Why everyone is Flocking to Terra Classic: Prices Keep Pumping Higher
It was only a few months back when the Terra ecosystem collapsed. The value of the original Terra chain dropped by over 99.999% in an event known as the Death Spiral. It continued to drop by 99% from that point onwards for three successive days until it reached a low of $0.00005 from its all-time high of over $120
The collapse was so abrupt that it completely destroyed the company’s market capitalization and destroyed nearly $18 billion in value. There has not been any action into LUNC since it reached its all-time low on June 24 until recently.
In just a few days, the market capitalization of LUNC increased dramatically by approximately 10 times during the past two weeks, reaching over $3.1 billion. The proposal to adjust the Terra Luna Classic setting is on a bullish run. Taxes will be gathered, burned, and used to pay for on-chain operations. Trading on CEXs and other off-chain activities won’t be subject to the tax. Edward Kim, an adjunct professor of computer science at Drexel University, came up with the idea.
MEXC Global, Kucoin, and Gate.io, have declared their support for Terra Classic’s 1.2% tax plan.
As previously indicated, taxes will be levied and burned for on-chain actions, including transfers of LUNC and USTC between wallets and smart contracts, under the new 1.2% Tax Parameter Change Proposal. It basically aims to implement a 1.2% token burn tax on all transactions to turn LUNC into a deflationary asset.
Additional cryptocurrency exchanges MEXC Global, Kucoin, and Gate.io will have backed the proposal as mentioned earlier. In its most recent announcement, KuCoin said that if the community rejects the idea, KuCoin services won’t be affected.
KuCoin Trading Bot Expands Trading Options for Futures Grid with LUNC/USDT
In addition to KuCoin supporting Terra Classic’s 1.2% tax plan, KuCoin Trading Bot has also expanded the variety of available assets by adding additional trading pairs for Futures Grid: LUNC/USDT.
Why wait when the top cryptocurrency exchange is urging us to create a Futures Bot Grid? to increase your earnings in any manner possible, create a Futures Grid Bot now and distribute it to your KuCoin pals!
Take Part In The LUNC Upgrade Carnival To Win a share of $1,000,000!
KuCoin also declared its support for the Terra Classic (LUNC) network update on August 26. To thank LUNC depositors and traders, the People’s Exchange said it would give away $1,000,000. Read the whole details on the KuCoin website for additional information.
What will come next for LUNC?
At the time of writing, Terra Classic is trading at 0.0005356. I bet the potential profit impressed a lot of people. And as a burning event for LUNC approaches, many people will acquire more of it as a result. Additionally, big cryptocurrency exchanges are also backing it.