Terra (LUNC) Price Surges More Than 70% in Last 24 Hours

Binance Enacted Terra 1.2% Tax Burn - LUNC Price Surges 42%
  • The price of LUNC has increased by over 180% in seven days.
  • There are now over 528.8 billion LUNC staked.

Community efforts like token burning and staking as well as project development, ecosystem education, and governance led to a tremendous increase in the value of all Terra tokens. In particular, investors have shown a lot of enthusiasm for Terra Classic (LUNC), sending its daily trading volume soaring beyond $2 billion. Within the last 24 hours, the value of LUNC increased by more than 70% as per CMC.

LUNC/USDT: Source: TradingView

As the community keeps burning and staking LUNC tokens, the price of Terra Classic (LUNC) has increased. The price of LUNC has increased by over 180% in seven days. The price surge has stretched the weekly range from $0.0001524 to $0.000447. If the current trend keeps up, the community thinks the $0.01 short-term goal will be reached this month.

Community Efforts Driving Prices

There are now over 528.8 billion LUNC staked and over 3.5 billion LUNC that have been burnt by the community. During the last 24 hours, more than 400,000,000 LUNC tokens have been destroyed. And during the last 24 hours, a total of $2.8 billion has been staked.

In fact, Binance has been responsible for over $1 billion in trade volume, causing KuCoin to deplete its supply of LUNC tokens. In addition, the plan for the 1.2% burn tax will be made public on September 12.

The recent announcements of governance plans, improvements, burning, staking, etc. by Terra have caused a huge increase in pricing. Terra has released a Governance Alert Bot to update the populace on all governance-related happenings.

The proposed 1.2% burn tax would accelerate the pace at which LUNC tokens are burned. That’s why everyone seems so confident about Terra Classic (LUNC).

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.