Tax burn on LUNC subsides, here's why $LUNC LUNACLASSIC LUNCcommunity LUNCBURN LUNCArmy TerraRebels Terra Crypto
Despite billions of LUNC burned, the impact has yet to be felt on price. Since its early September rally, when it rose to a high of $0.00059, LUNC has dropped nearly 75% to reach its current price.During an AMA with the community, Tobias Andersen, the lead developer atRebels, was quoted as saying that the burning tax at 1.2% would have taken"close to a century" to burn enough LUNC tokens to bring the LUNC price back up to $1.
Classy crypto, a LUNC enthusiast, quotes Terra Founder Do Kwon as saying the 1.2% tax burn would not have worked. Across several social media channels reporting the LUNC burn, the number of LUNC tokens burned recently has drastically reduced as the hype seems to be fizzling out.
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