Terra Classic (LUNC) Price Skyrockets 70%, Here’s Why More Rally Is Expected

All Terra tokens witness a massive rally as the community aims to recover prices through burning, staking, project building, ecosystem education, and governance. Especially, Terra Classic (LUNC) has grabbed significant interest from investors with the daily trading volume jumping over $3.5 billion. The LUNC price has skyrocketed by over 70% in a day.

Terra Classic (LUNC) Price Pumps Amid Massive Community Support

Terra Classic (LUNC) price has picked momentum as the community continues burning and staking LUNC tokens. The LUNC price has soared over 70% in a day and 300% in a week. The rally has pushed the price from a weekly low of $0.00034 to a high of $0.00058.

As the community successfully pushes prices over $0.0005, the daily trading volume has jumped over $3.5 billion. In the last 24 hours, the trading volume shoots over 550%, with $3.8 billion as the current trading volume. The community believes the short-term target of $0.01 could be hit this month if the momentum continues.

The community has burned over 3.5 billion LUNC tokens and staked over 550 billion LUNC until now. Interestingly, over 400 million LUNC tokens have been burned in the last 24 hours. And, 28 billion has been staked in the last 24 hours.

In fact, over $1 billion in trading volume has come from Binance alone, with KuCoin running out of LUNC tokens. Moreover, the 1.2% burn tax proposal is to be released on September 10 and will be implemented by September 20.

Recently, Terra has announced governance proposals, upgrades, burning, staking, etc. that led to prices rising significantly higher. Terra rolled out a new Governance Alert Bot that notifies the community about all governance activities.

The much-awaited 1.2% burn tax proposal will increase the burning rate of the LUNC tokens. Thus, the community is bullish on Terra Classic (LUNC).

Meanwhile, LUNA and USTC are also trading strongly, rising 4% and 10%, respectively.

FTX and Binance Announces Major Changes

FTX announced suspending deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC) on the FTX Wallet from September 12. Also, FTX will end support for Anchor Protocol and delist ANC token. However, users can continue to support the “convert function” for LUNC and USTC tokens.

In addition, Binance is also suspending deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC) on September 7. The closure of the Shuttle Bridge ends support for deposits and withdrawals of Terra Classic (LUNC) via the Ethereum network. However, spot and market trading for LUNC and USTC, along with the Binance Earn service will continue to run.

Despite the issues, the community continues to push the price to $0.01, while also looking to make LUNC deflationary through the 1.2% tax burn proposal. Several crypto exchanges including MEXC Global, KuCoin, Gate.io, and CoinInn are supporting the proposal.