LUNC, the native asset of the old Terra Chain, suddenly rose 5% in minutes as the community awaited Binance's Monday burn, anticipated to reduce the token supply.
The leading crypto exchange, Binance, announced on Monday plans to reduce the token's supply by burning. The exchange wrote: "Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The calculation of total trading fees on LUNC spot and margin trading pairs to be burned from the previous week will be done every Monday at 00:00:00 (UTC)."
In an upbeat mood, the LUNC price has recouped recent 24-hour losses, with another jump arriving in recent hours, hitting $0.000342 as of this writing. LUNC is thus up 2.41% in the last 24 hours and 7.82% in the past week. Binance is scheduled to publish the details of its first batch burn on Oct. 3, while subsequent on-chain burn transactions and weekly reports are to be updated by each Tuesday. Already, LUNC traders seem to be positive in their expectations.
David Gokhshtein, the founder of Gokhshtein Media, sees enthusiasm in the LUNC community. "LUNC reminds me a bit of the $SHIB — in a sense of how crazy the community was when they first popped on the scene. But utility is key."
As reported by U.Today, Gokhshtein predicts that LUNC might make a comeback if the community can find a use case for it.
Approximately 55% of the trading volume for LUNC is accounted for by Binance. Twitter users are now calling on Coinbase, Robinhood, Gemini and FTX to list LUNC on their exchanges.
For individuals who lost millions of dollars in the Terra Luna crash, the profits might not provide much solace. And while Terra co-founder Do Kwon denies being on the run, Interpol has issued a "red notice" for his arrest after reports surfaced that he was not in Singapore.
Community proposes new repeg plan
Three members of the Terra Classic community have penned down their thoughts on how to achieve repegging for USTC and LUNC. The document is titled, "The Terra Classic Repeg: Updated Proposal."
At press time, details of the progress made by the proposal remain scanty. The Terra ecosystem collapsed in May when the UST stablecoin depegged.