Binance 11th LUNC burn: 2.65 billion tokens destroyed

o48o

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Quote from: JeffBrad12 on July 02, 2023, 07:24:19 PM

I was wondering why binance is so hell bent in reviving this coin like why they are still supporting this disaster after so much time has passed.
we all know how rotten this coin is to the core yet there are still many attempts from binance in reviving this coin.
but despite of that, so many attempts have done already and this coin is still dead. surely it wouldn't revive in the future even if total supply
reduced to just thousands because this coin has no utility, no use, being abandoned by developers, basically its useless shit coin.

Anything is ok that brings them money and isn't illegal. Lunc volume is $31+ Million per day and majority of trading is happening in binance. So just the fees will make them lot of money.

It's a crappy community revival project but it's not a scam, at least not in a way that would be obvious.
Also it most likely doesn't drive Binance's customers away but keeps the bag holders happy too.

I understand why they are not delisting it but at the same time it's looking like a scar that we got from a scam.

Magic-Money

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Thank you for sharing information about LUNC Coins , which was a coin rebrand from the dump for a long time ago which Tera Luna Coin was clash and trying to revive and with this update sooner or later LUNC Coin is going to be pumped or add value from the current price and still in a good position to buy, while waiting for next Bull Run market.

Tigerheart3026

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binance trying to increase this coin price in many ways but i have not seen any impact in price after 11th burning,
lunc coin total supply near 7 trillion, considering such huge supply coins, they should burn more coins,
i think investors will never choose this project because old investors lost their money,
so they will never trust this project again,

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Quote from: JeffBrad12 on July 02, 2023, 07:24:19 PM

Quote from: abel1337 on July 02, 2023, 01:36:25 PM

Not gonna fall for this trick LOL. Burning tokens had been done several times already just to pump up the price and I don't see it as a good way to increase token price. The supply had been reduced but the demand is still the same. It's a strategy to somehow manipulate prices but the 3% price increase is I don't consider a successful token burn. Investors turned back on Terra Luna long time ago and I'm sure there's not much of them plan on investing on it again because of the catasthropic mistake that this project made before.

I was wondering why binance is so hell bent in reviving this coin like why they are still supporting this disaster after so much time has passed.
we all know how rotten this coin is to the core yet there are still many attempts from binance in reviving this coin.
but despite of that, so many attempts have done already and this coin is still dead. surely it wouldn't revive in the future even if total supply
reduced to just thousands because this coin has no utility, no use, being abandoned by developers, basically its useless shit coin.

I don't knownto be honest. Maybe this token still generates them profit that's why they still haven't consider in delisting it. To be honest I consider this now to be a shitcoin given how deep they fall before their scandal. I don't see any sense on reviving a coin like this. I don't know if binance has it's own reserve of LUNC that's why they don't delist it given that fact that there would be a massive dump when they do it. I'm sure that they can't milk this coin forever.

bittick

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so much effort has binance spent towards the coin and it's still as dead as ever.
I guess those efforts just massive waste of energy and efforts. they should've put more interest in growing their BNB instead like lowering their supplies I guess, but of course it still their decision on what to do, i guess they know better.

Bolivar_Tony

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Quote from: MOProgress on July 02, 2023, 08:52:35 AM

The total LUNC tokens burned by Binance now exceed 35.5 billion, with the community’s burn surpassing 68 billion. Traders have reacted positively to the burn, with LUNC seeing a 3% price increase.

I think they have a huge token supply, if about 68 billion token has been burn so far, that means they have hundred's of billons or even trillion token supply in the first place and for me i don't like coins that have a very high token supply

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As much as I wanted to degen on this. Kinda hard to pull off or get back the reputation of terra luna and to its founder Do Kwon. Compared to SBF this guy is worse than him. He deliberately ignore all feedbacks and suggestion to him way back. The luna community has a good one but the founder choose to let go of that. Unfortunately terra leaves a bad imprint on defi products. So everyone will pretty have some careful thoughts before going in to lots of defi projects.

Rampagoe004

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I believe it will not change any results or restore people's trust in LUNC. That amount will not be enough to cover the price destruction of LUNC. I think the thing to do is to solve the current problem and even then I think it is impossible to do.

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even though binance does quite a lot of LUNC burning, it seems the volume makes it all look very small. after all, burning 2.65 billion LUNC doesn't do much for the price of this coin. well, as far as I know, the burning of coin supply has the goal of increasing the price and attracting investors to invest immediately because the volume of coins is getting smaller. however, it seems it fails on LUNC. however, it is not surprising considering that LUNC has failed to maintain the trust of its users.

dothebeats

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There doesn't seem to be any positive side to this burning that they're doing with LUNC. Price is back to normal again and is continuing to slide down. A lot of bag holders are just waiting for these burn events to offload some of their bags and move on to other ventures. LUNC is associated with a lot of bad things in the crypto space, and is continuously dying and the only thing keeping this coin alive is the burning mechanism plus some spin-off articles from bag holders wanting to get out of this mess.

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Quote from: Lamkuthang on July 02, 2023, 02:30:04 PM

Quote from: blockman on July 02, 2023, 02:12:05 PM

Binance is just trying to bump this token despite that it's already lost its market and value. But since Binance still has a huge chunk of this token on its hands, they're trying to keep up and do anything that it can to increase its value. Do they have a price target because it seems that there's always these events and news coming from them with LUNC. There's no effect at all from all of those bumps that they do but still, they're trying hard.

yes, I'm also confused, look at Binanance, what's really going on. They seem to defend it, even though they have to thoroughly resolve their own problems with the SEC so as not to cause additional doubts for their users.

I think it's just all about it trying to bag as much as they can for any possible increase that may happen. That's a big money for them, it's considered already as a loss but still trying if there can be some betterment for what they're holding and this is why they do it.

Quote from: Lamkuthang on July 02, 2023, 02:30:04 PM

Binance is also strange and true as you said LUNC has some negative histories.

Not that strange to me anymore if they're up to something. That's why there are still possible investors that do follow the herd and what the big exchange is doing. But I don't think that there's ever going to be something good on it as an ending.

JeffBrad12

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Quote from: abel1337 on July 02, 2023, 01:36:25 PM

Not gonna fall for this trick LOL. Burning tokens had been done several times already just to pump up the price and I don't see it as a good way to increase token price. The supply had been reduced but the demand is still the same. It's a strategy to somehow manipulate prices but the 3% price increase is I don't consider a successful token burn. Investors turned back on Terra Luna long time ago and I'm sure there's not much of them plan on investing on it again because of the catasthropic mistake that this project made before.

I was wondering why binance is so hell bent in reviving this coin like why they are still supporting this disaster after so much time has passed.
we all know how rotten this coin is to the core yet there are still many attempts from binance in reviving this coin.
but despite of that, so many attempts have done already and this coin is still dead. surely it wouldn't revive in the future even if total supply
reduced to just thousands because this coin has no utility, no use, being abandoned by developers, basically its useless shit coin.

Psynthax

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and nothing significant happened to the coin itself, these burning strategy are surely not effective nowadays, so many altcoins out there are also doing the same thing and regardless
there is not much effect resulted from burning coins in order reducing the total supply.
I wonder if this strategy still relevant regardless of luna that is in a state of dying.

o48o

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Quote from: MOProgress on July 02, 2023, 08:52:35 AM

-cut-
Traders have reacted positively to the burn, with LUNC seeing a 3% price increase.
-cut-

This is funny at the same time it's sad. It's like beating a dead horse. Anyone from outside sees this as a doomed project, but i can imagine i would be shilling it too if i didn't manage to sell my bags in time. These guys are probably DCA:in this to the end and hoping they make their money back with just a tiny pump. I don't think anyone sane is thinking possibility of ATH at this point or even near to that. They are just thinking how can they get out and make some money by doing it.

Lamkuthang

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Quote from: blockman on July 02, 2023, 02:12:05 PM

Binance is just trying to bump this token despite that it's already lost its market and value. But since Binance still has a huge chunk of this token on its hands, they're trying to keep up and do anything that it can to increase its value. Do they have a price target because it seems that there's always these events and news coming from them with LUNC. There's no effect at all from all of those bumps that they do but still, they're trying hard.

yes, I'm also confused, look at Binanance, what's really going on. They seem to defend it, even though they have to thoroughly resolve their own problems with the SEC so as not to cause additional doubts for their users. Binance is also strange and true as you said LUNC has some negative histories.

dimonstration

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Quote from: MOProgress on July 02, 2023, 08:52:35 AM

Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round.

I’m amazed how holders of this shitcoin still hype the tokens for a small token burn while this token has 5.8T supply without an official team and developer that is developing dapps on this abandoned ecosystem. I don’t understand why Binance let this shit token available in the public while there’s real development happening behind. They are just continuing to list this token and ride this ridiculous token burn mechanism to get fees from traders that wasting money from false hope that this project will be revived soon while the team clearly scam everyone before.

This is a SCAM token and abandoned project. People must stop dreaming now about the success of this project because Luna made a lot of investors suffer due to Do Kwon poor management and exit scam.

blockman

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Binance is just trying to bump this token despite that it's already lost its market and value. But since Binance still has a huge chunk of this token on its hands, they're trying to keep up and do anything that it can to increase its value. Do they have a price target because it seems that there's always these events and news coming from them with LUNC. There's no effect at all from all of those bumps that they do but still, they're trying hard.

|MINER|

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I think the 2.65 billion burning of Luna Classic is nothing compared to the total supply. So I don't think this burning will bring any positive message to the market for Luna Classic. And most of the investors are now refraining from investing in Luna Classic or New Luna because it is now difficult to trust them. However I think people trading it now are mostly short term trading. So I don't see much hope for them even after this burning

abel1337

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Not gonna fall for this trick LOL. Burning tokens had been done several times already just to pump up the price and I don't see it as a good way to increase token price. The supply had been reduced but the demand is still the same. It's a strategy to somehow manipulate prices but the 3% price increase is I don't consider a successful token burn. Investors turned back on Terra Luna long time ago and I'm sure there's not much of them plan on investing on it again because of the catasthropic mistake that this project made before.

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Quote from: asriloni on July 02, 2023, 11:44:49 AM

These burns never give impact to the price.
Look at the recent price of lunc. https://coinmarketcap.com/currencies/terra-luna/
It's consistently dumping to the bottom even deeper than before. The burn meant nothing as there are 6 trillions of supply now.

They have a huge supply and some negative histories, which will not gonna be good for their advertisement in the future, and because of this, this event is nothing for the investors because they are not gonna take risks for some altcoins that don't have any assurance to survive in the next year. there are lots of choices out there, and to invest in this one seems hard right now, especially when you decide to invest lots of money in it the return on investment is not assured, and a gamble when you still pursue to do it.

Topic: Binance 11th LUNC burn: 2.65 billion tokens destroyed (Read 162 times)