Luna Classic Burn Has Played A Huge Part In The Value Of LUNC

I was one of the buyers of Luna Classic at its lowest point during the period of dramatic price decline. At least I could afford to lose $30 on Luna, so I felt fine about taking some thousands of Luna for just $30. I did it in the hopes that maybe a miracle will occur, like seeing Luna Classic at $1 or more once more. Technically, it appears to be impossible because there are a large number of Luna Classics in circulation (6.8 trillion), which means that if the price of Luna ever reached $1, the market capitalization would increase to $6.8 trillion. Laughable, huh? Sure, it's impossible and never going to happen, but at least it's just wishful thinking.

I have seen worse, I watched someone invest $30,000 and watch their money go from $30,000 Million to $30, so how can I feel sad watching my $30 go to $3? Watching the value of my $30 drop to $3 in less than a month wasn't at all depressing. Although I had to exercise good self-control to refrain from purchasing more, this never forced me to sell my Luna Classic. Because it was tempting, but as Luna Classic began to soar, I watched as my $3 climbed to $20 and then returned to $3, meaning that if I had invested $300, I would have profited. I'm not regretting it, but I'm trying to imagine the earnings from the opportunities I didn't take.

Considering how hard Luna Classic is working to stay relevant, which is still fantastic to witness, and the fact that people still trade it, Luna Classic should be recognized as one of the strongest coins. Owing to excessive currency minting that resulted in an uncontrollable large dump due to a defect in the blockchain, cutting the coin supply is the current obstacle to returning the coin to normal.

I believe that CZ, the CEO of Binance, has a special affection for Luna Classic because, while others were criticizing the coin and its flaw, CZ was offering suggestions to help reduce the supply of Luna Classic. A suggested token burn was made, but Do Kwon, a haughty developer, ignored it or made it seem like an inconsequential effort. I recall him tweeting the burn address for Luna Classic; as a way to constrict the supply, Binance has made it necessary for the token trading fee to be remitted to that address. Burning simply does not decrease the quantity of tokens; rather, it accelerates price movement and serves to raise prices.

As a result, there has been an increase in the price of the token and an additional price pump. However, people are now wondering how much of the token trading fees Binance actually burned. As individuals continue to speculate, this expectation has driven up the price once further. However, this in no way constitutes financial advice; you should only invest at your own risk.