LUNC Trading Volume Falls Double Digits Is Binance Burning Hype Over
Categories: Crypto News
LUNC Trading VolumeFalls Double-Digits, Is Binance Burning Hype Over?
The opinionexpressed here is not investment advice – it is provided for informationalpurposes only. It does not necessarily reflect. Every investment and all tradinginvolves risk, so you should always perform your own research prior to makingdecisions. We do not recommend investing money you cannot afford to lose.
LunaClassic's (LUNC)trading volume is down 34.43% in the last 24 hours while the price is down 1%.Turning to the data from Monday, when the leading cryptocurrency exchange andthe main conductor of LUNC liquidity, Binance, announced the tokenburning mechanism, volumes have fallen by 75%.
While LUNC'strading volume exceeded $2 billion on the day of the announcement, Sept. 26, itcurrently does not exceed $600 million. At the same time, Binance itselfaccounts for only $306 billion in LUNC, which is a little more than half of allof the trading volumes of the cryptocurrency.
We have yetto find out how much LUNC will be burned as a result of the process, the veryfirst stage of which will end on Oct. 1. The number of LUNC burned in the firstperiod will only be known by community members of the infamous project on Oct.3.
Willhype help LUNC make it?
The eventdoes not inspire much enthusiasm given the significant drop in trading volumesduring the unprecedented hype, when cryptocurrency quotes rose by morethan 50% within a couple of hours, and the relatively low trading commission of0.1%.
Even more pressingis the fact that LUNC's circulating supply currently stands at 6.15trillion. Such a number severely limits the prospects of the project, whosename is now mostly associated with the biggest crash in the history of thecrypto market and the prosecution of its founder by Interpol.
Gamzagraduated with a degree in finance and credit with a specialization insecurities and financial derivatives. He then also completed a master's programin banking and asset management. He wants to have a hand in covering economicand fintech topics, as well as educate more people about cryptocurrencies andblockchain.