The community’s continued burning and staking of Terra Classic (LUNC) coins have driven the price of LUNC.
The cost of LUNC has skyrocketed by over 70% in just one day and 180% in a week. Due to the rally, the price has now increased from a seven-day low of $0.0001524 to a staggering high of $0.000447. As the LUNC community strives to raise cryptocurrency prices over $0.0005, the daily trading volume has increased to a massive $2 billion.
With a current trading volume of $2.78 billion, the LUNC coin transactions have swiftly increased by more than 550% over the last 24 hours alone. The Terra community strongly believes that the short-term goal of $0.01 might be accomplished by this approach this month if the enthusiasm persists. The Terra community has already burned roughly 3.5 billion LUNC tokens, and over 528.8 billion LUNC have also been staked.
Surprisingly, in just the last 24 hours, over 400 million tokens of LUNC coin have been burned by the Terra community members. Simultaneously, there have been well over 28 billion stakes in the previous 24 hours. Additionally, Binance itself has realized a massive trading volume of above $1 billion, while KuCoin has run out of LUNC tokens.
Furthermore, there are plans for a 1.2% burn tax strategy expected to be announced on Monday, September 12. Recently, Terra presented recommendations for governance, upgrades, burning, staking, and other modifications, which caused prices to soar. Terra introduced a newfangled Governance Alert Bot that informs the public of all governance activities.
The much-awaited 1.2% burn tax scheme would speed up the burning of LUNC tokens. As a result, the community is upbeat about Terra Classic. While everything is going on, LUNA and USTC are doing well, increasing by 9% and 26%, respectively. As the community tries to recover prices through burning, staking, project creation, ecosystem education, and governance, all Terra currencies are seeing a significant upswing. Investors are particularly interested in Terra Classic, which has a daily trading volume of over $2 billion. In only one day, the cost of LUNC increased by more than 70%.
What is Terra Classic, and why does the current rally drive it?
The native token of the first Terra network is known as Luna Classic.
The main stablecoin UST for this blockchain project strayed off its peg in May this year, stemming in billions of dollars in losses for investors worldwide.
However, the project’s developing team, Terraform Labs (TFL), decided to hard-fork the network and rename its predecessor by appending the word “Classic” to the names of both the blockchain and its flagship currencies, Luna and UST.
However, proponents of the original Terra network and investors have been calling for an effort to burn a significant amount of LUNC tokens by implementing a transaction tax to recover at least some of the project’s previous glory.
Recent statements by KuCoin, a well-known centralized exchange, that it will support the network’s upgrading for this specific reason have raised the likelihood that such a plan will be adopted.
A community member has also offered the most thorough plan to include the tax.
Significant Changes Announced by FTX and Binance
As a further blow to Terra Classic (LUNC) and TerraClassicUSD (USTC), the FTX has announced that deposits and withdrawals from the FTX Wallet will be suspended starting September 12. Additionally, FTX also announced that it would delist the ANC coin and stop supporting the Anchor Protocol. Users can, however, support the “convert function” for LUNC and USTC tokens. Moreover, on September 7, the largest cryptocurrency exchange, Binance, will stop accepting all forms of deposits and withdrawals of Terra Classic and TerraClassicUSD.
As a result of the Shuttle Bridge shutdown, the entire Terra Classic deposits and withdrawals across the Ethereum network will no longer be supported. However, the Binance Earn service and spot and market transactions for LUNC and USTC will continue to function.
Regardless, until Terra Classic finds greater stability, most investors are turning to Tamadoge (TAMA), a currency that is now rising to unprecedented heights.
Tamadoge – The Newest Doge on The Block
Tamadoge is a famous ecosystem among cryptocurrency aficionados these days. The premise is similar to Tamagotchi, where users can acquire a pet, feed it, and then battle with it when it reaches adulthood. It is a play-to-earn (P2E) platform, implying that gamers can earn while having fun and climbing the leaderboard by accumulating Doge points. Hence, TAMA is a meme coin with utility that will be used to explore all the platform’s unique features.
Apart from that, there is much to look forward to with the augmented reality software (AR app) set to be published in the fourth quarter of 2023. In the app, gamers will have the opportunity to be near their pets, making committing to maintaining their well-being much easier.
As a result, countless individuals are turning to TAMA for investments because there is now much excitement surrounding it due to the great success it is experiencing right now. Tamadoge raised more than $11.7 million in a short of weeks, which is undoubtedly a success that all investors want to be a part of. A little more than 70% of the presale tokens have been sold, implying that investors don’t have much time to buy because the tokens are selling rapidly. The presale is being carried out in phases, and each tranche carries with it a price increase, so investors know what to expect in terms of gains.
TAMA tokens can be acquired with Tether (USDT), and investors can buy 40 TAMA for 1 USDT at present. Per the official website, an overall of 2 billion tokens will be available for purchase; however, only half are available to investors during the presale. The remaining funds will be made accessible after TAMA is listed on cryptocurrency platforms. Since TAMA is a deflationary currency, 5% of the total amount of coins will be burnt, causing the price to rise quickly.
The price is predicted to increase by 400% after the presale concludes. Therefore, many investors are rushing to get as many TAMA tokens as possible. There is no question that Terra Classic is experiencing some changes, and the price has improved. Most investors, nevertheless, choose to hold out a bit longer to observe how these shifts will develop. Investing in TAMA may be the wisest course of action until the circumstances around Terra Classic become clearer.
Make your move before it’s too late to invest at a reduced price before TAMA is listed and the price skyrockets!
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