• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Sunday, June 29, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

LUNC Price Spikes 60% After Binance Launches Burn Mechanism, but There’s a Catch

$LUNC is Pumping

Will Izuchukwu by Will Izuchukwu
September 27, 2022
in News
Reading Time: 5 mins read
0
terra luna lunc thevrsoldier
24
SHARES
Share on TwitterShare on Facebook

LUNC price skyrocketed over 60% immediately after the biggest cryptocurrency exchange in the world per volume, Binance, announced a burn mechanism for the asset.

This came after so much controversy was raised among the community as Binance initially didn’t buy the idea of the 1.2% burn tax proposal. The exchange, as announced by CEO Changpeng Zhao, wanted to implement an Opt-in feature that would pop up and allow users to agree to the tax burn. Changpeng Zhao believes that forcing a tax burn on small investors is not ideal and would mean “centralized” and, as such, must let their users choose whether to opt-in for the burn or not. 

I answered the question about LUNC in my Twitter Space AMA just now.

Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees.

— CZ 🔶 BNB (@cz_binance) September 23, 2022

This didn’t go well with the LUNC community, as many criticized the exchange and even threatened to Boycott the exchange by moving away all their LUNC bag to other exchanges. The hashtag “#Boycottbinance” was trending on Twitter.

The Community wanted the 1.2% tax burn proposal implemented on the exchange, which they believe will impact the asset’s price and other related assets such as $ANC, $USTC, and $MIR.

Notably, the 1.2% tax burn proposal attempts to tax-burn all on-chain activities such as deposits and withdrawals. The goal is that the tax amount will be directly and ultimately burned and removed out of circulation, targeted at increasing the asset’s price.

Primarily, token burning is an intentional act of removing a certain amount of tokens from circulation to create a price increase due to the scarcity of the tokens available.

Binance Launches New Burn Mechanism

While the commotion was still on, Binance launched a new burn mechanism, as revealed in a Twitter announcement.

» Binance To Implement Terra Classic (LUNC) Burn Mechanism

Quick thread on what we’re doing and why below.https://t.co/b86RlCGPmv

— CZ 🔶 BNB (@cz_binance) September 26, 2022

This new plan will mean burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance. These Fees will be converted to LUNC and then sent to the burn address. Changpeng Zhao emphasized that this is the exchange’s way of supporting the community as the burn will be paid at their expense, not the users’.

Furthermore, Changpeng Zhao listed some reasons why the old suggestions for the Opt-in feature will not work:

  • “The LUNC community wasn’t happy with this approach.”
  • “It’s going to take a while to develop.”
  • “It’s not going to work anyway. Our traders won’t vote for it.”

 

The new burn mechanism announcement affected the price as it spiked by over 60% after experiencing bearish pressure since last week. The price rose from $0.00017940 to around $0.00032750 as the community was hyper-pumped after the announcement.

In an updated announcement from Binance, Deposits made to Binance in LUNC and USTC are subject to any withdrawal fees imposed by other exchanges.

Due to the 1.2% tax burn applied on LUNC and USTC transactions, Binance will add a consolidation fee of 1.2% to all deposits received. In contrast, users will receive their withdrawal amount less any Binance withdrawal fees and the 1.2% tax burn when they request a withdrawal.

Over 6 Billion LUNC Burned, Over 630 Billion Staked

Analytical tool, Terrarity reveals that a total of 6,311,767,515 LUNC is burned, representing just 0.09% of the total supply. The tool shows that 4,250,644,815 LUNC was sent to the burning address while 2,061,122,700 LUNC was burnt with the tax.

According to SmartStake data analytics tool, over 636.1 Billion LUNC is currently staked, showing the number of diamond hands we have from investors and the community.

Manhunt For Do Kwon Rages On While He Maintains He’s Not On The Run

Bloomberg reports that Do Kwon, the co-founder of the stablecoin TerraUSD, is still being sought by South Korean police amid a court order for his arrest.

Yeah as i said im making zero effort to hide

I go on walks and malls, no way none of CT hasnt run into me the past couple weeks

— Do Kwon 🌕 (@stablekwon) September 26, 2022

However, Do Kwon protested in a series of tweets that he wasn’t fleeing, and he has since made a ton more tweets engaging in conversation and claiming to be walking around freely.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!

Image Source: kviztln/123RF // Image Effects by Colorcinch

Tags: Terra Luna
Previous Post

Top 5 Metaverse Crypto Coins Gaining the Most Price This Week

Next Post

While Prices Stabilize, Trading Volume for Bitcoin and Ethereum Remains High

Related Posts

Featured

XRP Jumps as Ripple Wins Legal Fight

June 28, 2025
Trump to Save Crypto: New Order May End Banking Discrimination
News

Trump to Save Crypto: New Order May End Banking Discrimination

June 25, 2025
Why Ethereum 6-Second Block Time Might Change Everything
News

Why Ethereum 6-Second Block Time Might Change Everything

June 24, 2025
Jupiter Token Crash: Why JUP Lost 80% and What Happens Next
News

Jupiter Token Crash: Why JUP Lost 80% and What Happens Next

June 24, 2025
BTC Defends $100,000 Support Amid Iran Conflict, Is a Major Rally Coming?
Market Analysis

BTC Defends $100,000 Support Amid Iran Conflict, Is a Major Rally Coming?

June 22, 2025
Bitcoin $103K Support Is Shaking, Will the Bears Get Burned
Market Analysis

Bitcoin $103K Support Is Shaking, Will the Bears Get Burned?

June 21, 2025

Press Releases

Jupiter Token Crash: Why JUP Lost 80% and What Happens Next
News

Jupiter Token Crash: Why JUP Lost 80% and What Happens Next

by Alex Mercer
June 24, 2025

Introduction If you blinked, you might’ve missed Jupiter’s brief moment in the spotlight. The DAO behind the once-buzzy token has...

Read more
Bitcoin Price Survives Israel-Iran Tensions, Hack, and $200B Meltdown

Bitcoin Price Survives Israel-Iran Tensions, Hack, and $200B Meltdown

June 19, 2025
What you will get:  Simple steps to start trading cryptocurrencies like Bitcoin and Ethereum How to choose a reliable crypto exchange with low fees and strong security Key tips to read crypto price charts and manage trading risks How to stay updated with market-moving news and practice safely before investing Introduction Cryptocurrency trading has exploded in popularity as an easy way to earn online. With simple guidance you can start trading Bitcoin Ethereum and other altcoins using your phone or computer. This guide gives clear steps for beginners. What Is Crypto Trading and How Does It Work Crypto trading is buying and selling digital currencies like Bitcoin Ethereum Cardano or Solana to make a profit. You buy when prices are low and sell when they go higher. There are two main trading types: Spot trading: You own actual coins. Derivatives trading: You trade based on price movements without owning coins. Spot trading is perfect for beginners because it’s more straightforward and less risky. Step 1 Choose a Reliable Crypto Exchange Select a trusted crypto exchange. Popular beginner-friendly options: Binance: Low fees and many altcoins Coinbase: Easy for beginners with strong security Kraken: Great support and euro compatibility Bybit: Simple interface with spot and futures Look for: Easy sign up and verification Strong security (2FA, cold storage) Low trading fees and fast euro or fiat deposits Wide selection of coins and high volume Step 2 Learn Crypto Chart Reading Reading price charts will improve your crypto trading success. Key concepts: Trend lines: Overall up or down movements Support levels: Prices where value tends to bounce up Resistance levels: Prices where value tends to slow or reverse Start with basic charts like candlestick charts. Many platforms like Binance and Kraken offer built-in guides. Step 3 Manage Risk and Use Stop Losses Crypto prices are very volatile and can change fast. Protect your investment by: Investing only what you can afford to lose Using stop-loss orders to sell automatically at a set lower price Not risking more than 1–2% of your portfolio on any trade This risk management helps you stay in the game long term. Step 4 Stay Updated with Real-Time Crypto News Crypto markets respond instantly to news. Use reliable sources like Vr Soldier, CoinDesk, CoinTelegraph and The Block. Track: Bitcoin ETF decisions New coin listings on exchanges Regulatory changes Major partnerships and developments Following crypto news helps you predict good entry and exit points. Step 5 Use Demo Accounts to Practice Many exchanges like Binance and Bybit offer demo accounts or testnets. Practice trading with virtual money first. This helps you learn: How orders work Chart reading in real time Trading fees and order types Once you feel confident, move to small real trades. Final Simple Tips for New Crypto Traders Start with well-known coins like Bitcoin Ethereum Avoid chasing hype or FOMO (Fear Of Missing Out) Keep a basic trading journal or spreadsheet Learn from both wins and losses Crypto Trading Basics for Long Term Profit

Crypto Trading Basics for Long Term Profit

June 16, 2025
$3 Billion in Bitcoin Options Expire Today — Will BTC Crash or Bounce?

$3 Billion in Bitcoin Options Expire Today — Will BTC Crash or Bounce?

June 14, 2025
Trump vs Elon Musk: Bitcoin Dips as Tesla Crashes

Trump vs Elon Musk: Bitcoin Dips as Tesla Crashes

June 6, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier