Terra Luna Classic Price On A Rollercoaster Ride - How High Will It Go?
Terra Luna Classic (LUNC) broke its downward trend and drew some modest bids around the $0.000226 level. Before the release of US nonfarm payrolls, coin performance has been poor over the last few weeks.
Even during the recent positive crypto market performance, when most coins broke their barrier, LUNC performed poorly. However, the price of Terra (LUNA) has dropped by approximately 78% since its launch in May following the hard fork.
The LUNA Classic (LUNC) finally stopped its previous downward trend and became stable on Friday. However, the reason for its recent surge could be linked to the positive crypto market sentiment, which has pushed numerous crypto coins higher on the day.
The coin's recent rally could be attributed to the passage of Proposal 5234, which reduced the burning tax from 1.2% to 0.2% and made the LUNA Classic (LUNC) one of the industry's most talked-about topics. The on-chain tax has been reduced, but the burn is still expected to rise.
This is due to the increased transaction and trading volumes on the LUNA Classic (LUNC).
As a result, billions of LUNC tokens will be removed from circulation, increasing demand and raising the token's price.
Furthermore, reports that the LUNA Classic (LUNC) coin may be listed on Coinbase on Monday boosted the coin's gains even further.
On the negative side, the Bitgert and Centcex (CENX) coins have been termed killers for the LUNC coin and many other cryptos as the huge amount of LUNA and LUNC users buying Bitgert and Centcex coins, which shows these coins' high-level of competition.
Thus, the selling pressure on LUNA Classic (LUNC) and Terra 2.0 (LUNA) has also been supported by currencies like Bitgert (BRISE) and Centcex (CENX).
The current live Terra Classic price
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