The original token of the Terra Ecosystem LUNC is gaining momentum, how far can it climb?

on Sep 7, 2022
  • Terra Luna Classic (LUNC) will experience a new upgrade, which introduces a 1.2% burn tax to all swaps.
  • LUNC is the token of the original Terra ecosystem and rebranded from LUNA to LUNC.
  • Luna Classic uses the original code of the Terra ecosystem.

Terra Luna Classic (LUNC/USD) is essentially the original token of the Terra Ecosystem, that originally featured the ticker symbol known as “LUNA” but was over time changed to LUNC (Luna Classic) due to the fact that there was a launch of the new Terra chain.

Terra Luna Classic utilizes the original code of the Terra ecosystem, and its development, as well as governance, is community-run. In any case, Terra left a huge mark within the DeFi space.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The anticipated burn tax upgrade as a catalyst for growth

In the latest cryptocurrency news this past week, the LUNC token has seen an increase in value, which has been fueled by anticipation for the new token burn mechanism.

Here, we previously covered how this new mechanism will burn LUNC tokens through additional swap fees.

1.2% of the transaction volume from token swaps will be burnt, and this burning mechanism will be applied to on-chain swaps, as well as major exchanges.

Binance, KuCoin as well as other exchanges are rumored to support the burn. 

This feature is expected to go live following the Terra 1.2 ecosystem upgrade, which will go live at some point throughout September 12, 2022. 

This can potentially increase the value of the LUNC cryptocurrency, and we are going to go over its history to figure out how much. 

Should you buy Terra Luna Classic (LUNC)?

On September 7, 2022, Terra Luna Classic (LUNC) had a value of $0.00035.

Looking at Terra Luna Classic (LUNC)’s all-time high point of value, LUNC reached $$119.18 on April 5, 2022. 

When we go over the performance of the Terra Luna Classic (LUNC) cryptocurrency throughout the previous month,  we can see that LUNC’s lowest point of value was on August 20, 2022, at a value of $0.00008664. 

Its highest point of value, however, was on August 31 at a value of $0.0002183.

Here we can see an increase in value of $0.00013166 or by 152%.

From August 31 to September 7, LUNC has grown in value by $0.0001317 or by 60%.

With all of this in mind, investors might want to buy  Terra Luna Classic (LUNC), as the  LUNC cryptocurrency can climb to $0.0006 by the end of September 2022.

Invest in the top cryptocurrencies quickly & easily with the worlds largest and most trusted broker, eToro.

68% of retail CFD accounts lose money