Terra LUNA Classic (LUNC) Price Rallies By 70% As Trading Volumes On Exchanges Spike.
According to Coimarketcap data, Terra Luna Classic (LUNC) is up as much as 70% this morning. The trading volume on Binance is around $1.2 billion as the project continues to attract increased attention in recent weeks.
Notably, a user on Twitter with the handle LUNC DAO noted that the demand has been so high that KuCoin ran out of tokens.
So many people are buying $LUNC that several exchanges including Kucoin hit their maximum limit. Madness. $LUNC is sold out, everyone wants it pic.twitter.com/JmRxfUTON4
— ?? ??ℕℂ ??? ?? (@LUNCDAO) September 5, 2022
The renewed interest in the Terra Classic project comes as the community has taken it upon itself to revive the project with burn initiatives to bring down the supply of the excess LUNC tokens.
The most recent initiative by the community is a tax policy proposal to take a 1.2% tax on all on-chain transactions. Notably, the collected tax in LUNC tokens will be sent to the burn address provided by Terra.
It bears mentioning that the proposal has received support from Uk based crypto exchange Y5 Crypto and MEXC Global. The proposal appears to have been approved as MEXC has already started burning LUNC tokens. According to updated information on MEXC’s blog, nearly 48 million LUNC have been burnt in fees in the last three days, with over 22 million LUNC burnt today, the highest so far.
Notably, the support from MEXC is billed to last for two weeks but could be extended if the exchange sees a positive response from MEXC users.
It bears mentioning that following the Terra ecosystem collapse in May that saw investors’ LUNA and UST holdings dive to zero, Terraform Labs opted to create a new chain, effectively abandoning the now Terra Classic project despite pleas from the community to burn the tokens. However, LUNAtics is yet to give up on the project.
LUNC is trading at the $0.0004391 price point.
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