Terra was formerly a market leader in the development of stablecoins through algorithmic methods, but the sudden failure of its collapse has caused a huge uproar and contributed to the overall bearish trend in the entire crypto ecosystem.
Despite suffering losses of 99%, LUNA has tried to rebuild its empire once more, and this time, Binance is helping it.
Terra (LUNA) will soon have access to a burn mechanism through Binance, which will increase stability by lowering the volume of supply that is available.
However, when good news of LUNC’s 1.2% tax burn from Binance arrived, there was a bullish wave. On September 26, LUNC increased by approximately 50% after Binance announced that it would implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs and transfer them to the LUNC burn address.
In a recent tweet, David Gokhshtein, the founder of Gokhshtein Media and a former congressional candidate, calls the LUNC a “high-risk move.” The analyst said he was taking part in a $500 to $1 million challenge and that he could consider investing in LUNC, but doing so would still be a risky move. Either he will profit or the finances will collapse. Either I quadruple that $500 or I flatline immediately, he says.
This is plausible because the price of LUNC has been fluctuating erratically in recent weeks, with no discernible direction, and is susceptible to changes in the news and other relevant events.
On September 21, when the 1.2% tax burn went into effect, LUNC had a sharp decrease that began days of steady decline. Its pricing was adversely affected by the announcement that Terra founder Do Kwon had an arrest warrant out for him.
In other news, Binance, the most popular cryptocurrency exchange, reports that USTC has been introduced as a new borrowable asset on cross margin and isolated margin. Additionally, Binance added new cross margin and isolated margin pairs, including USTC/BUSD.