Crypto Terra Luna Classic Surges as Traders Speculate on New Supply Burn Rule

Here are the reasons why Luna (LUNC) doubled in price for the past 24 hours: luna terra

Luna classic , the renamed native token of the Terra blockchain that dramatically imploded in May, is rising in value as traders bet that a soon-to-be implemented rule may breathe some life into the much-maligned token.by crypto intelligence platform Messari. Still, the token is changing hands at a fraction of a cent and it is down more than 99.99% since the start of the year.

A “tax burn” regime that aims to reduce the token’s hyperinflated supply is likely fueling the rally.that introduces a 1.2% tax rate on every transaction on the blockchain. According to the proposal, the “tax” will automatically be sent to a wallet to destroy the tokens to bring down gradually LUNC’s bloated circulating supply. The fee rate is expected to take effect on Sept.

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