Terra Classic (LUNC) is most unprofitable crypto of week among top 100 by market cap
LUNC or Terra Classic, a shard from infamous once 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, with the biggest drop occurring in the final days of it.
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 the cryptocurrency and said that a full-fledged solution should only be expected when more than 50% of LUNC trading volumes are 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 may be trying to exist due to new enthusiasts entering as a result of the recent big pump, but it seems to only be a temporary phenomenon, cleverly managed by the market makers.