LUNC investors may have some short-term hopes, however caution is advised

The entire cryp­to community’s excite­ment reached anoth­er lev­el as the much await­ed 1.2% Ter­ra Clas­sic [LUNC] tax burn pro­to­col got imple­ment­ed. The new pro­to­col was suc­cess­ful­ly imple­ment­ed at a block height of 9,475,200 on 21 September. 

The 1.2% #LUNC tax burn has suc­cess­ful­ly been imple­ment­ed on-chain🏁

An this is only just the begin­ning of a long jour­ney⚡️🚀#Lunc #Lun­cAr­my #LuncBurn #Lunc­Com­mu­ni­ty #Luna­Clas­s­ic­Com­mu­ni­ty pic.twitter.com/gMwYTrVjdU

— LUNCBURN COMMUNITY (@KingAnu53015481) Sep­tem­ber 22, 2022

This is a major devel­op­ment in the LUNC ecosys­tem as it would help LUNC gain more val­ue in the long run. Accord­ing to the orig­i­nal plan, this new tax burn mech­a­nism is expect­ed to con­tin­ue until LUNC’s total sup­ply reach­es 10 billion.

Not only this; there is more meat in the sto­ry as LUNC con­tin­ues to receive immense sup­port from mul­ti­ple cryp­to trad­ing plat­forms. With all these devel­op­ments in the com­mu­ni­ty, can we expect brighter days for the token in the com­ing days?

LUNC stronger than ever

KuCoin, a famous cryp­to exchange, recent­ly announced that it would sup­port the 1.2% tax burn and open the with­draw­al ser­vice of main­net Ter­ra Clas­sic. When the main­net LUNC token with­draw­al ser­vice is avail­able, the tax will become active on KuCoin. Inter­est­ing­ly, users that deposit LUNC and USTC tokens into KuCoin won’t be charged a fee. 

In the offi­cial state­ment, KuCoin mentioned, 

“KuCoin will open the with­draw­al ser­vice of main­net Ter­ra Clas­sic tokens at 13:00:00 on Sep­tem­ber 21, 2022 (UTC).”

More­over, eToro, anoth­er cryp­to trad­ing plat­form, also revealed that it plans to sup­port the burn pro­to­col, spark­ing excite­ment with­in the community.

MASSIVE MASSIVE #LUNC NEWS @eToro just announced they’ll be sup­port­ing the $LUNC 1.2% tax OFF-CHAIN.

Offi­cial­ly the first Major CEX to sup­port #LUNC permanently!

Like & Retweet to spread the mes­sage! The 🔥🔥🔥🔥🔥🔥🔥 is com­ing! pic.twitter.com/Y35KMPxDp3

— Luna C Whale 🐋🔥 (@TerraclassicHQ) Sep­tem­ber 21, 2022

A long journey ahead 

Though the devel­op­ments around LUNC look extreme­ly promis­ing, it has a long way to go before reclaim­ing its for­mer sta­tus. How­ev­er, LUNC has def­i­nite­ly crossed sev­er­al short-term mile­stones that gave hope to investors for a brighter future for the token. 

Apart from reg­is­ter­ing mas­sive gains over the last month, LUNC recent­ly also made it to the list of top 10 coins by social men­tion on 21 Sep­tem­ber, accord­ing to Lunar Crush. 

Top 10 Coins By Social mention 

💠#BTC #ETH #SOL #BTCI #LUNC

💠#QUACK #RBXS #KIBA #ADA #DOGE

💠 #LUNC #LUNCBURN #LUNCARMY

💠💠💠💠💠💠💠💠💠💠💠💠💠💠💠💠#Lunc #Luna­Clas­sic #Lun­cAr­my #LuncBurn #Lunc­Com­mu­ni­ty #Luna­Clas­s­ic­Com­mu­ni­ty pic.twitter.com/y61WVXhks8

— LUNCBURN COMMUNITY (@KingAnu53015481) Sep­tem­ber 22, 2022

How­ev­er, despite these pos­i­tive devel­op­ments, LUNC’s price did not cor­re­spond imme­di­ate­ly as it reg­is­tered neg­a­tive 24-hour growth. 

At press time, LUNC was trad­ing at $0.0002831 with a mar­ket cap­i­tal­iza­tion of $1,741,334,410. There­fore, what the tax burn actu­al­ly brings to the table is a ques­tion only time can answer. 

Source: Coin­Mar­ket­Cap