Terra Classic Continues Its Rise

Terra Classic (LUNC) recorded a significant rise and managed to enter the top 30, ranking 23rd in market capitalization according to CoinGecko data.

Terra Classic (LUNC) is up more than 50 percent in 24 hours.

Terra Classic Top Rising Out Of The Top Hundred Coins

After the collapse of the stablecoin on the Terra Blockchain network, there was a serious decline in the cryptocurrency market. After the collapse, the team looking for a solution, Terra Blockchain network forked after the collapse of UST, splitting into Terra and Terra Classic. The coins in these networks were named LUNA Classic and LUNA.

Terra Classic (LUNC) is up 59 percent in the last 24 hours, according to CoinGecko data.

LUNC’s daily chart

LUNC has been positive for four days, gaining 77.36 percent last week. It also entered the top 30 in the market capitalization rankings. It rose 59 percent in the last 24 hours.

Market watchers speculate that the concept of a tax bid to reduce the LUNC supply may have led to a surge in the token. If the 1.2 percent tax offer is accepted, a 1.2 percent tax will be applied to all LUNC transactions, including wallet interactions and smart contracts. The fee will then be transferred to the incinerator provided by Terra, which then reduces the LUNC supply.