price performance was a true rollercoaster with its burning mechanism implementation and the initial denial received by Binance and other large centralized cryptocurrency exchanges and unexpected agreement to implement the transaction fee.
Thanks to the positive decision, LUNC saw a massive 40% price increase as the asset will most likely become deflationary if the transaction fee works as intended. Previously, LUNC developers proposed the implementation of a 1.2% fee from each transaction on the network.Coins taken from each operation will go on the burn address right away, creating pressure on the circulating supply of the token and easing up the pressure on the market.
However, most analysts do not believe in LUNC's long-term growth as the token does not have much usage apart from speculation, which is why deflation cannot become a solution to the poor performance of LUNC in the future.still remains in a poor state as the first cryptocurrency is facing enormous selling pressure caused by the massive U.S. Dollar rally.
The currency reached a 20-year high in a disruptive manner, gaining almost 4% in less than a month despite the forecast of most analysts that bet on the short-term correction against a bracket of foreign currencies. As for now, the $19,000 support level is still holding, but bulls are not rushing to invest new capital to push the price of the first cryptocurrency higher. The prolonged consolidation from here is the most likely scenario, considering the conditions of the market we are seeing today.
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