How Can Luna Classic's Social Media Hasten the Burnings?

[Venus1100]

There has recently been a tax burn movement in Terra known as #burnalot. It started on Discord and is now trending on Twitter to let everyone know that you may participate in the campaign by transferring $10 worth of Terra Luna Classic to the burn wallet to remove it from circulation. To elaborate, it is effectively the same as giving to help everyone who is holding LUNC by participating in the burning mechanism. How exactly does that work? Assume demand remains constant; with tax burn, supply decreases, and so the price of Luna Classic rises.


Total LUNC Supply (Day) from StakeBin

Binance announced on October 3 that it has destroyed around $1.8 million in Terra Classic. It assists Terra Classic in saving approximately 5.5 million LUNC. This is their first tax burn since responding to Terra Community's suggestion in September. According to StakeBin, the entire LUNC supply decreased by 6 billion on Monday, representing a 1600.51% decrease from the previous day.

At the time of writing, the price of LUNC has increased by 0.36% in the last 24 hours. The Terra community can rejoice as additional social media initiatives, such as #burnalot, boost the burn mechanism. Will Luna Classic see another price increase in this dismal market? MEXC Global is looking forward to seeing what the future holds. Simultaneously, MEXC implemented the burn mechanism and invite all crypto enthusiasts to purchase LUNC to assist the Terra community!

 

[Shaf]

I think Luna classic may just become the shitcoin of this bear run. It has all the classic hallmarks of the previous ones like Doge coin, Shiba Inu and others.

For one, the supply is huge. This makes it possible to hold millions of the coin worth a small amount of money. It also has a fanatic community. This usually happens before the coin blows up parabolic.

It also has been looking for ways to burn and reduce supply. Binance has offered to burn all transaction fees. This recent move by the community could see so much of it burnt over time.

One thing with shitcoins is timing. If you want to buy, now is the time to do so when it's accumulating. Another thing is overcoming greed and selling at the right time. There are people who have made 10x or even 100x of their money on shitcoins only to watch it go back to zero.