$LUNC couldn't gain a foothold above the local resistance level and reversed, dropping to price levels we saw prior to the pump
was a pleasant surprise for its holders as the token was able to withstand the enormous selling and shorting pressure that was coming from traders and to break through every resistance level ahead, but not for long.reversed massively and lost around 10% from its value in a matter of 24 hours as traders saw no fundamental support behind the rally. The main fuel for it was Binance's agreement to implement a 1.2% transaction fee. All funds from the transaction will be sent to the burn address.
The initiative to burn LUNC was proposed for the sake of supporting the asset's value on the market as it has been pushed down actively by traders who have not seen any potential for the asset related to one of the most questionable personas in the whole industry, Do Kwon. However, industry experts did not expect anything exceptional even after the implementation of the proposal, as the burning mechanism is not enough to keep assets from continuously falling down. Use cases and network revenue are two fundamental factors that investors usually consider when looking for assets to invest in, and LUNC, unfortunately, does not have either of those.
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