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LUNC up 134% in 7 days amid massive community support and burn tax proposal

on Sep 7, 2022
  • Terra Classic token price has surged by 0ver 134% in the past seven days.
  • At press time, LUNC was trading at $0.00037045.
  • The cryptocurrency has received massive community support amid its upcoming burn tax proposal.

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Terra Classic (LUNC) has witnessed a massive rally over the past week. It has risen by about 134.2% over the past seven days according to Coingecko. LUNC has also attracted significant interest from investors with its daily trading volume surging by over $2 billion.

The price pump is primarily because of the massive community support and a proposal by the community to recover prices through burning, project building, staking, governance, and ecosystem education.

LUNC’s community support

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The Terra Luna Classic community has continued burning and staking LUNC tokens in a bid to recover the token’s price, which has considerably dropped since the TerraUSD (UST/USD) stablecoin debacle that brought down the original Terra LUNA project and resulted in the Terra Luna hard fork to create the new Terra 2.0 (LUNA/USD).

The main aim for the community at the moment is to push LUNC prices at least above $0.0005 with a short-term target of $0.01 by end of this month if it maintains the current momentum.

Terra Classic burn tax proposal

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So far the Terra Luna Classic community has managed to stake over 528 billion LUNC tokens and burned over 3.5 billion LUNC tokens. Interestingly, over $1 billion in trading volume is from Binance after KuCoin ran out of LUNC tokens.

The community intends to take the burning initiative higher with a 1.2% burn tax proposal that is scheduled for release on Monday, September 12. The much-awaited burn tax proposal is geared toward increasing the burning rate of LUNC tokens.

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Commenting on the impact of the much-awaited burn tax proposal via a tweet, Miles Deutscher, a popular crypto investor and analyst, said:

“$LUNC is gaining momentum in anticipation of its next major upgrade, which introduces a 1.2% burn tax to all swaps. Could this mark the beginning of a sensational revival for Terra Classic?”

Recently, Terra also announced several governance proposals and upgrades besides burning and staking. It also rolled out a new governance alert bot.


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