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LUNC investors may have some short-term hopes, however caution is advised

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The entire crypto community’s excitement reached another level as the much awaited 1.2% Terra Classic [LUNC] tax burn protocol got implemented. The new protocol was successfully implemented at a block height of 9,475,200 on 21 September. 

This is a major development in the LUNC ecosystem as it would help LUNC gain more value in the long run. According to the original plan, this new tax burn mechanism is expected to continue until LUNC’s total supply reaches 10 billion.

Not only this; there is more meat in the story as LUNC continues to receive immense support from multiple crypto trading platforms. With all these developments in the community, can we expect brighter days for the token in the coming days?

LUNC stronger than ever

KuCoin, a famous crypto exchange, recently announced that it would support the 1.2% tax burn and open the withdrawal service of mainnet Terra Classic. When the mainnet LUNC token withdrawal service is available, the tax will become active on KuCoin. Interestingly, users that deposit LUNC and USTC tokens into KuCoin won’t be charged a fee. 

In the official statement, KuCoin mentioned,

“KuCoin will open the withdrawal service of mainnet Terra Classic tokens at 13:00:00 on September 21, 2022 (UTC).”

Moreover, eToro, another crypto trading platform, also revealed that it plans to support the burn protocol, sparking excitement within the community.

A long journey ahead  

Though the developments around LUNC look extremely promising, it has a long way to go before reclaiming its former status. However, LUNC has definitely crossed several short-term milestones that gave hope to investors for a brighter future for the token.

Apart from registering massive gains over the last month, LUNC recently also made it to the list of top 10 coins by social mention on 21 September, according to Lunar Crush. 

However, despite these positive developments, LUNC’s price did not correspond immediately as it registered negative 24-hour growth.

At press time, LUNC was trading at $0.0002831 with a market capitalization of $1,741,334,410. Therefore, what the tax burn actually brings to the table is a question only time can answer. 

Source: CoinMarketCap

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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