WEEX, a crypto exchange based in Singapore, has decided to burn 30% of Terra Luna Classic (LUNC) tokens, mirroring Binance’s initiative.
This action aims to aid the Terra Luna Classic community’s efforts in reducing the circulating supply of LUNC tokens and is expected to positively impact the token’s value and activity.
WEEX Joins LUNC Token Burn Initiative
In a recent announcement on the X platform, crypto exchange WEEX expressed its commitment to supporting the Terra Luna Classic community and its efforts to revive LUNC.
WEEX plans to contribute to the LUNC burn campaign by allocating 15% of trading fees from its Futures Pro and Spot platforms. This allocation amounts to a significant 30% of all trading fees generated by WEEX.
The LUNC burn initiative is part of WEEX’s ambassador program, aimed at promoting Terra Luna Classic while reducing its overall token supply.
Notable figures within the Terra Luna Classic community, such as Mr. Diamondhandz, owner of the LuncLive validator, have revealed their participation in the WEEX ambassador program.
WEEX, known for its non-KYC exchange model and absence of maker fees, holds licenses in the US and Canada as a Money Services Business (MSB).
Meanwhile, Binance has continued its support for Terra Luna Classic by burning over 53 billion LUNC tokens to date, with the latest burn totaling 2.21 billion LUNC tokens in the 19th batch of the LUNC burn mechanism.
Terra Luna Classic (LUNC) Price Analysis
The price of LUNC has experienced a 2% decline over the past 24 hours, with Terra Luna Classic trading at $0.000179 at the time of writing. The 24-hour low and high stand at $0.000179 and $0.000185, respectively. This suggests a relatively narrow trading range within the given timeframe.
Additionally, there has been a notable decrease of 25% in trading volume over the past 24 hours. This decline in volume indicates a waning interest among traders in Terra Luna Classic, potentially signaling a period of decreased activity or uncertainty in the market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
