There has been a lot of burning following the launching live of the LUNC 1.2% tax burn. For instance, the exchanges like Binance and KuCoin have greatly spiked the total LUNC burn after its live launch to over 70 million points.
Although the Binance exchange only implement the proposal on deposit and withdraw only and surprisingly, the most burn came from the KuCoin as the Binance recently implemented the change. The figure above compares to just 18 million tokens burnt in the 13 hours before.
Binance To Bring Another Surge In The LUNC Burn
As stated by WhaleClubs, a LUNC influencer account, displayed a screenshot that suggests possible congestion on the exchange as investors are aiming at withdrawing huge volumes of LUNC tokens. Consequently, it will not be surprising to see another huge surge in the number of burnt tokens.
As stated earlier, the idea of the proposal is to drastically reduce the total LUNC supply as over 100 million LUNC has been burnt in the past 24 hours. Analysis revealed that the 80M LUNC were burnt on Sep 21 and 23M today so far since tax burn went live.
Binance is the main target of the LUNC community as it holds the biggest volume in terms of LUNC trading activity. They expect a higher burn once the proposal gains full support from the Binance. In this view, the community hopes to bring up Binance in an AMA slated for today which will feature representatives from the exchange and LUNC developers, leveraging on a promise of support from Binance CEO
LUNC is trading at the $0.0002835 price point, 1.77% lower in the last 24 hours.
Various Exchanges Had Supported The LUNC Burn Proposal
Since the inception of the LUNC 1.2% proposal, CryptoCom‘s support on the LUNC tax Burn made the total support from the platforms 11 with the eToro. Exchanges like Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, Kraken, and CryptoCom have recently supported the proposal and out of these, only Kucoin, MEXC Global, CoinInn, and eToro support burns on LUNC trading.