09-27-2022, 01:08 AM
LUNC is down over 66% from the high it formed 2 weeks ago as stakes begin to unlock.
<!-- SC_OFF --><div class="md"><p>LUNC hit a high of 0.000593 just a couple weeks ago and is currently sitting at 0.000198. That's a fall of approximately 66.5% in such a short period. Massive amounts of LUNC were staked once the burn system was implemented. Now that the stake period is over, it's being dumped in a classic pump and dump fashion. </p> <p>Perfect reminder that tokenomics aren't everything. Yes it can be staked/locked up, increasing demand temporarily, but at the end of the day it has no utility (projects on LUNC moved to new LUNA and UST died) and everyone knew that, but many decided to gamble on it anyway. I hope no one here fell for it.</p> <p>Update: Binance has announced a burn mechanism for LUNC, causing it to surge.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/MaximumSandwich5"> /u/MaximumSandwich5 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xo618i/lunc_is_down_over_66_from_the_high_it_formed_2/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xo618i/lunc_is_down_over_66_from_the_high_it_formed_2/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>LUNC hit a high of 0.000593 just a couple weeks ago and is currently sitting at 0.000198. That's a fall of approximately 66.5% in such a short period. Massive amounts of LUNC were staked once the burn system was implemented. Now that the stake period is over, it's being dumped in a classic pump and dump fashion. </p> <p>Perfect reminder that tokenomics aren't everything. Yes it can be staked/locked up, increasing demand temporarily, but at the end of the day it has no utility (projects on LUNC moved to new LUNA and UST died) and everyone knew that, but many decided to gamble on it anyway. I hope no one here fell for it.</p> <p>Update: Binance has announced a burn mechanism for LUNC, causing it to surge.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/MaximumSandwich5"> /u/MaximumSandwich5 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xo618i/lunc_is_down_over_66_from_the_high_it_formed_2/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xo618i/lunc_is_down_over_66_from_the_high_it_formed_2/">[comments]</a></span>