Terra Classic (LUNC) Increases 25% in 24 Hours and 273% in 3 Months Due to Positive Developments

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LUNC’s value has increased 273% in the last three months, from $0.00007391 to $0.0002756. As cryptocurrency continues to steal investors’ attention, LUNC has increased 25% over the last 24 hours.

The current price of LUNC is $0.0002587. Additionally, in the last 24 hours, the asset’s trading volume saw a tremendous increase of 164%, or $573.2 million. According to information on CoinMarketCap, LUNC’s market cap has increased by 16% over the last day. LUNC, which has a market worth of $1.7 billion, is the 36th-largest cryptocurrency as of the time of publication.

Given the token’s prior low trading volume, the recent gain may come as a surprise to those who did not anticipate significant price activity from the token.

Read article: Concerns With the Terra Classic (LUNC) Proposal Phrasing

Through Positive Updates, the Terra Classic Community Drives Token Price

Recall that following its spectacular collapse earlier this year, Terra Classic became a community-led effort. Community members are launching a number of initiatives in an effort to restore LUNC’s value.

According to reports, the main strategy is to cut back on the overall supply of Terra Classic. The network re-introduced staking and LUNC burns to achieve this. There have been several ideas on how to burn some or all of the Terra Classic on-chain transactions.

For all LUNC on-chain transactions, an initial tax burn fee of 1.2% was imposed. A sizable amount of LUNC were transmitted to a dead wallet as a result of the action. The community decided to lower the tax burn rate to 0.2% after the cryptocurrency’s transaction volume drastically decreased. To support the growth of Terra Classic, 10% of the LUNC tax burn fee is given to the community pool. The idea was put into action on the platforms of many cryptocurrency exchanges to help burn LUNC. A mechanism to burn fees generated from the token’s trading operations was implemented by Binance, which is an interesting development that elevated LUNC burning to new heights.

Additionally, the network is on schedule to become Cosmos Interoperable, according to Terra Rebels, an independent development team devoted to the revitalization of Terra Classic. The upgrade, Terra Classic v23, which is scheduled to go live next month, will roll out the feature. These innovations have kept LUNC’s worth rising to new heights.

Other developments include reducing the excess Terra Luna Classic (LUNC) supply, re-pegging TerraClassicUSD (USTC), fixing the chain, and creating and attracting utility.

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