach, this solution will take time to develop, and that it would not work anyway. Naturally, traders would not vote for it. He said that, since then, the team has been discussing a better, faster way to provide community support.
The Binance CEO added that they have decided to start burning all trading fees accrued on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on the platform instead. The fees would be converted to LUNC and then transferred to the burn address. Users are not required to pay for the burn as Binance will be covering for the expenses.