Terra Classic (LUNC) is a major gainer among the top 100 cryptocurrencies as it is up 50.58% in the last 24 hours at a current price of $0.00053.
LUNC has had a positive run-up for four straight days and is up 77.36% in the past week. It has also reentered the top 30, ranking as the 26th largest cryptocurrency at press time. In the last 24 hours, trading volumes for LUNC were up 83%, with $3,303,788,731 worth of swaps.
Market watchers think that the concept of the tax proposal to reduce the supply of LUNC may have sparked a rally in the token.
A 1.2% tax will be applied to all LUNC transactions, including wallet interactions and smart contracts, if the 1.2% tax proposal is accepted. The charge is subsequently transferred to the burn wallet given by Terra, which then lowers the supply of LUNC.
Most Terra investors believe the 1.2% tax burn plan is still a viable option for making up for the losses experienced as a result of the network implosion in May.
Following the Terra ecosystem collapse, the community put out several solutions to save it. One of these was the adoption of Proposal 1623, which resulted in the creation of a new chain and the launch of an airdrop of new tokens for Terra ecosystem users.
The original Terra Chain was renamed Terra Classic, and on May 28, 2022, the genesis block of the new chain was launched to handle future transactions under the name Terra (LUNA). The original native token was likewise renamed LUNA Classic (LUNC).
David Gokhshtein, founder of Gokhshtein Media and crypto influencer and enthusiast, however, believes that LUNC, which is presently seeing a revival after the Terra network imploded, is being bought by gamblers who want to make big bucks. He also likened LUNC to a lottery ticket, as with the old children's game musical chairs.
Binance to perform wallet maintenance for Terra Classic
Top crypto exchange Binance has stated that it would be conducting wallet maintenance for Terra Classic Network's LUNC. The maintenance is slated to begin on Sept. 8, 2022, at 6:00 a.m. (UTC) and run for four hours.
Wallet maintenance for Terra Classic Network $LUNC (2022-09-08)https://t.co/Pvi8HpSRiR— Binance (@binance) September 8, 2022
During the planned maintenance, the exchange will temporarily suspend deposits and withdrawals of LUNC tokens. However, the trading of LUNC will not be affected during the said period. It says it will reopen deposits and withdrawals after maintenance is completed.