LUNA is up more than 11.6% in the last 24 hours and is currently trading at $6.04 after hitting intraday highs of $7.20. Following the network’s collapse in May, a new Terra LUNA was built, and during the past 24 hours, it has had a remarkable run-up.
On September 9, the price of the token climbed by more than three times, from a low of $1.91 to a high of $7.82. On Saturday, the trend persisted as LUNA’s price remained over the $6 mark.
After the collapse of the Terra ecosystem, the community voted in favor of Proposal 1623, which prompted the development of a new chain and the start of an airdrop of the new tokens for ecosystem members.
The genesis block of the brand-new chain, Terra (LUNA), which took the place of the earlier Terra Chain and was renamed Terra Classic, was launched on May 28th, 2022. The first native token was also renamed LUNA Classic (LUNC). Related
Because there hasn’t been any network-specific news or development that would thrill regular traders, cryptocurrency market experts are startled by LUNA’s unexpected price surge.
Data from social intelligence firm LunarCrush suggests a retail speculative frenzy as mentions and engagements on social media platforms have recently drastically increased. However, other traders think that “whales have been selling their LUNC to acquire LUNA and vice versa.”
When will the 1.2% tax burn happen?
Proposals 3568 and 4159, which will levy a 1.2% tax burn on transactions involving LUNC and USTC that take place on the Terra Classic network, have been approved by the Terra community.
The tax burn is planned to take effect on September 20 at the Terra Classic block height of 9,475,200 after the proposal is submitted. According to a recent blog post, Binance will announce some modifications in line with the tax burn and review and amend the minimum withdrawal amount, maximum withdrawal amount, and withdrawal fees for LUNC and USTC via Terra Classic network.
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Source: https://coinpedia.org/altcoin/terra-luna-price-drastic-and-unexpected-rise-raises-questions-among-investors/