Terra Classic (LUNC) has recorded an impressive rally in recent months.
Over the past three months, LUNC value has spiked 273%, from $0.00007391 to $0.0002756. In the past 24 hours, LUNC has been up 25% as cryptocurrency continues to attract the attention of investors.
LUNC is currently changing hands at $0.0002587. The asset’s trading volume also recorded a massive spike of 164%, representing $573.2 million, in the past 24 hours. LUNC’s market cap is up 16% in the past 24 hours, according to data on CoinMarketCap. In the hours leading up to press time, LUNC is the 36th-largest cryptocurrency with a market cap of $1.7 billion.
The recent rally may surprise many who did not expect positive price action from the token given its recent low trading volume.
Terra Classic Community Fuels Token Price Via Favorable Updates
Recall that Terra Classic became a community-led project after its massive collapse earlier this year. Community members are seeking ways to revive the value of LUNC by introducing a series of initiatives.
As reported, the major plan is to reduce the total supply of Terra Classic. To do this, the network reintroduced staking as well as LUNC burns. Different proposals were made to incinerate portions of all Terra Classic on-chain transactions.
At first, a 1.2% tax burn fee was implemented for all LUNC on-chain transactions. The move, which saw a good number of LUNC sent to a dead wallet. Transaction volume for the cryptocurrency slumped tremendously, prompting the community to reduce the tax burn rate to 0.2%. 10% of the LUNC tax burn fee is allocated to the community pool to aid Terra Classic’s development. Multiple cryptocurrency exchanges implemented the proposal on their platforms to aid in burning LUNC. Interestingly, Binance took LUNC burns to greater heights by implementing a mechanism to burn fees obtained from the token’s trading activities.
Furthermore, Terra Rebels, an independent development group focused on Terra Classic revival, announced that the network is on track to become Cosmos Interoperable. The feature will be rolled out in the Terra Classic v23 upgrade, slated to go live next month. These developments have continued to fuel LUNC’s value to greater heights.
Other developments include reducing the excess Terra Luna Classic (LUNC) supply, re-pegging TerraClassicUSD (USTC), fixing the chain, and creating and attracting utility.
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Source: https://thecryptobasic.com/2022/11/05/terra-classic-lunc-spikes-25-in-24-hours-273-in-3-months-amid-favorable-developments/?utm_source=rss&utm_medium=rss&utm_campaign=terra-classic-lunc-spikes-25-in-24-hours-273-in-3-months-amid-favorable-developments