The new LUNA or Terra V2 is up a whopping 155% in the last 24 hours at $5.Consequently, trading volumes rose up1950%. It’s also worth noting that the move comes shortly after LUNC skyrocketed by about 100% weekly. As observed by experts, the recent LUNC and LUNA rallies might have been sparked by the idea of the tax proposal to reduce the supply of the LUNC token.
If the 1.2% tax proposal is accepted, it will be applied to all LUNC transactions, including wallet interactions and smart contracts. The charge is subsequently transferred to the burn wallet given by Terra, which then lowers the supply of LUNC. Few exchanges such as Kucoin, MEXC, and Binance have indicated support in a way for the 1.2% tax burn plan.
Following the Terra ecosystem collapse, the community put out several solutions to save it. One of these was the adoption of Proposal 1623, which resulted in the creation of a new chain and the launch of an airdrop of new tokens for Terra ecosystem users.
The original Terra Chain was renamed Terra Classic, and on May 28, 2022, the genesis block of the new chain was launched to handle future transactions under the name Terra (LUNA). The original native token was likewise renamed LUNA Classic (LUNC).
At the time of publication, the old terra chain token LUNC was trading down 21% at $0.0004.In other news, Binance has added LUNC as a new borrowable asset on Cross Margin. New Cross Margin Pairs, LUNC/BUSD, LUNC/USDT, and a new isolated margin pair, LUNC/USDT have been launched. Binance Futures also says it will launch USD-M LUNA2 perpetual contracts with up to 25x leverage on September 10 at 03:00 (UTC).
The market remains in shock over the LUNC and LUNA rally with several wondering where this might lead to.
A Twitter user wrote, ’’I call this market manipulation. Whales sold their LUNC to buy LUNA and knew all the paper hands would follow. Be smarter than them and don’t fall in their trap. Below you can see LUNA above and LUNC below. You can clearly see the volume is identical.”
Route Fi wrote, ‘’Looks like degen casino season is back. LUNA is up 130% in the last hour without any news’’.
Fatman Terra tweeted ‘’Was eating lunch & saw LUNA 2 pump. Checked the TFL (Terraform Labs) Dawn wallet. Sure enough, after months of farming rewards with the airdrop they claim they never received, they sent all 435K available LUNA 2 to Binance just days ago. That’s just one address. GGWP, Do’’.
David Gokhshtein, founder of Gokhshtein Media and crypto influencer and enthusiast, however, believes that LUNC, which is presently seeing a revival after the Terra network imploded, is being bought by gamblers who want to make big bucks. He also likened LUNC to a lottery ticket, as with the old children’s game of musical chairs.
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