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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.
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LUNC Increases 57% as Binance and MEXC Global Announce Tax Burn Adoption
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%.
