LUNC up 134% in 7 days amid massive community support and burn tax proposal

Terra Classic (LUNC) has witnessed a massive rally over the past week. It has risen by about 134.2% over the past seven days according to Coingecko. LUNC has also attracted significant interest from investors with its daily trading volume surging by over $2 billion.

The price pump is primarily because of the massive community support and a proposal by the community to recover prices through burning, project building, staking, governance, and ecosystem education.

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LUNC’s community support

The Terra Luna Classic community has continued burning and staking LUNC tokens in a bid to recover the token’s price, which has considerably dropped since the TerraUSD (UST/USD) stablecoin debacle that brought down the original Terra LUNA project and resulted in the Terra Luna hard fork to create the new Terra 2.0 (LUNA/USD).

The main aim for the community at the moment is to push LUNC prices at least above $0.0005 with a short-term target of $0.01 by end of this month if it maintains the current momentum.

Terra Classic burn tax proposal

So far the Terra Luna Classic community has managed to stake over 528 billion LUNC tokens and burned over 3.5 billion LUNC tokens. Interestingly, over $1 billion in trading volume is from Binance after KuCoin ran out of LUNC tokens.

The community intends to take the burning initiative higher with a 1.2% burn tax proposal that is scheduled for release on Monday, September 12. The much-awaited burn tax proposal is geared toward increasing the burning rate of LUNC tokens.

Commenting on the impact of the much-awaited burn tax proposal via a tweet, Miles Deutscher, a popular crypto investor and analyst, said:

“$LUNC is gaining momentum in anticipation of its next major upgrade, which introduces a 1.2% burn tax to all swaps. Could this mark the beginning of a sensational revival for Terra Classic?”

Recently, Terra also announced several governance proposals and upgrades besides burning and staking. It also rolled out a new governance alert bot.