Topic: Binance 11th LUNC burn: 2.65 billion tokens destroyed - page 2. (Read 183 times)
Token or coin burns are the dumbest tactic to try to raise prices. It's an artificial event in order to try to strum up a pump. What's even worse is tokens that build that in from inception. It's a tell tale sign for me that I should steer clear of the project. Luna is toast these are momentary things that can't sustain price.
I did not expect that there were still people who pay attention to this project, after the bankruptcy that harmed many people due to the development of the developer first until it became a dust project now, I think people have forgotten and do not want to discuss this project.
But I just appreciate what CZ did by doing the burning he did, but it was true that it did not have any influence on the development of prices and or enthusiastic investors to return to this project.
It is very difficult to bring this project back to its heyday, they have to burn more money to form their community back so that they have a large number of transactions aimed at accelerating automatic burning.
But I just appreciate what CZ did by doing the burning he did, but it was true that it did not have any influence on the development of prices and or enthusiastic investors to return to this project.
It is very difficult to bring this project back to its heyday, they have to burn more money to form their community back so that they have a large number of transactions aimed at accelerating automatic burning.
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.
You can use LUNC metrics https://www.luncmetrics.com/
You can't count a small jump as a signal. It takes 1 year to burn 64 billions while total supply was 6 trillions. You can imagine how many years needed to burn 1 trillion worth of lunc coin. There will be no change in 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.
You can use LUNC metrics https://www.luncmetrics.com/
You can't count a small jump as a signal. It takes 1 year to burn 64 billions while total supply was 6 trillions. You can imagine how many years needed to burn 1 trillion worth of lunc coin. There will be no change in the price.
Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round.
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.
Based on a transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the burn address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC.
The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network. The number of tokens burned is relative to the number in circulation. This ensures that the total supply of tokens is constantly decreasing, hypothetically increasing their value over time.
As reported by Coingape, Binance conducted a burn of 1.04 billion LUNC tokens in June. Although Binance reduced its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude for the support provided by the crypto exchange and its CEO, Changpeng Zhao.
Over the past two months, the LUNC burn rate has improved, thanks to initiatives from projects like DFLunc, Terra Casino and Cremation Coin, which burn millions of LUNC tokens weekly. As a result, the community has successfully burned 68 billion LUNC tokens.
Following the successful completion of its largest upgrade in May, which aims to align the chain with Terra 2.0 and other Cosmos chains, the community’s current focus is on decreasing the supply of LUNC and TerraClassicUSD (USTC) tokens. Additionally, the Joint L1 Task Force and “quant” team will collaborate on the USTC repeg initiative.
In June, LUN struggled to surpass the $0.0001 mark and declined below the support level of $0.000090. Despite Binance’s burn, the LUNC price remains under pressure, showing continued downward movement.
According to CoinMarketCap, LUNC’s price has jumped 3% in the last 24 hours, trading at $0.000087 at the time of writing.
NEWS SOURCE
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.
Based on a transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the burn address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC.
The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network. The number of tokens burned is relative to the number in circulation. This ensures that the total supply of tokens is constantly decreasing, hypothetically increasing their value over time.
As reported by Coingape, Binance conducted a burn of 1.04 billion LUNC tokens in June. Although Binance reduced its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude for the support provided by the crypto exchange and its CEO, Changpeng Zhao.
Over the past two months, the LUNC burn rate has improved, thanks to initiatives from projects like DFLunc, Terra Casino and Cremation Coin, which burn millions of LUNC tokens weekly. As a result, the community has successfully burned 68 billion LUNC tokens.
Following the successful completion of its largest upgrade in May, which aims to align the chain with Terra 2.0 and other Cosmos chains, the community’s current focus is on decreasing the supply of LUNC and TerraClassicUSD (USTC) tokens. Additionally, the Joint L1 Task Force and “quant” team will collaborate on the USTC repeg initiative.
In June, LUN struggled to surpass the $0.0001 mark and declined below the support level of $0.000090. Despite Binance’s burn, the LUNC price remains under pressure, showing continued downward movement.
According to CoinMarketCap, LUNC’s price has jumped 3% in the last 24 hours, trading at $0.000087 at the time of writing.
NEWS SOURCE
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