LUNC gained over 180% earlier in the month

Terra Classic (LUNC) The first crypto token from the Terra-LUNA blockchain which dissolved back in May, increased more than 50% on Tuesday following an announcement from Binance the world's most important cryptocurrency exchange in terms of quantity, will allow a burn mechanism to the Terra-LUNA blockchain.

LUNC gained over 180% earlier in the month

LUNC was up 53.3 percent over the last 24 hours and traded in the range of US$2.4 as of 11:11 a.m. Hong Kong time. It's still a distance from LUNC's previous record peak of US$119 back in April, when it was one of the top ten cryptocurrency in terms of market capitalization prior to the multi-billion dollar debacle in the stablecoin Terra-LUNA in May.

The announcement said that Binance stated that the new method will burn all fees associated with trading in LUNC trades in margin and spot trading pairs , making them available to a designated LUNC burned address. The exact amount that will go to the burn address will be revised every week.

In the world of crypto the term "burn" or "burn" the token is basically to eliminate it and take the token out of circulation with the hope of increasing or stabilizing the price of the token by reducing the supply.

The move of Binance follows another plan that was approved by the LUNC community, which went in effect on Sept. 21st to burn 1.2 percent of each LUNC transaction made on the blockchain. Since then 6.1 billion LUNC tokens have been burned.

Since Binance offers very low transaction costs, industry experts have said that this decision will have little impact on the price in general. Customers of Binance can sign up to the 1.2 percent burning option in the event that they decide to.

LUNC has risen by over 180 percent earlier in the month , bringing it to US$7 -the highest price for the token since the collapse in Mayand this was after the burn plan of the community was announced. It continued to drop in value prior to its dramatic gains on Tuesday.


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