Nikolas Sargeant
A recent post from a LUNC enthusiast on Twitter has claimed that various exchanges, including KuCoin are running out of the coin as demand surges.
Terraform Labs and Do Kwon seem to have bounced back from the catastrophic saga we experienced earlier this year with the surging popularity of Terra Classic (LUNC). The team is determined to see the LUNC blockchain project succeed after losing billions in customer funds.
Market Interest In LUNC
LunaTerra was an abandoned blockchain, one which many expected to stay gone. However, demand and price favoring for Terra Classic show the industry’s belief in the once disgraced Do Kwon and his development team.
At the time of press, LUNC is trading at $0.000404, up 22% in the last 24 hours. The Terra Classic community seems to be largely behind the project, despite those that still cast doubt over the ability of this team to produce value in the market.
A recent Twitter report from a LUNC evangelist, going under the handle LUNCDAO, said a lot of people are buying the digital asset, and a variety of prominent exchanges are running out of LUNC to trade. The account tweeted, “So many people are buying LUNC that several exchanges including Kucoin hit their maximum limit. Madness. LUNC is sold out, everyone wants it.”
What’s Next For Terra Classic?
Amongst the community, the hope is that the price of the coin will reach $0.01 before the end of the year. An ambitious goal, given the company's history behind it and the current market price. However, the community that followed the original LunaTerra project was solid, and many of those believers have gone on to follow Kwon’s Luna Classic.
The company has said it will begin a 1.2% tax/burn of LUNC this month to burn the tokens steadily, bringing a considerable price hike. The company has stood by this proposal for a long time, and the community expects it to be realized.
The plan is to implement a 1.2% tax/burn on all LUNC transactions (buys and sells), implying that 1.2% of tokens purchased or sold will be burned. This does explain the recent surge in demand for the token. Once the supply reaches 10 billion tokens, the hope is that LUNC will be scarce enough to fight for recovery. We hope that this time around, the Terra community will be rewarded for their loyalty.
