• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Altcoin News / LUNC’s Trading Volume Explodes Over 150%; Here’s Why
LUNC's Trading Volume Explodes Over 150%; Here's Why

LUNC’s Trading Volume Explodes Over 150%; Here’s Why

September 26, 2022 by Lipika Deka

After a week of dull price action, LUNC soared by 25% in an hour and registered a hike of over 150% in trading volumes. The current price index also looked optimistic, as the token is trading at $0.0003, rising by 36% in 24 hours.

For the unversed, trading volume demonstrates the amount of intra-exchange trading and in this case, the surge has been attributed to increases in token sales across exchanges.

Anxious investors are still exercising caution since the Terra ecosystem collapse, which wiped out the market prices of TerraUSD [UST] and LUNA tokens.

traders continue treading carefully despite assurances from embattled Co-founder Do Kwon, that crypto exchanges and the community are working together to determine the best path for a sustainable price recovery.

Recently, the CEO of top crypto exchange Binance, Changpeng “CZ” Zhao, suggested a flat 1.2% trading fee on LUNC trades that may be burned to reduce the token’s total supply and enhance its price performance. Speaking about the initiative, CZ stated,

“We will implement an opt-in button [on the Binance exchange], for people to opt-in to pay a 1.2% tax for their LUNC trading.”

To ensure that early adopters “are not the only people paying an extra 1.2%,” the exchange would start taxing opt-in traders after receiving approval from 25% of LUNC investors.

LUNC Burning Proposal Caused Furore

Only if opt-in traders reach 50% of the total volume of LUNC trading on the exchange will a blanket trading fee of 1.2% be applied to all LUNC transactions.

The recommendation caused a rift in the LUNA community because while some people backed CZ’s implementation of the opt-in button, others saw it as market manipulation by a single organization.

CZ supported LUNC burning but called for a community vote, letting traders on the platform approve the proposal, saying, “We listen to and defend our users.”

The top exec said that he is aware that LUNC traders would prefer to transfer assets to other exchanges without the burn unless the modification is made across all exchanges and on-chain.

On the other hand, South Korean law enforcement is attempting to locate and detain Kwon for the Terra collapse.

Kwon and five other people were the subjects of an arrest warrant issued on September 14 by a court in Seoul, South Korea, for allegedly breaking the nation’s capital markets law.

Filed Under: Altcoin News, News Tagged With: Binance, Do kwon, LUNC, terra

Primary Sidebar

Recent Posts

  • Gokhshtein’s Ethereum Tweet Amidst zkSync’s Launch Of World’s First zkEVM Mainnet? March 26, 2023
  • Shiba Inu Releases Documentation For Shibarium Beta: A Low-Cost Blockchain Solution March 26, 2023
  • Polygon Prepares For Mainnet Beta Launch Of zkEVM – What To Expect March 26, 2023
  • SushiSwap Faces A Double Whammy: SEC Subpoena & Market Cap Drop March 25, 2023
  • Binance Spot Trading Halts: Swift Response & Transparent Updates Eases Customer Concerns March 25, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.