The most unprofitable asset among the top 100 largest cryptocurrencies by market capitalization according to CoinMarketCap is LUNC or Terra Classic, a shard from the famed formerly multi-billion-dollar Terra. With the sharpest decline occurred in the closing days of the week, the cryptocurrency lost about 25% of its value.
The publishing of information regarding the burning of LUNC on the major cryptocurrency exchange Binance, where the project may have the most liquidity, was the cause of the current decrease. Although many LUNC supporters had anticipated that a token burning fee would be implemented when a transaction involving it is performed on Binance, exchange chairman Changpeng Zhao rejected such a decision.
A full-fledged solution should only be anticipated when more than 50% of LUNC trade volumes are completed with the subscription, according to CZ, who instead created a subscription for each user to burn the coin. Despite having a 6.9 trillion token supply overall, just 800 million LUNC were burned on the market the day the update went into effect.
Doomed to fail, LUNC
Do Kwon, the creator of the cryptocurrency startup sought by the South Korean and Singaporean police in the Terra collapse case, is still being followed out in the background. Are Terra and LUNC anticipated to rise to the top of the rankings again? Do they have a future? It is improbable.
The project may be making an effort to survive as a result of the recent huge pump, but it appears to be a transient event that the market makers have skillfully managed.
The first version of Terra, Terra Classic (LUNC), was created after the blockchain split following the crash. Terra Classic is now among the top 30 cryptos by market capitalization thanks to recent advances.
In contrast, the value of popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) has decreased during the last 30 days by about 10% and 5%, respectively.
Do Kwon, the founder of Terra, suggested a hard fork. A hard fork occurs when a blockchain separates due to strong community disagreements. In this instance, the fork retained the LUNA moniker and produced a new Terra 2.0 without any related stablecoins. On the original chain, the newly titled Luna Classic carried on.
