Everyone was bullish about Luna Classic (LUNC) back in September.
News that Binance would implement a 1.2% burn tax on LUNC trading pairs – Binance accounts for more than half of total LUNC trading – sent prices soaring over 500% within a fortnight. The LUNC market grew from $500 million up to $3 billion as LUNC regained its spot in the crypto top 50.
But in November, LUNC is threatening to drop below $1 billion in market cap. The LUNC price has fallen -71% from the September high.
So will LUNC burning help create a price pump again? Not likely.
Here's why you should check out EverGrow instead.
Read more about EverGrow here: https://evergrowegc.com/
The first weekly burn from Binance destroyed 5.6 billion LUNC tokens. It was the biggest daily burn since the UST de-peg crash, and it got people incredibly bullish about LUNC.
If LUNC continued to burn 5.6 billion tokens each week it would hit a $1 price within 20 years.
But that's no longer the case. In October, the LUNC community voted to reduce the burn tax from 1.2% to 0.2% and with 10% of all burn funds set aside for ecosystem development. As a result the burn rate has slumped to 1 billion tokens burned in the last week – according to terrarity.io.
At this low burn rate it would take an estimated 127 years until LUNC could conceivably hit a $1 price.
Read more about EverGrow here: https://evergrowegc.com/
While the Luna Classic burn rate falls, EverGrow has just increased its own burn rate 300%.
EverGrow has rapidly positioned itself as the leading hyper-deflationary token. If it keeps up at the current rate EverGrow would be in range of a $1 price in just eight years – and it's worth $0.00000009 today.
The core utility of EverGrow is a 14% transaction tax. It's a high amount on buys and sells, but it finances BUSD stablecoin rewards ($38 million paid to date) and automated token burns (53.3% of total supply burned to date).
A portion also goes towards ecosystem development. In September, the first EverGrow application dropped – LunaSky NFT marketplace – and announced that 100% of revenue would be used to buyback and burn EverGrow.
On November 10th, the revenue collected from the marketplace was finally deployed for burning EverGrow.
EverGrow burned 169 billion EGC tokens in a day. That's 300% above EverGrow's average daily burns since launch, and if it keeps up could reduce the EGC supply from a current 466 trillion to the mere billions.
Read more about EverGrow here: https://evergrowegc.com/
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