Terra Classic [LUNC] traders must pave way for bulls after this proposal

Terra Classic LUNC is among the more interesting cryptocurrencies that has been in our watch list especially in the first half of September. It has undergone a retracement since then as expected but there are still opportunities around this cryptocurrency.

Timeline of Terra-luna

The LUNC/USDT witnessed a parabolic recovery from late August to early September, which surged it to a record high of the $0.0006 mark. However, such massive growth in a short period is unhealthy for assets.

Since Terra's LUNA collapsed along with its stablecoin, USTD, which lost its peg against the US dollar, the currency has been striving for stability. At the time of writing, Terra (LUNA) is selling at $2.69 with a drop of 7.72% over the last 24hrs.

The world's largest crypto exchange Binance earlier announced 1.2% tax burn support for Terra Classic (LUNC) and TerraClassicUSD (USTC) on all on-chain activities. But the community wants tax burn support for off-chain activities such as selling and buying.

Alex Forshaw and Edward Kim, part of the Terra classic community, provide a detailed plan of the network driven by the community. It reveals a bold attempt to bring back the TerraClassicUSD (USTC)dollar peg after implementing a 1.2% tax burn on September 20th.

A popular cryptocurrency whale known as Gigantic Rebirth on the microblogging platform Twitter has revealed a massive bet of around $8 million against Terra Classic ($LUNC). Terra Classic is the rebranded version of the original Terra ecosystem, which collapsed earlier this year.

Till yesterday, the crypto market was displaying all signs of recovering well after a few disastrous months. However, the release of the Consumer Price Index (CPI) flipped the scenario, and the bears have regained dominance.

Terra Classic [LUNC] has been surging on an almost ridiculous bullish activity in the past weeks. It was trading among the top 30 cryptocurrencies by market cap according to CoinMarketCap.

The era of meme-coins is hardly over but the reigning king of meme-coins appears to have a new face. What Happened: While dog-themed crypto tokens like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) enjoyed their time in the limelight, the crown of “meme-coin king” has been passed to Terra Classic (CRYPTO: LUNC), according to a report from Santiment.

Just two days ahead of the much-awaited 1.2% tax burn being implemented, Binance has added LUNC and USTC to Binance Convert. This development is positive news for the LUNC community as it will help to add more value to the crypto, which had been lying on a deathbed for several months.

Recently, Edward Kim, a Terra (LUNC) community member, gave a proposal that will help revive the digital asset. Kim proposed a 1.2% tax burn implementation for all the on-chain LUNC transactions.