The price of the Terra Luna Classic token has surged more than 6% in the last 24 hours, as a result of the extended support by the platform and exchanges for its 1.2% tax burn mechanism.
6% in the last 24 hours, from a low of $0.00025 to a high of $0.00028.
The price jumped after several cryptocurrency exchanges and services extended their support for Terra Classic. In fact, Lithosphere network core creator KaJ Labs aims to burn 2.5 trillion LUNC tokens using the Jot Art Finesse NFT collection and mixed RPG play-to-earn "Finesse" gameplay.
Crypto Exchanges and Platforms Expand Support For LUNC
Terra Classic has a supply of 6.9 trillion tokens. The community hopes to reach a fixed supply of 10 billion LUNC tokens via the 1.2% tax burn or other burn mechanisms. Until now, 6.6 billion LUNC tokens have been burned so far, with 4.2 billion transferred to the burn address and 2.3 billion burned with tax.
The Binance's support for Terra Classic burn for on-chain and off-chain transactions have prompted several additional exchanges to join the community, including KuCoin, Kraken, Huobi, Gate.io, MEXC Global, eToro, Crypto.com, CoinInn, BTCEX, and LBank.
Other exchanges, including CEXIO, Bitrue, and Bitazza Global have recently extended support for the 1.2% tax burn mechanism. Furthermore, other projects, such as MetaRivals, are returning to the Terra Classic network.
Interestingly, KaJ Labs, the creator of the Lithosphere blockchain core, intends to spend $50-$100 million to burn 2.5 trillion Terra Classic (LUNC) tokens. KaJ Labs anticipates the release of the Lithosphere (LITHO) Jot Art Finesse NFT collection and mixed RPG play-to-earn "Finesse" games on October 1.
While cryptocurrency exchanges intend to burn LUNC tokens till the supply reaches 10 billion, new projects and games intend to lower the LUNC supply even more. As a result, the LUNC price will skyrocket, and the token will become more deflationary.
LUNC Price Soars Amid Rising Burn Rate
Following the 1.2% tax burn, the daily burn rate has surpassed 450 million LUNC tokens. As a result, despite other circumstances such as Do Kwon's arrest warrant, the Terra Classic (LUNC) price has surged.
In the last 24 hours, the Terra Classic price has climbed approximately 6.2% and is currently trading at $0.00028.
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