The LUNA Classic (LUNC) has been one of the most discussed topics, especially the passing of Proposal 5234, which slashed the burning tax from 1.2% to 0.2%. This means the number of tokens that goes to the burn wallet after every transaction was reduced, but the impact was that the number of transactions on the LUNA Classic (LUNC) increased.
So far, the Binance exchange has sent over 13.5 billion tokens to the LUNC community for burning, while validators LUNC DAO and Allnodes, have also burned 9.36 million and 28.82 million LUNC tokens, respectively. As of writing, the LUNC community has burned over 26 billion tokens in total, which is a big figure.
The burn is projected to get bigger despite the decline in the on-chain tax. This is because of the growing transactions and trading volumes on the LUNA Classic (LUNC). This means billions of LUNC tokens will be taken out of the supply, which will surge the demand for the token hence a price surge.
Terra (LUNA) Struggling To Remain Stable
At the same time, LUNA Classic (LUNC) counterpart Terra 2.0 (LUNA) has been struggling to remain stable. Terra (LUNA) has not been doing well in the market since the launch in May after the hard fork. The price for the Terra (LUNA) has shrunk by over 78%.
Over the last few weeks, the selling pressure on the Terra (LUNA) has been rising, and this might be the case if the bearish market takes over. According to crypto analysts, Terra (LUNA) and LUNC's poor price performance is also a result of massive competition from mooning coins like Bitgert (BRISE) and Centcex (CENX).
Centcex (CENX) and Bitgert (BRISE) Coins' Effects On LUNA & LUNC
Bitgert and Centcex (CENX) coins have been said to be the killers of many other crypto coins, and LUNA & LUNC are some of the coins that are feeling the heat. The huge number of LUNA and LUNC holders buying Bitgert and Centcex coins shows the competitiveness of these coins.
Therefore, Bitgert (BRISE) and Centcex (CENX) have been some of the coins that have increased the LUNA Classic (LUNC) and Terra 2.0 (LUNA) selling pressure. The huge profit potential, driven by disruptive developments, is some of the reasons these investors are buying BRISE and CENX.
The bottom line is that even with the token burn, Terra 2.0 (LUNA) and LUNA Classic (LUNC) will still find it difficult to compete with Bitgert and Centcex. These are coins that have massive potential to reward their investors hence their attractiveness.
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