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, the Terra Classic did have a bullish trend in September as the very first day LUNC gained 70% and again nearly 250% on September 8. The reason for this was due to the proposal of 1.2% tax. This policy claimed to charge a 1.2% fee for all the LUNC transactions made on different wallets. Also this fee would then be used to burn LUNC token by sending it 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 the same via Twitter which said Binance will have a 1.2% consolidation fee for all the deposits received.
BREAKING :— LUNC Community 🌓 (@lunaclassic_co) September 27, 2022
On top of supporting the #LUNC burn with a tax fee on margin and spot trades, @binance have just announced that they will be supporting the 1.2% on-chain burn.#ThanksBinance 💛🚀 pic.twitter.com/CPCr3FdhpC
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 September 29, the Twitter handle, Terra Rebels which is focused towards Terra network and its announcements posted a tweet revealing about the new road map for Terra Classic
It brings us great pleasure to release to all of you the official Terra Rebel Roadmap. The roadmap is readily viewable on our website here : https://t.co/OJSShSXRgN. Please be aware that the roadmap is subject to change. pic.twitter.com/AE0BZ0J6Eh— Terra Rebels (@TerraRebels) September 29, 2022
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 Terra Classic price is finding its place on a bullish trend, the trading volume has been plunging which isn’t good for its price action. Along with trading volume even the currency’s social volume has found its bottom. Hence these factors are indicating towards price crunch more than gains.