Trading volume indicates volume of intra-exchange trading
After falling for six days in a row, the LUNC suddenly gained 25% in one hour. At the time of publication, LUNC was changing hands at $0.00025, down 13.67% over the past 24 hours and 6.61% over the past week. LUNC was also exhibiting a 153% increase in trading volume at press time.
Trading volume indicates the volume of intra-exchange trading. LUNC might have seen an increase in trading volumes as traders took their tokens to exchanges to sell them. A corresponding move to buy from exchanges likewise coincided with a rise in trading volumes.
As U.Today reports, LUNC, the parent asset of the old Terra Chain, saw high interest from the crypto community, with a significant increase in related discussions following the launch of the 1.2% tax burn on September 21.
However, the hype quickly fizzled as the price tumbled nearly 90% since Sept. 17. Likewise, the announcement by Binance on the 1.2% tax burn to be implemented on on-chain transactions did not help the mood of the traders.
While many LUNC supporters anticipated the implementation of a token burning tax when transacting on Binance, Binance CEO Changpeng Zhao denied such a decision. Instead, CZ offered a subscription to burn cryptocurrency for each user, stating that a complete solution should be expected only when LUNC is completed with subscriptions exceeding 50% of trading volume.
The latest news regarding Interpol’s red notice alert on Terra founder Do Kwon further added to the selling pressure.
As U.Today reports, a South Korean court recently issued an arrest warrant against Do Kwon, accusing him and five other individuals of violating capital markets law. The matter took another turn as Singapore police said that Kwon was no longer in the city-state.
Despite the Terra Founder insisting he was not on the run, the last time he tweeted was on September 17, when he joked, “Tbh haven’t gone running in a while, need to cut some calories.”
