On-chain analytics platform Santiment made a post stating that LUNC, Terra Classic’s own token, is becoming more and more popular on social media.
“Discussions can increase volatility”
Santiment shared, “With the Terra community accepting the 1.2% tax burning initiative on on-chain transactions for LUNC, there has been a significant increase in the discussion on this subject on social media. Having LUNC in the most talked about topics may bring an increase in the volatility of this crypto money in the future.”
As it is known, after the community’s acceptance, the 1.2% token burning application in each transaction was launched for the first time yesterday after the approval of the 9 million 475 thousand 200 block. However, this development, which has been priced for a while, did not bring an increase in the value of LUNC after yesterday’s implementation. LUNC is trading at $0.00025 at the time of writing.
It will continue until 10 billion LUNC remain
Every on-chain transaction made on USTC, the stablecoin of the LUNC and Terra Classic system, will incur a 1.2% burn from now on. This situation will continue until there are 10 billion LUNC left in supply. The current supply is about 6.9 trillion! In the LUNC supply, 315 million tokens have been burned since the creation of the system…
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