Why is LUNC Pumping – 1.2% Burn Tax Effect?

Join Our Telegram channel to stay up to date on breaking news coverage

Over the past month, we have seen the rebirth of crypto for which the public lost all confidence – LUNC. It kept on pumping, leading many to speculate if Luna Classic’s bad days are finally over. Many have said that it is due to the recent staking update – including us. However, now we have one accurate reason behind this. So, why is LUNC Pumping?

Let us first Look at LUNC’s recent Price Action

Let us first retrace our steps a month ago when LUNC was trading at its standard $0.00010. There was little to no action around its price. In fact, the price dipped marginally to $0.00009 at one point before bouncing.

Then there was sideways trading followed by a dip. Then there was some increase. However, on 25th August 2022, the LUNC price went from $0.000101 to $0.00015. It was the first major increase for this crypto after the Terra crash took it all down.

Then September arrived, and with it, a 300% increase. This growth of crypto that people barely had any faith in has shaken the market. Many started to equate $LUNC to Baby Bitcoin.

Now we know the answer to this increase. It was all due to the 1.2% burn tax that arrived on 1st September 2022.

1.2% Burn Tax – the True Magic Behind the Recent Pump

Starting on 1st September 2022, LUNC introduced the 1.2% burn. Since the original holders of LUNC were already in the process of burning these tokens due to the now-famous #burnluna campaign, this new layer added another reason to burn the crypto.

To those unversed, after the fall of the original LUNA, now LUNA Classic, the crypto crowd has been trying to limit its supply by sending them to a burn address- which Do Kwon, the founder of Terra, provided.

So far, over 3 trillion LUNA tokens have burned. The introduction of the burning tax will further boost that figure – limiting the original crypto supply and increasing its price.

To know more about this pump, check out this video by crypto YouTuber Jacob Crypto Bury:

Punt Crypto Casino Banner

This deflationary cryptocurrency is now rising. How far will it go? Will we see LUNC reaching $0.0022 by the end of October? While we can’t say anything for certain, we know many OG holders are still bullish about LUNA and willing to bet everything to return it to its glory days.

Tamadoge is another Deflationary Crypto to Invest in Right Now

If you’re looking for a hot crypto investment with deflationary mechanics and limited token supply, Tamadoge is right up your alley. This Play-2-Earn metaverse crypto has been ruling the presale charts since it launched.

Buy Tamadoge

It now has crossed a significant benchmark of $10.4 million are only a few thousand dollars away from reaching the seventh phase of its presale.

In Tamadoge, you buy Tamadoge Pets, the NFT characters you raise, feed, put accessories to, and use for battle in an Augmented Reality environment to earn Dogepoints.

Every time you buy accessories for your Tamadoge Pet, the ecosystem burns 5% of the transaction fees to reduce the supply. This approach to burning isn’t novel, but when you have a token with an already limited supply – 2 billion – the chances to make big gains are quite high.

Visit Tamadoge

Will LUNC go back to its old days?

The recent burn tax on LUNC is making people wonder if the old classic token will reach its classic all-time high levels. While there is always a possibility but to reach its ATH of $116, a major market shift has to take place that burns trillions of tokens within a few short weeks. As of yet, only 7% of the total LUNC supply is held by whales. The rest is with the common crypto investors that are ferociously burning the cryptos to limit the supply.

But if you’re interested in great deflationary crypto with a better use case and huge upside potential, invest in Tamadoge. The 7th phase of the presale is near, and the price of 40 TAMA tokens will shortly be 1 USDT.

Read More

  • Best Metaverse Cryptos
  • Best Altcoins

Tamadoge - Play to Earn Meme Coin

Our Rating

Tamadoge logo
  • Earn TAMA in Battles With Doge Pets
  • Capped Supply of 2 Bn, Token Burn
  • NFT-Based Metaverse Game
  • Presale Live Now - tamadoge.io
Tamadoge logo
Visit Site

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

Anthropic created a democratic AI chatbot by allowing its principles to be chosen by users.

Image
In a groundbreaking exploration of AI capabilities, Anthropic, an artificial intelligence (AI) company, has tailored a large language model (LLM) to reflect user-defined values. This unique study involved gathering input from 1,000 participants to fine-tune the LLM’s responses based on their collective judgments. Unlike conventional LLMs equipped with predefined guardrails to constrain certain outputs, Anthropic’s approach embraces user agency. Models like Claude from Anthropic and ChatGPT from OpenAI often adhere to preset safety responses, especially regarding sensitive topics. However, critics argue that such interventions might compromise user autonomy, as the definition of acceptability varies and is subjective across cultures and time periods. A potential solution to this complex challenge is empowering users to shape the value alignment of AI models. Anthropic embarked on the “Collective Constitutional AI” experiment in collaboration with Polis and the Collective Intelligence
Read more

Shiba Inu: $1000 Invested in SHIB in 2020 Becomes $9.2 Million

Image
While the ongoing volatile crypto market has decimated portfolios across the board, early backers of meme coin Shiba Inu are still counting their blessings despite the brutal decline. Investors who took a chance on the fledgling token in its first year have managed to hold onto millionaire status even as SHIB currently trades 89% below its peak. Shiba Inu: An Investment of $1000 in SHIB Turns Into $9.2 Million  According to data from Changelly, an investment of $1,000 made in Shiba Inu cryptocurrency in August 2020, near its launch, would now be worth $9.22 million as of February 2024. This represents a return on investment of 922,047.72% over the span of three and a half years. The considerable gains increased the profile of SHIB during 2021 as some early backers of the previously little known cryptocurrency experienced substantial returns. Outcomes of this magnitude are infrequent from single crypto assets over such a short timeframe. Source: Changelly Nearly all
Read more

Belarus wants to ban P2P cryptocurrency transactions

Belarus’ Ministry of Foreign Affairs cited a high crypto crime rate for banning all citizens from exchanging Bitcoin between each other. The Belarusian foreign ministry is working on legal amendments to prohibit peer-to-peer, or P2P, transactions in cryptocurrencies like Bitcoin (BTC). The Ministry of Foreign Affairs (MFA) of the Republic of Belarus on July 2 issued an official announcement on Telegram about new legislation that would ban P2P crypto exchange for individuals. The authority cited a high cybercrime rate in Belarus, stating that local prosecutors have suppressed the activity of 27 citizens providing “illegal crypto exchange services” since the beginning of the year. Their total illegal revenues amounted to nearly 22 million Belarusian rubles ($8.7 million). The foreign ministry argued that crypto P2P services are “in demand among fraudsters who cash out and convert stolen funds and transfer money to organizers or participants in criminal schemes.” In order to eliminate
Read more