LunaDoge Weekly Recap #5
Dear LunaDoge supporters,
Welcome to what is already our fifth weekly recap! Our apologies for the delay. I know a lot of our supporters (Jack Szczypek 👀) look forward to reading our reports, so we chose to publish an extended report.
Week 5 was our most eventful week so far! We were listed on CoinMarketCap 3 days ago! 🎉 The day after listing, we were featured on the top gainers list. We reached an ATH in transfers for a day (4k+) and had our second highest daily volume of $919,981. Ever since we were listed on CoinMarketCap, our average daily volume has been $583,437. In terms of fees, that’s $87,516 going to our holders and $87,516 being added to liquidity. We’ve shown strong support around a $2 million market cap which is already a step up from our support a week ago.
LunaDoge weekly statistics 📊
In the past week, we have nearly doubled our holders count, increased the amount of transactions by 56% and reached a peak market cap of $8 million, before settling around $3 million at the time of the report. The overall liquidity has decreased due to the buyback and burn. However, thanks to a decreased liquidity, the coin was able to increase its price much faster. As you can see in the chart, the price swings have become a bit more volatile. With an increased number of holders and exposure, a decreased liquidity and smoother market conditions coming up in the next week, we should be able to make a push for a market cap that is stable in the $5–8 million region.
Buyback and burn 💰🔥
Our first major DAO proposal was executed during the week. First, we removed 188 BNB and 35 trillion LOGE from the liquidity pool. We then immediately burned those 35 trillion LOGE by sending it to the dead Binance Smart Chain address (0x000000000000000000000000000000000000dead). We immediately burned these tokens because the burn address would profit more from the upcoming buyback and price swings still to come. As we all know by now, the higher the amount of LOGE in the burn address, the faster the circulating supply will decrease. Those of you who took an economics course once, in fair markets a decreased supply inevitably leads to an increase in price, given equal demand.
Because we removed the 188 BNB before we were listed on CoinMarketCap, the price effect of the CoinMarketCap listing was magnified due to the lower liquidity. We were able to shoot up to a market cap of $6 million before the buyback. This was unfortunate for us, because the 188 BNB buyback would’ve bought back over 30 trillion LOGE at the time of the liquidity removal.
Because we noticed that the effect of the buyback in terms of LOGE burned would be quite a lot smaller than we expected, we chose to move the BNB from the deployer wallet to a new Binance Smart Chain wallet. The deployer wallet is exempt from taxes, so any buyback and burn would not lead to taxes paid to holders and the liquidity pool. We still wanted to reward our holders who waited and voted for the proposal, so by buying from a fresh wallet, the transaction would be taxed twice. In total, we bought 8.5 trillion LOGE from the 188 BNB, of which 6.8 trillion LOGE ended up in the burn address. The difference of 1.7 trillion LOGE was shared equally between holders and the liquidity pool. Basically, we airdropped 850 billion LOGE to existing holders through our buyback and burn.
Due to indications that some whales could have botted or timed the buyback, immediately after the buyback we sold team tokens in order to profit from the buyback and put those tokens to good use in our negotiations with CEXes who support our tokenomics. Because the price started decreasing below our buyback price, we improvised by using 41 BNB of our own funds to steady the price to a value that was at least equal to our initial buyback price. Of course, this happened through the new address ensuring our supporters received the rewards from these transactions as well. The 41 BNB bought back 3.1 trillion LOGE, of which 2.3 trillion LOGE ended in the burn address. This means another 800 billion LOGE was shared between holders and the liquidity pool. In other terms, another 400 billion LOGE was airdropped to existing holders, resulting in a total airdrop of 1.25 trillion LOGE to existing holders! Investors holding 1% of the total supply managed to receive 12.5 billion LOGE (±$400) from the airdrop alone.
In total, the burn address now holds 56 trillion LOGE (5.60% of total supply), the locked team token wallet has burned 38.2 trillion LOGE (3.82% of total supply) which in total equals to 9.42% of all LOGE burned!
Weekly achievements ✅
1. Buyback and burn amounting to 44.1 trillion LOGE.
2. We were listed on CoinMarketCap. Track us here!
3. Announced the LOGE LOTTERY. First winner will be announced on Friday!
4. Another DAO proposal has passed: DRINKING FRIDAYS! We will open the voice chat in the Telegram channel from 7pm EST to 8pm EST on Fridays, before announcing the weekly LOGE LOTTERY winners.
In progress ⏳
We are currently negotiating CEX listings. Thanks to CoinMarketCap and CoinGecko, exchanges have noticed LunaDoge. The exchanges involved in negotiations include Hotbit, LBank, Bitmart and XT.com. We only negotiate with exchanges looking to support our tokenomics.
These negotiations can take some time because NDAs have to be signed, we have to verify the identities and legitimacy of the people and exchanges involved in the process and most importantly we have to negotiate a good deal.
CEX listings are expensive. The cheapest and lowest tier exchanges ask for at least $15k, excluding promotions and market making fees. The most expensive, but more legit exchanges have listing fees ranging from $30–50k, excluding expenses. Even though we managed to secure funds during the buyback, we have to be smart and only list when the deal is right. This could lead to additional marketing tokens being sold, as long as the community is on board with us finalizing a listing. For now, our focus is only expanding our reach to CEXes who manage to support our tokenomics.