Terra Classic Price Comes Screaming Back With 50% LUNC Pump

The cryptocurrency market has recovered slightly during the past 24 hours. After Bitcoin dropped to June 2022 lows yesterday, it has since recovered by around 2% to trade at slightly above $19K. During the same period, Terra LUNA Classic (LUNC) emerged as the top gainer with a 50% gain.

LUNC continues gaining with a 50% uptrend

The Terra Classic community has been on an intense buying spree during the past month. LUNC’s monthly gains now stand at more than 400%. At the time of writing, LUNC was trading at $0.000527, according to data from CoinGecko.

The price gains made during the past few weeks have pumped the LUNC market cap, which now stands at $3.6 million, according to CoinGecko. LUNC now ranks as the 24th largest cryptocurrency by this metric. It has now surpassed more cryptocurrencies such as Bitcoin Cash and Monero.

During the past day, LUNC’s price has gained by 49%, while the weekly gains stand at a staggering 127%. The gains made by LUNC come at a time when there are positive developments surrounding Terra Luna Classic, including a tax burn proposal.

The growing support from the community could skyrocket LUNC’s gains, with the price already breaking the $0.0005 barrier. The short-term price target for LUNC is $0.01. The massive uptrend witnessed during this week has also spiraled LUNC’s trading volumes, which have now surpassed $2 billion, making it one of the top ten most traded cryptocurrencies during the past day.

LUNC has performed exceptionally well since the May crisis. The token has rallied by 52,000% since bottoming in May this year. This follows renewed investor confidence in the token following a burn process already underway.

LUNC continues gaining with a 50% uptrend

LUNC has a Relative Strength Index (RSI) of 71, showing that buyers have been piling pressure on the token over the past few days. If the RSI continues to increase, the butying pressure could be exhausted soon and bears will take control of the market. The Moving Average Convergence Divergence (MACD) also shows that it is an opportune time to sell.

Terra Classic 1.2% tax burn proposal

The 1.2% tax burn proposal is behind the LUNC bullish flag. During the past two weeks, there have been positive developments around LUNC, including token burning, staking, education, project building, and governance activities. During this time, more than 500 billion LUNC tokens have been staked, with around 3.62 billion LUNC being burned.

The LUNC community plans to pass the 1.2% tax burn proposal that will be voted upon on September 10. If this tax proposal is passed, it will be implemented on September 20. The proposal is already receiving support from some of the top players in the web 3.0 & crypto space, including CoinInn, Gate.io, KuCoin, and MEXC Global, who have said they will support the proposal.

The announcement that is being awaited by the community is that of Binance, saying that it will support the proposal. The announcement could lead to LUNC flying to $0.01. The tax proposal has notable offerings to restore the token’s former glory.

The 1.2% tax proposal seeks to introduce changes to the tax parameters by bringing in the 1.2% tax. This tax will be burned for on-chain activities involving the LUNC and USTC tokens. The burn will happen if there are transfers between wallets and smart contracts.

The proposal is aimed at making LUNC a deflationary token. It will accelerate the rate at which LUNC tokens are burned and reduce the overall supply, boosting the price of LUNC. The proposal aims at reversing the damage made in May when LUNC tokens were minted to unsuccessfully prop the value of the UST stablecoin after it lost its peg.

LUNC Video Analysis

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