Despite recent price corrections, Terra Classic (LUNC) is trading 62% higher than in the last 30 days.
CoinGecko data reveals that LUNA Classic (LUNC) is exchanging hands for 62% more than it was in the last 30 days despite double-digit percentage price corrections.
For perspective, LUNC is trading 13.4% lower in the last 24 hours and 27.2% lower in the last seven days. Notably, the asset has printed six consecutive bearish daily candles in the past week. Moreover, the recent price performances from the token widely contrast the almost 300% price surge earlier this month in response to the excitement surrounding plans to implement a 1.2% tax burn on on-chain transactions.
Notably, the token price has been on a free fall since the implementation of the tax parameter change last Wednesday. It bears mentioning that the results of the tax burn so far have been underwhelming as the community is yet to get the support of central exchanges to implement the tax on off-chain transactions as well.
While lower prices are good for the burn initiative, as they allow traders to command greater volume at a relatively low cost, it appears that traders have not taken advantage of the recent market corrections as on-chain volume appears significantly low compared to previous weeks.
As reported by The Crypto Basic earlier today, the tax burn since implementation has permanently removed only 1.5 billion LUNC from the total supply and, at this rate, will remove only about 113 billion in a year. However, this could change with increased volume and support from central exchanges seeing large volumes of off-chain transactions.
The community remains determined to revive the chain and write an extraordinary crypto comeback story. LUNC is currently trading at the $0.00019848 price point.