What was once a multi-billion dollar project Terra Classic (LUNC) Top 100 by market capitalization cryptocurrency became the most unprofitable asset among the unit.
LUNC Becomes Least Profitable Cryptocurrency Among Top 100 Cryptocurrencies
LUNC has lost about 25% of its value over the past week, and the biggest drop was in its final days.
The reason for the recent decline was the disclosure of details regarding the burning of LUNC on Binance, the global cryptocurrency exchange where the project has perhaps the most liquidity.
Many LUNC fans, Binance While waiting for a token burn tax to be applied when a transaction is made on it, the CEO of the exchange Changpeng Zhao (CZ) refused such a decision.
Instead, CZ offered to create a membership for each user to burn LUNC.
He said that a full solution should only be expected when LUNC is done with memberships in excess of 50% of trading volumes.
While Terra Classic has a total supply of 6.9 trillion tokens, only 800 million LUNCs were burned on the exchange on the first day after the update was implemented.
In the background, founder of crypto startup wanted by South Korean and Singapore police in Terra collapse case Do Kwon Search efforts continue unabated.
Do Terra and LUNC have a future and are they expected to return to the top of the standings? This is unlikely.
The project is trying to exist thanks to its fans who have made new investments as a result of a recent pump.
However, this only seems like a temporary situation, cleverly managed by market makers.
Because with the latest red notice issued about Terra founder Do Kwon, it seems that LUNA has withdrawn a little more.
*Not investment advice.
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