The Terra Classic (LUNC) community has helped to push the token up the ladder in the list of cryptocurrencies. This is coming after the collapse of the Terra Luna project in May.
According to CoinMarketCap, LUNC’s price hit the $0.0005 target. With a market cap of nearly $3.5 billion, Terra Classic has now entered the top 30 crypto list. The price has skyrocketed over 55% in a day and 300% in the last 10 days.
Terra Classic has now become a top 30 cryptocurrency as the community anticipates its 1.2% tax burn proposal. This aims for a short-term target of $0.01.
The LUNC price has rallied 37,000% from its bottom during the Terra crisis. The price has jumped nearly 350% in the last 10 days due to burning, staking, project building, ecosystem education, and governance activities. Over 500 billion LUNC tokens have now been staked and almost 3.62 billion LUNC tokens have been burned.
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In the last 24 hours, the LUNC price has soared over 55% backed by a strong trading volume of over $2.75 billion. The 24-hour low and high are $0.0003406 and $0.0005386. The market cap is nearly $3.5 billion, leaving behind Monero, Stellar, Bitcoin Cash, and other popular cryptocurrencies.
The community decided on a short-term target of $0.01 earlier this week. If Terra Classic continues to record a daily trading volume of over $2 billion, the price target may hit this month itself.
Currently, the Terra Classic community looks to pass the 1.2% tax burn proposal, which is set for voting on September 10. If passed, the 1.2% tax burn will be implemented by September 20.
At present, crypto exchanges such as MEXC Global, KuCoin, Gate.io, and CoinInn have agreed to support the proposal. Binance announcing support for the burn proposal will be huge for the community.
