Terra network is surviving its stance with Terra Classic (LUNC) after the devastating collapse of Terra’s original chain LUNA in May 2022. The crypto market started its bearish journey after this collapse and has continued till today.
However, Terra Classic had a bullish trend in September as LUNC gained 70% on the very first day and again around 250% on 8 September. The reason for this was the proposal for a 1.2% tax. This policy claims to charge a 1.2% fee for all LUNC transactions done on various wallets. Also this fee will be used to burn LUNC tokens by sending them to a dead address.
Then Binance, one of the largest crypto exchanges, agreed to burn all trading fees on LUNC spot and margin trading against BUSD and USDT by transferring them to the LUNC burn address.
The LUNC community confirmed this via Twitter, stating that Binance will have a 1.2% consolidation fee for all deposits received.
LUNC Price To Be Pulled Down ?
At the time of writing, Terra Classic (LUNC) is selling at $0.000294 after a surge of 3.11% over the last 24hrs. This price action by Terra Classic (LUNC) and the new developments around the network has given a sign of relief to its investors and traders.
On 29 September the Twitter handle, Terra Rebels, which focuses on the Terra Network and its announcements, posted a tweet revealing the new road map for the Terra Classic.
This new road map has several developments planned for Terra Classic in Q4 of 2022. Among such plans include developers planning to halt market swap in the near future and come up with new updates for the network.
Conveseley, while the price of Terra Classic is finding its place on a bullish trend, trading volume is falling which does not bode well for its price action. Along with the trading volume, the social volume of the currency has also got down. So these factors are indicating more price crisis than profit.
