Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Once Popular Coins (Graveyard) => Other Popular Cryptos / Coins => Terra LUNA Forum => Topic started by: amberrrr789 on September 29, 2022, 03:37:24 PM
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MEXC Global announced on September 7 that we will add a 1.2% tax burn fee to all deposit fees and on-chain transactions in order to help the Terra community. After MEXC announced its tax burn, LUNC's closing price increased the following day by 17.64%. The Luna Classic tax burn went live on September 21 at the Terra Classic block height of 9,475,200.
It has been on the slide since the official execution, especially after the Federal Reserve boosted interest rates by 75 basis points on September 22 and Binance's CEO CZ said the business will not support the tax burn mechanism during an Ask Me Anything (AMA) session on September 23. However, Binance announced that they would begin implementing Luna's tax burn on trading fees on Monday. In the 24 hours following Binance's release on September 26, the price of LUNC surged by 57.47%.
A growing number of centralized exchanges are supporting the tax burn despite the fact that the Fed's monetary policy attempts to counteract excessive inflation are turning the cryptocurrency market negative. The Terra community now has hope that LUNC might recover its strength.
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I think the current volatility is due to the FOMO and the impact of the sharks in the market. Terra ecosystem has almost collapsed and has no potential for users. Everything is just a financial game for sharks to take money from traders.
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In my opinion, this is positive news for LUNC because it is still supported by global mex and binance so that LUNC is still trusted by investors, maybe this is the beginning of LUNC's awakening after a long sleep.
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The tax applied to burn LUNC looks good to avoid price drops, but LUNC has a supply amount that I think is too large, the luna ecosystem looks good, you UST are guaranteed by Fiat and the situation will be different.
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LUNC really is a sh*tcoin right now, Do Kwon really need some explanation to LUNA holders/investors. And this doesnt change the fact the LUNA skydived into sub dollar. I hope LUNA will have a comeback. (I still think that this is impossible right now), but its crypto. Everything can happen.
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I don’t think Lunc is a shitcoin, and I must say that the proposed burn is a great idea. Since the tax burn suggested by the Lunc community, there has been tremendous growth, and the Lunc revived positive market effects. The price has been doing great, the value has shown good results from the tax burn. There has been huge changes on the coin market value ( the coinmarketcap has increased with the short time) and there is more to come as far as the token burn continues by these CEX exchanges like Binance, MEXE, Kicoin and others. If this burn is sustained, I think that lunc may hit $0.01 in months to come.