LUNC has grown by an incredible 470% since August 22, delighting its investors with over 1 billion entries. However, LUNC’s heyday is a little behind, and today it has dropped close to 15%.
LUNC priceThe strong increase in staking came as a result of an update that made the staking feature functional again, as well as the activation of the burn mechanism. The efforts of the group caught the attention of investors and excited new investors.
With this, BinanceAs expected, the impact was also negative after the announcement that LUNC will not support the burning of LUNC via on-chain tax burning.
Needless to say, this chance was high at the start, as it was before the current rise in the LUNC price, as the token had depreciated nearly to extinction. LUNC has no prospects, the reputation of the project and its founders has been shattered, and attempts by the community to revive the project are likely to fail.
Currently, the reputational damage from Terra’s May crash is beyond repair. Ecosystem developers have migrated to BNB Chain and Polygon networks, and virtually no activity has been recorded on the chain.
Most likely, LUNC is nothing more than a “speculative asset” backed by speculators trying to monetize low-liquidity cheap tokens, “speeding up” such assets and increasing their manipulation by news factors.
You can follow the current price action here.
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.