LUNC’s 1.2% tax burn was officially implemented on September 21 reaching the block height of 9,475,200. The current price of LUNC is 0.00030069 at the time of writing, which is about 5.77% higher compared to the price on the day of implementation. Some LUNC enthusiasts hold an opinion that LUNC price has the potential to reach $1 as more centralized exchanges support the tax burn mechanism. However, the current price is 332468% away from $1. Seems like LUNC will need some time to boost the price.
According to StakeBin burn tracking, the first week of tax burn implementation has reduced about 1.56 billion in total LUNC supply, which is 6.5 times more efficient than the week of September 15. Assume LUNC burns 400,000,000 everyday, it will take approximately 6.85 years to remove the first trillion from supply. On the other hand, the burning time for the first trillion will reduce accordingly if off-chain transaction burn is supported or the transaction volume goes up.
As one of the centralized exchanges that supports Terra’s tax burn mechanism, MEXC will continue to support LUNC community and to make it great again! Please visit the Tax Burn Initiative Campaign and Update on Tax Burn for LUNC for more information. To keep supporting the Terra community and the tax burn, you can trade LUNC (LUNC/USDT – Trade it here) on MEXC Global with low futures trading fees!