The post Terra Classic Tax Burn Might Fuel Short-Term LUNC Rally – Traders Need to Be Cautious appeared first on Coinpedia Fintech News
Since May’s collapse, the Terra community has not been having a good run and is looking out for ways to make the network more reliable and trustworthy. Yesterday, the highly-anticipated 1.2% Terra Classic (LUNC) tax burn protocol was launched. This protocol was introduced on a block height of 9,475,200 on September 21.
While the network continues to try to make Terra more valuable, this development acts like the cherry on the cake. LUNC Price is now gaining huge traction and support from various crypto trading platforms.
LUNC Gains Traction
One of the well-known crypto exchanges, KuCoin, has announced that the firm will be supporting LUNC’s 1.2% tax burn along with providing the withdrawal service to Terra Classic. Once Terra Classic’s withdrawal service gets activated, the platform will start the tax burn.
What’s most interesting is that there are zero fees for LUNC and USTC tokens that are deposited in the KuCoin exchange.
Additionally, another crypto exchange, eToro, has come forward to support the tax burn protocol which will add up more value to the currency and Terra network.
However, though these developments are exciting for the network, there is still a long way to go before LUNC vanishes all the doubts of losing its sustainability just like Terra’s original chain LUNA.
Meanwhile, the LUNC price has seen decent gains recently where the currency managed to gain some key zones, inculcating hope among market participants. Moreover, LUNC has also managed to enter the top 10 coins that were mentioned on social media as per September 21 reports by Luna Crush
Nevertheless, though these factors flash positivity, in the last 24hrs LUNC has lost more than 5% and is currently trading at $0.0002705.