We have done it. We’ve made it almost through another crazy week here in the world of crypto. Today we are going to be talking about Luna and discussing where I think we’re going next and do I think this burn mechanism is really going to work?
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Moving on, we do have the Crypto Bubbles looking pretty green today. We got some coins. We do have Luna Classic down 11%, and a bunch of other coins down, but overall it does seem to be a green day.
What’s happening with bitcoin? We did have a wick down there. We had a wick down to as low as $18,600, but we pumped right back up there and we are again sitting right on that $20,000 mark. This is just the way it has been for a couple of weeks. I would say we had this little section here that lasted 32 days.
If we had a similar thing playing out, we would smash it there. 32 days would bring us to mid July. Then I would say unless we have good inflation data. If we have good inflation data, this could very much change.
However, if we don’t have good inflation data, and also we don’t have some good news come out about what’s going on in Europe, what’s going on with the Rona Roanerson, all of that sort of stuff. I reckon we could have another trapdoor moment like we had here, which could see, like we saw here, a reduction of around 25%. A 25 dump from where we are right now puts us nice and center at $15,000. I think around the $14,000 mark is the next important line of support. So that’s what I’m seeing over there in bitcoin. As you know, bitcoin does control what happens in the overall market. There is still an extreme fear, and let’s talk about Terra.
Today we are down 20% on the list of Terra Classic. We are down 39% on UST. We are down to 11% on Luna 2.0. This is, of course, not for me to say that I told you so or anything like that. I was saying that this was pumping purely on hype.
There was no reason to buy into this pump. We are down significantly. I hope that you didn’t buy at the top. You were buying down at the bottom when no one cared and then when it pumped, you took your profits because that’s what we’re here to do. We’re here to take profit if you do want to make the best of these situations. You can leverage trade here both on the way up and the way down, so you can make a profit no matter what is happening. You can do that with bitcoin, but you can also do that with Luna.
There was a proposal that has passed, so over here we did have a proposal here burn tax 1.2% of all transactions all the way down to 10 billion LUNC, Luna Classic.
Of course, if we went back to the old circulating supply, we could get a much better price. If we could get this number down, if we could get it back to 10 billion, there is a good chance you could make a lot of money. I’m still very skeptical about whether or not I think this is going to happen now.
Dollar cost averaging into something like Terra Classic with an absolutely tiny amount of money that you really don’t care goes to zero could be a great idea. People did that with Dogecoin and they made an absolute killing. This could be an option. In my opinion, it is not a good idea to be dumping your savings. You need all of that sort of stuff in this because it could just go to zero.
Remember, Do Kwon has left the project. There is something to be said, an argument to be said about community communities pushing coins, communities staying behind the coin community, even burning their own coins. All of this is a possibility. Please stay as safe as possible, but when it comes to burn, the important thing to remember is that burn only applies to on-chain transactions, not transactions that take place on centralized exchanges. This is something that they will have to come out and accept.
Nearly all of the volume comes from these centralized exchanges. Of course, we’re having some on the Terra Station, but the majority comes from centralized exchanges. Now that’s not to say that some exchanges will not accept this. We did have one exchange come out 15 hours ago and say they will be implementing this 1.2% tax and burning on the exchange. If all of the exchanges did it, it would be very good news, but I think this will be very hard to achieve, but again, we really don’t know what’s going to happen with crypto and copy trading crypto, but yes, I am taking into consideration that.
I still think it is a massive risk, but there is much less of a risk now that we’ve had a 40% correction in the price, a 40% correction in the UST, and also 20% in the Terra Classic. That does mean there is less risk. I do think this can come much lower. Remember, how low this actually went when you were patient and used dollar cost averaging? You personally believe in this, but please stay safe. So those are the things that we’re seeing.
We are still seeing the Binance wallet increase their holdings as well as binance copy trading. We can see here that this was yesterday’s 2.5 million and just over a billion and then we have here 2.55 billion and we have 2.58 for the Luna Classic being held yesterday. We did actually see 1.47 billion on the UST classic and today we have less than that.
They have been depleting their holdings. This could also simply be liquidity for the exchange. Keep that in mind. This may not have a plan, but there is definitely something happening here. Maybe Czed has a plan to give back to the holders and the community of this coin. That’d be great to see. Of course, I want this to survive, and I want it to absolutely pay back everyone. It’d be incredible. I do want to continue to bring you updates on this. This burn would be amazing, but we need to see all of the large exchanges implement it, especially the biggest ones like Binance and Kucoin and those top exchanges. That way, the burn will be implemented.
It is possible that the number comes down to 1.2% of every transaction for trillions of coins. Remember, there is a huge difference between a million billion and a trillion. This will take a long time.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/eSy56-eUbfs]