Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to the Luncburn tracker, a Twitter account that provides updates on daily LUNC burns sent to the LUNC burn address, a meager 1,520,377 LUNC worth $438 was burned on Oct. 6 in 100 transactions. This represents an 86% decrease from the previous day's figures. On Oct. 5, over 10,322,295 LUNC worth $3,091 were sent to the LUNC burn address in 134 transactions. LUNC is up 0.22% in the last 24 hours and down 3.22% in the past week.
It should be noted that data on the burned LUNC supply differs from portal to portal. On Oct. 3, Binance burned 5.59 billion (5,595,907,838) LUNC tokens by sending them to the burn address. This is the equivalent of 1,863,213 USDT. The first batch of LUNC trading fees burned covers the time frame of Sept. 21 through Oct. 2.
Binance earlier announced that it would implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address on Mondays. Every Tuesday, a report on the burn and the subsequent on-chain burn transactions will also be updated.
The results for the first batch of burns are underwhelming, although many had anticipated Binance to burn around 15 billion per week. This is because estimates accounted for a 0.1% default on all transaction fees. Meanwhile, the first batch of LUNC burned only accounted for 0.08% of the total supply.
According to LUNC.TECH, a Twitter account that provides updates on LUNC burning, the total number of LUNC burned so far is 14,317,819,480 LUNC, which represents 0.2% of the total supply.
Do Kwon receives boost
Do Kwon, co-founder of Terra and now a crypto-fugitive, received somewhat of a boost after a court let an executive connected to his failed Terraform Labs ecosystem avoid jail and suggested that there may be some basis for some of the accusations the individual is facing.
The sole surname that may be used to identify the person who escaped prison is Yu. On Thursday, prosecutors stated that the person had been detained on suspicion of breaking the capital markets law, committing fraud and breach of duty related to market manipulation.
Yuri Molchan
Denys Serhiichuk
