Terra Classic: Ignore the critics LUNC maintains the burn rate despite the objections
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LUNC - Criticisms
The Terra Classic [LUNC] community's goal of restoring confidence in the project has been met with strong criticism and unsolicited proposals. Since revealing its roadmap on September 29, LUNC has faced these "evils" on a daily basis.
The newest in this batch is David Gokhshtein. The famous crypto investor has previously been a strong critic of LUNC. However, he has turned his head in recent days by passively supporting the community.
Gokhshtein, who is also a media mogul, tweeted that LUNC needed more than normal code burning to keep the project going. According to him, the community needs to transmit utility to stay relevant or achieve milestones like Shiba Inu [SHIB].
LUNC community - Don't stop us now
Despite the many attacks, it seems the LUNC community is not willing to give up. Previously, he stated that he was working independently of Do Kwon, Terra's wanted initiator. In addition, Santiment shows that development activity at LUNC is taking the north route. This implies that the LUNC community may have begun work on their public roadmap.
Also, there is a downside that LUNC cannot stop its trend. According to on-chain data platform Santiment, whale confidence in the token is not as high as it was a while ago. At press time, LUNC's whale supply is steady at 42. This is where it has been since interest rates spiked on Sept. 25.
In terms of consumption rates, the LUNC community doesn't seem to share Gokhshtein's opinion. This is because the burning of LUNC from Binance support has continued to increase. In the last 24 hours, the total number of LUNCs burned was 7.87 billion. Almost half of this was achieved after the 1.2 percent tax activation.
On top of that, LUNC does not act as if it needs any utility to achieve its goals or attract the attention of the crypto community. This is because the volume of LUNC has increased dramatically in the past 24 hours. According to data from Santiment, LUNC broke out of the 300 million zone and hit 1.3 billion on Oct. 2. While volume has dipped to $838.06 million at press time, the LUNC price stands at flat. 0.00033 dollars.
After all these events, the LUNC community remains steadfast in their quest for importance. In a recent tweet, the LUNC community appears to be in talks with two crypto exchanges to extend support for a 1.2 percent consumption tax rate. According to the tweet, Coinbase has slowed down from the agreed list.
Oct 04, 2022