Top Crypto News Today: Terra LUNA Classic (LUNC) Price Rallied 500% in Two Weeks! What’s Happening?

KEY TAKEAWAYS 

• LUNC, the older token that suffered a $40 billion implosion back in May 2022 is rising again
• LUNC Price has rallied nearly 500% in the past two weeks
• LUNC has been rising thanks to a approved proposal to impose a 1.2% ‘tax burn’ on all LUNC transactions

LUNC PRice RALLIES 500% IN 2 WEEKS!

Nearly four months after the tragic crash of the older LUNA (now known as LUNC) token crashed nearly 99.9% in a matter of a few days, after the Terra ecosystem’s flagship algorithmic stablecoin broke its peg from the US dollar. Now, all of a sudden, even after the fall – Terra Classic (LUNC) is rising up the ranks. After a period of continued recovery in the token, Terra’s LUNC has now breached into the  30 top cryptos by market cap. According to CoinMarketCap, it is currently at the 26th position, with a total market cap of $3.2 billion as of writing.

LUNC/BUSD | Source: Tradingview

As is evident on the chart, in a matter of about two weeks, LUNC token has rallied nearly 500%, or almost 6 times the value it was back on 25 August, 2022 at its highs. It has since receded a little but, still such a rally in this bear market is a significant feat, especially for a coin that is marred by a history of doubt and suspicion after the implosion that cost the crypto market over $40 billion.

Read more: Terra Classic Price Prediction

Now, according to the latest news, the Terra blockchain ecosystem is attempting to revive the LUNC token by introducing a new burning protocol in the blockchain network. A soon-to-be-implemented ‘tax burn’ proposition is being laid out in the blockchain to impose a 1.2% burn on every transaction that is being done on the network. This ‘tax burn’ regime aims to reduce the token’s hyperinflated supply and is also likely reason behind the near 100% rally in the past 7 days.

3 hours after the proposal #4661 to activate the 1.2% burn tax and this is where it’s at 👇🏻🥳🔥🚀 #lunc #LUNACLASSIC #LUNCcommunity pic.twitter.com/AkF1RxMTnW

— LUNC Burn  (@LunaBurn_13) September 8, 2022

Set to take effect from 20 September, the proposal says that the ‘tax’ will automatically be sent to a wallet to be destroyed or ‘burned’ and over time bring down LUNC’s bloated circulating supply.

Currently trading at a small fraction of a cent, $0.000518 to be precise, as of writing, the LUNC token seems to be on a ride up. It has quickly jumped up the ranks, going from a market capitalisation of less than $600 million two weeks ago to almost $3.2 billion as of 9 September, 2022. As is evident from the chart above, the rally has been accumulating huge volumes, indicating mass participation in the rally, which typically bodes well for any coin.

However, investors would need to do their own research into the background and also be very careful, given the history of the token. One can never be too careful when it comes to coins like these.

Read more about the Terra LUNA Crypto Crash

Prices as of 9th September, 2022