It’s been quite some time since the much anticipated Luna Classic burn load has been launched. This 1.2% tax has the potential to change the fate of LUNC for the better, many believe, but what about now?
To date, more than 18 billion LUNC tokens have been destroyed, accounting for more than 0.268% of the token’s total supply. Interestingly, over five billion tokens have been burned through the burn load, which is a sign that the burn protocol is working properly.
Other significant positive news came out last month when Binance announced that it will also introduce the 1.2% burn tax and pay the transaction tax itself. Binance delivered on its promise and destroyed by far most of the tokens in recent times.
Despite all these positive developments, the Terra Classic price has only fallen. According to data from Coingecko, the LUNC price has fallen by 8 percent in the past week. Still, several analysts say there is hope for LUNC investors.
Is there hope?
In addition to the increase in burn activity, there is other good news to report about Luna Classic. The coin reached the top 10 in a statistic called ‘LunarCrush AltRank’. AltRank measures various metrics such as trading volume, social media activity and the token’s performance against Bitcoin. So the fact that LUNC is now in the top 10 is a good sign and it sends a bullish signal to investors.