Last week, Terra Classic (LUNC) hit a low of $0.000244 and had since bounced back upwards, ranging between the $0.00032 and the $0.00026 levels.
Terra Classic (LUNC) Price Analysis
The price has bounced off $0.00032 and is now trading downwards again in what appears to be an attempt to retest the $0.00024 level. This came after the cryptocurrency hit a high of about $0.00065 on 9 September.
This week alone, the price of LUNC has been up about 15% and is one of the top gainers on Binance – One step right behind Ape Coin. Despite the bearishness of the entire market, the recent pumps the cryptocurrency has experienced are a considerable show of strength by its bulls. Especially since Bitcoin has now sunk below the $20,000 mark and has dragged most other altcoins down.
As of 21 November, LUNC is changing hands at around $0.0001541, down by 10.23%, with a market cap of $923M
1.2% Tax Burn for LUNC
eToro and Crypto.com are two popular crypto exchanges that have agreed to support the 1.2% tax burn for Terra Classic (LUNC) and USTC on the Terra Classic network. Although crypto.com has offered to support the 1.2% tax burn for on-chain activities, eToro has agreed to do so for both on and off-chain activities.
eToro posted a notice on its website stating it would support the 1.2% tax burn on LUNC and USTC. However, on the platform, this new development will impact the operating costs of all offerings associated with LUNC.
eToro aims to add 0.6% in operation fees to the bid and ask prices of LUNC. Making 1.6% in total if one adds the original 1% fees applicable to all trades.
While eToro’s new development is supposed to be for both on and off-chain transactions, that of crypto.com is only applicable to on-chain transactions such as deposits and withdrawals.
Burn Tax on Other Exchanges
Other exchanges supporting this 1.2% tax burn include Binance, the largest cryptocurrency exchange in the world, KuCoin, Huobi, Kraken, Gate.io, MEXC Global, Coin Inn, and LBank.
While Binance hasn’t yet decided how to implement this 1.2% tax burn, they have since made it public that its management will soon decide on the matter.
The 1.2% tax burn is successfully implemented at the block height of 9,475,200. However, the price has nosedived more than 3% today alone and is currently trading around the $0.00024273 level.
Recently, South Korean prosecutors have confiscated over $100 million worth of assets belonging to the co-founder of Terraform Labs, Shin Hyun-Seong. This step is a part of an ongoing investigation against Terraform Labs for generating unfair profits.
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