Terra Classic (LUNC) Price Reaches $0.0005 Target, Enters Top 30

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Terra Classic community has successfully pushed the LUNC price to hit the $0.0005 target. With a market cap of nearly $3.5 billion, Terra Classic has now entered the top 30 crypto list. The price has skyrocketed over 55% in a day and 300% in the last 10 days. In anticipation of the 1.2% tax burn proposal, the community aims for a short-term target of $0.01.

Terra Classic (LUNC) Enters Top 30 Crypto List

Terra Classic (LUNC) is witnessing unprecedented support from the community. With a continued massive daily trading volume of over $2 billion, the LUNC price has now hit the $0.0005 target. Interestingly, Terra Classic has now become a top 30 cryptocurrency, as per CoinMarketCap.

The LUNC price has rallied 37,000% from its bottom during the Terra crisis. In fact, the price has jumped nearly 350% in the last 10 days due to burning, staking, project building, ecosystem education, and governance activities. Over 500 billion LUNC tokens have now been staked and almost 3.62 billion LUNC tokens have been burned.

In the last 24 hours, the LUNC price has soared over 55% backed by a strong trading volume of over $2.75 billion. The 24-hour low and high are $0.0003406 and $0.0005386. The market cap is nearly $3.5 billion, leaving behind Monero, Stellar, Bitcoin Cash, and other popular cryptocurrencies.

The community decided on a short-term target of $0.01 earlier this week. If Terra Classic continues to record a daily trading volume of over $2 billion, the price target may hit this month itself.

Currently, the Terra Classic community looks to pass the 1.2% tax burn proposal, which is set for voting on September 10. If passed, the 1.2% tax burn will be implemented by September 20. At present, crypto exchanges such as MEXC Global, KuCoin, Gate.io, and CoinInn have agreed to support the proposal. Binance announcing support for the burn proposal will be huge for the community.

The 1.2% Tax Burn Proposal

The governance proposal ” 1.2% Tax Parameter Change” seeks to change tax to 1.2% and burn the tax for on-chain activities such as LUNC and USTC transfers between wallets and smart contracts.

The community aims to make Terra Classic (LUNC) deflationary with the proposal. The proposal will increase the burn rate of LUNC tokens and decrease the overall supply. It will also increase the price of Terra Classic (LUNC).

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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