🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Is Binance’s LUNC Implementation a Result of Social Media Power?

Published 09/27/2022, 02:18 AM
Updated 09/27/2022, 02:30 AM
© Reuters Is Binance’s LUNC Implementation a Result of Social Media Power?
TWTR
-
LUNAt/USD
-

  • Cryptocurrency and finance researcher tweeted about the impact of social media on Binance.
  • Binance chief interacted with his followers on Twitter (NYSE:TWTR) regarding the LUNC issue.
  • A proposal to implement the 1.2% tax was put forward by the followers.

The acclaimed influencer Fatman posted a tweet on his account referring to Binance’s implementation of Terra Classic burn mechanism. He added that Binance’s decision marked the “unbridled” power and influence of social media.

Binance officially announced its decision “to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address”.

Recently, the Binance Chief, Changpeng Zhao, had an interactive session with his followers on Twitter, answering their questions. In between the interaction, questions were raised about the possibility of the LUNC 1.2% tax implementation.

Initially, Binance was reluctant to implement the LUNC 1.2% tax while trading on Binance, even though the proposal was put forward by the LUNC aspirants to implement the act. The company hesitated to initiate this program as it feared losing business and customers because of the lack of uniformity in the market.

As a lot of LUNC traders anticipated the implementation of the burning act, the company came up with an alternative, following the high influence of the media. Zhao proposed a compromise, which was a three-step process in which the final step would be the implementation of the tax. However, this will be done only once the opt-in accounts make up 50% of the total trading volume.

Zhao tweeted about his alternative idea:

With the announcement of implementing the burning mechanism, the price of LUNC flew to new heights along with the hike in the trading volume. Thus, as Fatman commented, the influence of social media is well understood in the decision of Binance

The post Is Binance’s LUNC Implementation a Result of Social Media Power? appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.