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LUNC Price Spiked Drastically As the Community Passes ‘Tax/Burn 1.2% Proposal’

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 9, 2022

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Highlights

    LUNC price surges more than 30% as the Burn proposal receives a nod from the community

    The LUNC price spikes high gaining more than 35% in its value and displaying the possibility of engulfing a zero at the earliest

LUNC’s price was believed to gain significant bullish momentum since the beginning as the community was not in favour of LUNA 2.0. The Terra community then (now TerraClassic) always wanted to burn the excess minted tokens rather than create a new chain. As the LUNC & USDTC prices are highly dependent on the number of tokens in circulation, the need of squeezing the tokens in circulation became mandatory. 

Therefore, in a recent update, the community has passed the ‘Tax or Burn 1.2% Proposal’ for TerraClassic (LUNC). According to the proposal, for every buy/sell transaction, 1.2% of LUNC coins will be burnt until the supply reaches the 10 billion mark.  

This drastically impacted the LUNC price, which surged more than 100% since the previous bottom. Moreover, the asset is still displaying a huge possibility of maintaining a strong uptrend ahead. 

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Ever since the airdrop, the LUNC price maintained a notable descending trend within a parallel channel. The prices, amid the recent price slash, had marked the lowest levels slicing through the last line of defence. However, as Coinpedia predicted earlier, the prices rebounded from these levels and quickly inculcated a strong bullish momentum. 

Currently, after a gigantic upswing, the bulls appear to be temporarily exhausted, but still hold a significant dominance over the rally. On the other hand, the formation of the ‘Doji candle’ indicates the bearish pressure accumulating. Luckily, the candle pattern is bullish, indicating that the upcoming price action could maintain a significant bullish trend. 

However, a lot depends on the next candle- a green one could confirm the outcome of the Doji candle that may uplift the price beyond $0.0001 initially. On the other hand, the proposal has just received a nod, but the implementation is still underway. 

Therefore, once the LUNC Tax/Burn 1.2% is implemented, then one can expect a strong bull rally ahead. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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