NewsBTC
2022-09-14 06:16:08

Terra Dries Up As LUNA Sheds 40% From Recent High

LUNA has increased by about 300% just these past days, making it appear as if it had risen from the ashes. The feat began on September 9 and ended within a couple of hours. This is a result of a proposal to put a 1.2% token burn tax on all transactions, which will allow LUNC to become a deflationary cryptocurrency, according to a recent tweet from Haily LUNC. Unquestionably, the May-June LUNA crash has influenced the whole crypto community. There is a correlation between LUNA and other crypto stalwarts such as Ethereum if we compare the two. It may not be a price correlation, but rather investor sentiment. Following the latest market crisis, the market as a whole declined even worse. In the past few months, Bitcoin and the other leading currencies in the market have experienced severe bear markets. Related Reading: Cardano On White House Crosshair Can Push ADA Up This Route Given the issue surrounding LUNA, this rebirth is due to TERRA’s latest request for a 1.2 percent transaction fee. According to TERRA, this would consume 1.2% of the total LUNA in circulation per transaction. According to a recent analysis, the current surge in price poses a risk of reversal. After its unexpected price increase, TERRA declined by 30 percent, proving the validity of my analysis. StakingRewards estimates a yearly return of 38 percent on LUNA stakes. If TERRA keeps rising, the expected profits might be quite lucrative. But the state of t...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.