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...