Terra Classic (LUNC) is most unprofitable crypto of week among top 100 by market cap
LUNC or Terra Classic, once a fragment of the infamous multi-billion-dollar Terra, has become the most unprofitable asset among the top 100 largest cryptocurrencies by market capitalization by CoinMarketCap. The cryptocurrency lost nearly 25% of its value during the week, marking its biggest drop in its final days.
The reason for the drop in the recent days was the disclosure of details on the burning of LUNC on the global cryptocurrency exchange Binance, where the project has perhaps the most liquidity. While many LUNC enthusiasts had expected an implementation of a token burning tax when a transaction is made with it on Binance, exchange head Changpeng Zhao denied such a decision.
Instead, CZ introduced a subscription for each user to burn cryptocurrency, saying that a complete solution should only be expected if more than 50% of the trading volume of LUNC is done with the subscription. While Terra Classic has a total supply of 6.9 trillion tokens, only 800 million LUNC were burned on the exchange on the first day after the update was implemented.
LUNC: doomed to fail
In the background, the search for Do Kwon, the founder of the crypto start-up wanted by the South Korean and Singaporean police in the Terra collapse case, continues unabated.
Do Terra and LUNC have a future, and are they expected to return to the top of the rankings? it is unlikely. The project is trying to come into existence due to the recent entry of new enthusiasts as a result of the big pump, but it is only a temporary phenomenon, cleverly managed by the market makers.
