Reasons For Terra Luna Classic 70% Price Rocket

Home » Reasons For Terra Luna Classic 70% Price Rocket

All Terra currencies are experiencing a major rally as the community works to restore prices through burning, staking, project development, ecosystem education, and governance. Terra Classic (LUNC), in particular, has piqued the curiosity of investors, with a daily trading volume exceeding $2 billion. The price of LUNC has risen by more than 70% in a single day.

Terra Luna Classic Skyrocket
Image from CoinmarketCap

The Terra Classic (LUNC) price has risen as the community continues to burn and stake LUNC tokens. The LUNC price has risen by more than 70% in a single day and by 180% in a week. The price has risen from a weekly low of $0.0001524 to a high of $0.000447 as a result of the rally.

The daily trade volume has risen to more than $2 billion as the community strives to push prices over $0.0005. The trading volume has increased by more than 550% in the last 24 hours, with a current trading volume of $2.78 billion. If the enthusiasm continues, the community believes the short-term aim of $0.01 might be reached this month.

Until today, the community has burned over 3.5 billion LUNC tokens and staked over 528.8 billion LUNC. Over 400 million LUNC tokens have been burned in the last 24 hours, which is unusual. In the previous 24 hours, 28 billion has been staked.

In fact, Binance alone has generated over $1 billion in trade volume, with KuCoin running out of LUNC tokens. Furthermore, on Monday, September 12, a 1.2% burn tax plan will be released.

Terra recently unveiled governance suggestions, upgrading, burning, staking, and other changes, causing prices to skyrocket. Terra launched a new Governance Alert Bot, which alerts the community to all governance activities.

The much-anticipated 1.2% burn tax plan will raise the pace at which LUNC tokens are burned. As a result, the community feels optimistic about Terra Classic (LUNC).

Meanwhile, LUNA and USTC are performing well, climbing 9% and 26%, respectively.

FTX and Binance Announce Significant Changes

FTX stated yesterday (5th of September) that deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC) on the FTX Wallet will be suspended beginning September 12. In addition, FTX will discontinue support for the Anchor Protocol and delist the ANC coin. Users can, however, continue to support the “convert function” for LUNC and USTC tokens.

Furthermore, on September 7, Binance will restrict deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC). The closing of the Shuttle Bridge effectively removes support for Terra Classic (LUNC) deposits and withdrawals via the Ethereum network. Spot and market trading for LUNC and USTC, as well as the Binance Earn service, will remain operational.

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