Terra (LUNA) Explodes 204% In Just 24 Hours As Bitcoin Explodes Over $21,000
Stablecoin issuer Terra (LUNA) is seeing a massive price increase months after the protocol’s stablecoin was decoupled from the US dollar and lost over 99.9% of its value.
Ethereum (ETH) competitor exploded from $1.96 to $5.94, a rise of over 200%, in just 24 hours after Terra Luna Classic (LUNC), its rebranded version, announced support for burning tokens.
LUNA has since fallen and is moving at $5.73 at the time of writing.
Earlier this week, crypto exchange platform KuCoin announced that it will support the LUNC community’s 1.2% tax burning proposal.
The burning proposal would increase the tax on users of the Terra blockchain to 1.2% as a means of burning tokens.
“This proposal initiates the tax for all on-chain transactions as first described in proposal 3568 (for 1.2% burn) and proposal 4159 (distribution of v22). Taxes will be charged and burned for on-chain activity such as sending between wallets and smart contracts which interacts with the chain.”
In August, the LUNC Decentralized Autonomous Organization (DAO) was established. The protocol says The DAO was created to revive the chain after its collapse.
“Three months ago, we saw the potential for LUNC to rise like a phoenix from the ashes. This is why we created LUNC DAO, to inspire the community to revive the chain. Today, the milestone of striking was reached. If we can achieve this in three months, imagine what we can achieve in a year.”
The news of the tax burn proposal sent LUNC flying, as it went from $0.000241 on September 4th to $0.000584 on September 8th, also a gain of over 200%. It has since stabilized and is changing hands at $0.000439 at the time of writing.
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Featured image: Shutterstock/Bryan Vectorartist
