The project MON has burned a large amount of tokens since the implementation of its burn tax, and intends not to stop there.
Token burn explodes for LUNC
The LUNC project is actively maintained by members of its community, with the burn tax as the cement of all initiatives. Recently, the holders of the token gave their consent for the tax change in question in order to restore its attractiveness and encourage transactions. A proposal that ends in mixed results.
Indeed, it could be that the LUNC owes its solidity only to the burning of its coins and not to the arrival of new investors. While the burn had generated a lot of enthusiasm on the side of his community, the latter sees his mechanism explode. According to the burn detector TerRarity, the project is said to have burned no less than 22 billion tokens since its inception. In addition, 2 million LUNCs would have been destroyed in a single transaction happened this morning.
However, the implementation of the burn tax is not only positive for the project. While all efforts are concentrated on the efficiency of its system, and even on other tokensthe price of the LUNC remains resolutely bearish.
The phenomenon, which has been going on since the beginning of October, has nevertheless been shaken by a upwelling wave. According to analyst Akash Girimath, this was simply caused by the announcement of Binance which agreed to implement the new percentage of the tax. Once the enthusiasm died down, the LUNC found its way back down and could to lose a significant portion of its value over the coming weeks if an event does not generate investment. So it seems that the price of the token is still driven by speculation.
What next for the project?
However, the LUNC community does not intend to stop. Part of the effort should continue to focus on token burning. Recently, one of the project’s largest blockchain validators started implementing the mechanism on its nodes. Holders of the coin are therefore still waiting for the much-promised price explosion.
The LUNC project therefore hopes to extend its tax to new platforms while uniting its validators and community. Indeed, since the mass publication of proposals, great differences of opinion between its members have been revealed. The great leaders of LUNC therefore wish to rake all the participants in the project and impose on them one and the same rule of conduct.
Finally, in order to attract new users and generate more transactions, some individuals would like to launch a airdrop. This initiative is the subject of all proposals for a few days. By offering tokens to novices while allowing them to trade them, the project could allow a large concentration of burns once the initiative is launched. For now, how to raise money to enable this airdrop is still under discussion.
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LUNC: with 22 billion tokens burned, what next for the project? – BeinCrypto France
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