WEEX Joins the LUNC Burn Campaign
The Terra Luna Classic communityโs efforts to reduce the circulating supply of LUNC tokens have gained support from crypto exchange WEEX. In a recent announcement, WEEX expressed its commitment to contribute to the LUNC burn campaign by allocating 15% of trading fees from its Futures Pro and Spot platforms. This contribution amounts to 30% of WEEXโs trading fees from all pairings. The move is part of WEEXโs ambassador program, which aims to promote Terra Luna Classic while reducing its overall supply.
The popular LuncLive validator owner, Mr. Diamondhandz, along with other LUNC holders, has revealed their membership in the WEEX ambassador program. It is worth noting that WEEX is a non-KYC exchange that charges no maker fees and holds licenses in the US and Canada.
In addition to WEEXโs support, Binance has already burned over 53 billion LUNC tokens through its LUNC burn mechanism. The most recent burn involved 2.21 billion LUNC tokens in the 19th batch.
LUNC and USTC Prices Experience Decline
Despite the efforts to reduce the circulating supply of LUNC tokens, the price of Terra Luna Classic has experienced a decline in the past 24 hours. At the time of writing, LUNC is trading at $0.000179, reflecting a 2% decrease. The 24-hour low and high for LUNC are $0.000179 and $0.000185, respectively. Additionally, the trading volume has dropped by 25%, suggesting a decrease in interest among traders.
Similarly, the price of USTC has also declined by 1% in the last 24 hours. Currently trading at $0.0345, USTC has recorded a 24-hour low and high of $0.0340 and $0.0354, respectively. Furthermore, the trading volume has decreased by 40% in the past 24 hours.
Impact on the LUNC Community
The support from WEEX and Binance in the LUNC burn campaign is expected to have several implications for the Terra Luna Classic community:
- Reduced circulating supply: The burning of LUNC tokens by both exchanges will help reduce the overall supply of Terra Luna Classic, potentially creating a scarcity that could positively impact its value.
- Increased adoption: The involvement of WEEX and Binance in the LUNC burn campaign could attract more attention to Terra Luna Classic and encourage new users to join the community.
- Community engagement: The membership of popular figures like Mr. Diamondhandz in the WEEX ambassador program demonstrates a strong sense of community engagement within Terra Luna Classic. This could lead to increased collaboration and support among community members.
The Future of Terra Luna Classic
While the recent price decline may be concerning for some investors, it is important to consider the long-term potential of Terra Luna Classic:
- Innovation: The Terra Luna Classic team continues to work on developing innovative solutions within the crypto space. These ongoing efforts could contribute to the long-term success and growth of the project.
- Ecosystem expansion: As more exchanges and platforms show support for Terra Luna Classic, its ecosystem is likely to expand. This increased presence can create new opportunities for partnerships and collaborations.
- User adoption: With increasing awareness and community engagement, there is a potential for greater user adoption of Terra Luna Classic. As more individuals join the community and utilize the platform, the demand for LUNC tokens may increase.
Hot Take: WEEX and Binance Collaborate for LUNC Burn
The collaboration between WEEX and Binance in the LUNC burn campaign signifies a significant step forward for Terra Luna Classic. By burning a portion of their trading fees, these exchanges are actively contributing to the reduction of LUNCโs circulating supply. This move not only showcases their support for the project but also highlights the potential value they see in Terra Luna Classic.
While the recent price decline may be a temporary setback, it is important to consider the long-term prospects of Terra Luna Classic. With continued innovation, ecosystem expansion, and user adoption, this project has the potential to thrive in the crypto market. As a crypto reader, it is crucial to stay informed about these developments and monitor the progress of Terra Luna Classic as it continues its journey towards success.
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