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Guides & News
Home NEWS LUNC is dead?
NEWS

LUNC is dead?

Crypto Expert September 12, 2022 0 Comments

Over the past few weeks, the coin of the infamous Terra Classic network – LUNC has grown by more than 300%.

Many investors decided to invest in the coin on the wave of exponential growth and try to make money on the Pump & Dump strategy.

For growth unimaginable in healthy markets, a formal reason was even invented – the news about the decision of the network management to charge a fixed commission of 1.2% from all transactions to burn the token from September 20th.

A narrative was built among the masses about the “deflationary” nature of LUNC. At the local peak, the capitalization of the network reached as much as $4 billion at a token price of $0.0004. But how quickly will this deflationary effect manifest itself given current transaction volumes?

In the event that the entire volume of transactions occurring on the network and off the network (including centralized exchanges) is taxed, then the volume of burning will reach $ 4.45 million per day. Sounds solid.

But, if you do not extrapolate the tax to the entire volume of transactions and exclude the trading volume on centralized exchanges, then the amount turns out to be much more modest – only about $ 55,000 LUNC burned per day.

For a network with a capitalization of $4 billion, this is a penny. Even less than the daily inflation of about $162,000 coins in circulation.

There is minimal user activity on the network, and transactions are actually free due to the penny price of LUNC. The web is effectively dead, and LUNC along with it. Burning will not be a real driver of long-term growth for the Terra Classic ecosystem.

As a result, we have a network:
• without working protocols (practically all projects on Terra that had real value migrated to other chains)
• with minimal user and developer activity
• no support for burning coins by centralized exchanges

LUNC is doomed to a dump, which large coin holders were preparing for after the May crash. The growth of any asset should always have a minimally significant reason, otherwise the place of conscious investments is occupied by investments in financial pyramids.

LUNC and the more dead than alive Terra Classic network have become the tool of cynical insiders and prudent exchange operators who earn on commissions from “hype” trades.

bitcoin crypto Cryptocurrencies Cryptocurrency News LUNC
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