LUNC investors may have some hopes in the short term, but caution is advised

The excitement of the entire crypto community reached another level with the highly anticipated 1.2% TERRA CLASSIC [LUNC] Tax burn protocol implemented. The new protocol was successfully implemented at a block height of 9,475,200 on September 21.

This is a great development in the LUNC ecosystem as it will help LUNC gain more value in the long run. According to the original plan, this new tax-burning mechanism is expected to continue until the total supply of LUNCs reaches 10 billion.

not only this; There is more substance to the story as LUNC continues to receive massive support from many cryptocurrency exchanges. With all these developments in the community, can we expect brighter days for the token in the coming days?

LUNC is stronger than ever

KuCoin, a popular cryptocurrency exchange, recently announced that it will support 1.2% tax burning and will open a withdrawal service for mainnet Terra Classic. When a LUNC token withdrawal service is available from the mainnet, the treasure will become active on KuCoin. Interestingly, users who deposit LUNC and USTC tokens on KuCoin will not be charged any fees.

KuCoin stated in the official statement:

KuCoin will open the withdrawal service for the mainnet TERRA CLASSIC Tokens at 13:00:00 on September 21, 2022 (UTC). “

In addition, eToro, another cryptocurrency exchange, revealed that it plans to support the burn protocol, sparking excitement within the community.

We have a long journey ahead

Although developments around LUNC look very promising, it still has a long way to go before it regains its former position. But LUNC certainly passed many short-term milestones that gave investors hope for a brighter future for the token.

In addition to posting huge gains in the past month, LUNC also recently made it to the top 10 list by social mention on September 21, according to Lunar Crush.

But despite this positive development, lunchThe price did not immediately respond as it recorded negative growth over a 24-hour period.

At the time of writing, LUNC is trading at $0.0002831 with a market capitalization of $1,741,334,410. Therefore, the question is that only time can answer what the tax deduction actually entails.

Source: CoinMarketCap

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