Terra Classic Tax Burn Might Fuel Short-Term LUNC Rally – Traders Need to Be Cautious
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Since the crash in May, the Terra community has not fared well and is looking for ways to make the network more trustworthy and reliable. Yesterday saw the launch of the highly anticipated 1.2% Terra Classic (LUNC) tax burning protocol. This protocol was launched at a block height of 9,475,200 on September 21st.
While the network is still trying to make Terra more valuable, this development works like the icing on the cake. LUNC Price is now gaining huge traction and support from several crypto trading platforms.
LUNC gets hold
One of the well-known crypto exchanges, KuCoin, has announced that the company will support LUNC's 1.2 percent tax burn and provide a withdrawal service for Terra Classic. When Terra Classic's withdrawal service is activated, the platform starts tax burning.
Most interestingly, there are no fees for LUNC and USTC tokens deposited on the KuCoin exchange.
In addition, another crypto exchange, eToro, has expressed support for a tax burning protocol that adds value to the currency and the Terra network.
While these developments are exciting for the network, there is still a long way to go before LUNC dispels all doubts about losing sustainability just like Terra's original chain LUNA.
At the same time, the LUNC price has seen a decent increase in recent times as the currency managed to beat some key areas, sparking hope among market participants. In addition, LUNC has also managed to enter the top 10 coins mentioned on social media as reported by Luna Crush on September 21st.
Nevertheless, while these factors are flashing positivity, LUNC has lost over 5% in the last 24 hours and is currently trading at $0.0002705.
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