Not so good reputation Terra Classic (LUNC) had recently announced the highly anticipated “LUNC burn” mechanism. When some exchanges announced that they would support this mechanism, the community also entered with great expectation. However, things did not go as planned and CoinMarketCap became the worst performing asset of the top 100 cryptocurrencies list.
Listed in the top 100 cryptocurrencies, LUNC has lost more than 25% in the past week, making it the worst-performing member of the list.
As Koinfinans.com we have informed you before, things seemed to be going well for LUNC. Driven by the community, LUNC recently announced a “tax burn mechanism” that will burn 1.2%. While some cryptocurrency exchanges announced that they will support this mechanism, eyes are on the largest cryptocurrency exchange. BinanceConverted to . Although many speculations on social media suggest that the mechanism will be activated on the giant stock market, CEO Changpeng Zhao stated that these claims are unfounded and announced that the mechanism will not be put into practice.
Instead, CZ has launched a subscription to burn cryptocurrency for every user, and a full-fledged solution is only available. LUNC explained that it should be expected when more than 50% of trading volumes are made by subscription. While Terra Classic has a total supply of 6.9 trillion tokens, only 800 million LUNC were burned on the exchange on the first day after the update was applied.
LUNC, the Doomed Player
In the background, the founder, who was on the wanted list of the South Korean and Singapore police in the Terra collapse case, Do KwonSearch efforts continue unabated.
While the community continues to maintain its expectations for the project, we think LUNC investors should be careful. In this regard, we have preparedCould This Altcoin Have a Bright Future?We think it will be useful for you to read our article titled ” before investing.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.