Terra: LUNA investors may have some short-term hope, but should be cautious
Terra classic (LUNC) recently had a 5th rally. The short-term still shows some good signs, but some experts have some caveats for LUNC holders.
The enthusiasm of the entire crypto community has reached another level when the long-awaited 1.2% Terra Classic [LUNC] tax burning protocol is implemented. The new protocol was successfully deployed at a block height of 9,475,200 on September 21.
This is an important development in the LUNC ecosystem as it will help LUNC earn more value in the long run. According to the original plan, this new tax burning mechanism is expected to continue until the total supply of LUNC reaches 10 billion.
Not only this; The story has more elements as LUNC continues to receive tremendous support from many crypto trading platforms. With all these developments in the community, can we expect brighter days for the token in the coming days?
LUNC is stronger than ever
KuCoin, a popular cryptocurrency exchange, recently announced that they will support 1.2% tax burn and open withdrawal service from the Terra Classic mainnet. When the mainnet LUNC token withdrawal service is available, the tax will be activated in KuCoin. Interestingly, users who deposit LUNC and USTC tokens into KuCoin will not be charged.
In the official statement, KuCoin mentioned,
"KuCoin will open Terra Classic Mainnet token withdrawal at 13:00:00 on September 21, 2022 (UTC)."
Furthermore, eToro, another cryptocurrency trading platform, also revealed that they plan to support the recording protocol, which has generated excitement in the community.
LUNC - A long journey ahead
While the developments surrounding LUNC look extremely promising, it still has a long way to go to regain its footing. However, LUNC has certainly passed some short-term milestones that give investors hope for a brighter future for the token.
In addition to posting massive gains over the past month, LUNC also recently made it to the top 10 list of coins mentioned on social media on September 21, according to Lunar Crush.
However, despite these positive developments, the LUNC price did not respond immediately as it grew negative for 24 hours.
At press time, LUNC is trading at $0.000283 with a market capitalization of $1,741,334.410. So what the tax burn actually brings is a question that only time can answer.
Sep 23, 2022