Terra Classic News: Binance LUNC Trading Volume Surpassed $1 billion As Kucoin Ran Out of LUNC

In the past 24 hours, Terra Classic has increased in value by 70%, which has led to a surge in trading volume for LUNC on Binance, which has surpassed $1 billion.

The price of Terra Classic (LUNC) has risen by 70% as trading volumes on exchanges have increased.

It has been reported that the value of Terra Classic (LUNC) has increased by as much as 70% since yesterday’s opening of the cryptocurrency market on Coimarketcap. As interest in the project has grown over the past few weeks, trading volume on Binance has surged to roughly $1.2 billion.

A Twitter account going by the name LUNC DAO has mentioned that KuCoin has officially run out of tokens due to the strong demand.

So many people are buying $LUNC that several exchanges including Kucoin hit their maximum limit. Madness. $LUNC is sold out, everyone wants it pic.twitter.com/JmRxfUTON4

— 🐂 Baron Oxley of Benon 🎩 🥂 (@ASPARAGOID) September 5, 2022

The community has taken it upon themselves to revitalize the Terra Classic project by reducing the number of available LUNC tokens through various burn campaigns, which has resulted in a resurgence of interest in the project.

The most recent community effort is a tax policy proposal to impose a 1.2% tax on all on-chain transactions. The tax in LUNC tokens will be delivered to Terra’s burn address.

It is worth noting that Y5 Crypto, a cryptocurrency exchange situated in the United Kingdom, and MEXC Global, a global cryptocurrency exchange, have both expressed support for the plan. The token burning by MEXC indicates that the proposal was accepted. According to the most recent data on MEXC’s blog, almost 22 million LUNC have been burned in fees today, making it the highest day of the week.

However, if the exchange sees a positive response from MEXC customers, the support period could be extended beyond the initial two weeks.

Note that after the May collapse of the Terra ecosystem, when investors saw their LUNA and UST holdings plummet to zero, Terraform Labs decided to construct a new chain, thereby abandoning the now Terra Classic project and the tokens that had been issued for it. In any case, LUNAtics has not yet abandoned the effort.

Currently, a coin worth LUNC can be purchased for $0.0004391.

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