Terra Classic Extended Rally : Will LUNC Price Hit $0.01 Level In September
Despite the majority of coins making a spectacular rebound over the past 24 hours, the market is still down. The price of Terra Luna Classic has been slowly rising over the past month. The LUNC’s price is rising as a result of increased buying pressure at the moment. Even with the market volatility, the coin rose by 62.11% in a single day due to interesting demand.
The community keeps burning and staking LUNC tokens and the price has risen from a weekly low of $0.0001524 to a high of $0.000447 thanks to the surge.
The daily trade volume has increased by more than $2 billion as the community attempts to drive prices over $0.0005. $2.78 billion is the current trade volume, which has increased by approximately 550% during the past 24 hours. If the trend holds, the short-term aim of $0.01 might be reached this month, according to the community.
Up to this point, the community has staked over 528.8 billion LUNC and burned over 3.5 billion LUNC tokens. It’s interesting to note that in the previous 24 hours, almost 400 million LUNC tokens have been burned. Furthermore, 28 billion have been bet on in the last 24 hours.
Binance Accounts for $1 Billion Worth of Trade
In fact, Binance alone has accounted for almost $1 billion in trade activity, while KuCoin has run out of LUNC tokens. In addition, the 1.2% burn tax idea will be unveiled on September 12th. Recent announcements by Terra on upgrades, burning, staking, and other aspects of governance caused prices to increase sharply. A new Governance Alert Bot that alerts the community to all governance activities has been launched by Terra.
Following the depeg of the TerraUSD (UST) stablecoin in May of this year, the old Terra Luna network came to an end. Early in May, the algorithmic stablecoin lost its peg, and because of its dependency on the LUNA token, the collapse that followed the bear market that month was further made worse. Regulation has become more interested in the cryptocurrency industry as a result of the depeg of UST and the subsequent collapse of the LUNA coin.Source