LUNA is up more than 11.6% in the last 24 hours and is currently trading at $6.04 after hitting intraday highs of $7.20. Following the network’s collapse in May, a new Terra LUNA was built, and during the past 24 hours, it has had a remarkable run-up.
On September 9, the price of the coin climbed more than three times from a low of $1.91 to a high of $7.82. On Saturday, the trend continued as LUNA price remained above the $6 mark.
After the collapse of the Terra ecosystem, the community voted in favor of Proposal 1623, which prompted the development of a new chain and the start of an airdrop of the new tokens for ecosystem members.
The brand-new chain, the Genesis Block of Terra (LUNA), which replaced the earlier Terra Chain and was renamed Terra Classic, was launched on May 28, 2022. The first native token was renamed to LUNA Classic (LUNC). , related
Because there hasn’t been any network-specific news or development that would thrill regular traders, cryptocurrency market experts are startled by LUNA’s unexpected price surge.
Data from social intelligence firm LunarCrush reveals a retail betting frenzy as mentions and engagements on social media platforms have increased significantly recently. However, other traders feel that “whales are selling their LUNC to gain LUNA and vice versa.”
When will the 1.2% tax burn happen?
Proposals 3568 and 4159, which will levy a 1.2% tax burn on transactions involving LUNC and USTC that take place on the Terra Classic network, have been approved by the Terra community.
The tax burn is planned to take effect on September 20 at a Terra Classic block height of 9,475,200 after the proposal is submitted. According to a recent blog post, Binance will announce some amendments in line with the tax burn and review and will revise the minimum withdrawal amount, maximum withdrawal amount and withdrawal fee for LUNC and USTC via the Terra Classic network.
