LUNC has been on a positive run for four consecutive days and has gained 77.36% in the last seven days. It has also re-entered the top 30, ranking as the 26th largest crypto-currency. Over the past 24 hours, trading volumes for LUNC have increased by 83%, with $3,303,788,731 in swaps.
Observers believe that the concept of the tax proposal to reduce the supply of LUNC may have triggered a rally in the token. If the 1.2% tax proposal passes, a 1.2% tax will be applied to all LUNC transactions, including portfolio interactions and smart contracts. The tax is then transferred to the burn portfolio given by Terra, which then reduces the LUNC bid.
Most Terra investors believe that the 1.2% tax burn plan is still a viable option to make up for losses incurred as a result of the May grid implosion.
After the Terra ecosystem collapsed, the community proposed several solutions to save it. One of these was the adoption of Proposal 1623, which resulted in the creation of a new channel and the launch of an airdrop of new tokens for Terra Ecosystem users.
The original Terra chain was renamed Terra Classic, and on May 28, 2022, the genesis block of the new chain was launched to process future transactions under the name Terra (LUNA). The original native token was also renamed LUNA Classic (LUNC).
David Gokhshtein, founder of Gokhshtein Media, influencer and crypto-currency enthusiast, however, believes that LUNC, which is currently experiencing a revival after the implosion of the Terra network, is being bought by players who want to make a lot of money. He also compared LUNC to a lottery ticket, similar to the old kids’ game of musical chairs.
Binance to maintain Terra Classic portfolios
Leading crypto-currency exchange Binance said it will perform maintenance on Terra Classic Network’s LUNC wallet. The maintenance is scheduled to begin on September 8, 2022 at 6:00 a.m. UTC and last for four hours.
Wallet maintenance for Terra Classic Network $LUNC (2022-09-08)https://t.co/Pvi8HpSRiR
– Binance (@binance) September 8, 2022
During the scheduled maintenance, the exchange will temporarily suspend deposits and withdrawals of LUNC tokens. However, LUNC trading will not be affected during this period. It indicates that it will reopen deposits and withdrawals once the maintenance is complete.