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LUNC Price Skyrockets 25% in 5 Minutes as Binance Announces Major Update on Burning

Mon, 09/26/2022 - 10:15
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Gamza Khanzadaev
Major crypto exchange provides incredible update on burning mechanism of LUNC
LUNC Price Skyrockets 25% in 5 Minutes as Binance Announces Major Update on Burning
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As we have just learned, Binance, one of the world's leading crypto exchanges and holder of possibly the largest LUNC liquidity, has decided to burn all trading commissions collected by the exchange on LUNC spot and margin pairs against BUSD and USDT.

The unexpected decision followed the abandonment of the exchange's initial plans to introduce a burn-in subscription and the implementation of a full burn-in tax when a certain number of subscribers are reached. As Binance CEO Changpeng Zhao explains the rejection, introducing a subscription would have been a technically difficult solution and was also met negatively by the LUNC community.

On the announcement of this news, LUNC quotations immediately soared. Within five minutes, the cryptocurrency price was up more than 25% on the spot. In doing so, the announcement of the new solution had such a strong impact on quotations that it even outweighed the news this morning about Terra's co-founder, LUNC issuer Do Kwon.

Do Kwon receives red card

Despite Do Kwon's scathing comments and taunts about his potential capture, it was revealed today that Interpol has issued a red notice for him. This means that police from all over the world will be joining the search for him, and the process will become much more active.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.