Terra Classic (LUNC) Price Skyrockets 70%, Here’s Why More Rally Is Expected
All Terra tokens witness a massive rally as the community aims to recover prices through burning, staking, project building, ecosystem education, and governance. Especially, Terra Classic (LUNC) has grabbed significant interest from investors with the daily trading volume jumping over $2 billion. The LUNC price has skyrocketed by over 70% in a day.
Terra Classic (LUNC) Price Pumps Amid Massive Community Support
Terra Classic (LUNC) price has picked momentum as the community continues burning and staking LUNC tokens. The LUNC price has soared over 70% in a day and 180% in a week. The rally has pushed the price from a weekly low of $0.0001524 to a high of $0.000447.
As the community aims to push prices over $0.0005, the daily trading volume has jumped over $2 billion. In the last 24 hours, the trading volume shoots over 550%, with $2.78 billion as the current trading volume. The community believes the short-term target of $0.01 could be hit this month if the momentum continues.
The community has burned over 3.5 billion LUNC tokens and staked over 528.8 billion LUNC until now. Interestingly, over 400 million LUNC tokens have been burned in the last 24 hours. And, 28 billion has been staked in the last 24 hours.
In fact, over $1 billion in trading volume has come from Binance alone, with KuCoin running out of LUNC tokens. Moreover, the 1.2% burn tax proposal is to be released on Monday, September 12.
Recently, Terra has announced governance proposals, upgrades, burning, staking, etc. that led to prices rising significantly higher. Terra rolled out a new Governance Alert Bot that notifies the community about all governance activities.
The much-awaited 1.2% burn tax proposal will increase the burning rate of the LUNC tokens. Thus, the community is bullish on Terra Classic (LUNC).
Meanwhile, LUNA and USTC are also trading strongly, rising 9% and 26%, respectively.
FTX and Binance Announces Major Changes
FTX yesterday announced suspending deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC) on the FTX Wallet from September 12. Also, FTX will end support for Anchor Protocol and delist ANC token. However, users can continue to support the “convert function” for LUNC and USTC tokens.
In addition, Binance is also suspending deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC) on September 7. The closure of the Shuttle Bridge ends support for deposits and withdrawals of Terra Classic (LUNC) via the Ethereum network. However, spot and market trading for LUNC and USTC, along with the Binance Earn service will continue to run.
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.