CoinGecko data indicates that LUNA Classic (LUNC) is now worth 62% more than it was in the past 30 days, even though double-digit percentage price corrections have occurred.
In comparison, LUNC is down 13.4% in the last 24 hours and 27.2% in the last seven days. Particularly, in the last week, the asset has produced six consecutive bearish daily candles. Furthermore, the token’s recent price performance contrasts sharply with the nearly 300% price spike earlier this month prompted by plans to implement a 1.2% tax burn on on-chain transactions.
As a result of the tax parameter change implemented last Wednesday, the token price has fallen precipitously. It is worth noting that the results of the tax burn have been disappointing thus far, as the community has yet to secure the support of central exchanges to implement the tax on off-chain transactions as well.
Although lower prices are beneficial to the burn initiative because they allow traders to command higher volumes at a lower cost, it appears that traders have not taken advantage of recent market corrections, as on-chain volume is significantly lower than it was weeks ago.
However, a significant change could occur with increased volume and support from central exchanges seeing large volumes of off-chain transactions.
There is still a strong commitment from the community to revitalize the chain and create an extraordinary crypto comeback story. LUNC is currently trading at the $0.00028372 price point.