The collapse of the original Terra network had been one of the major triggers of the current bull market. LUNA’s price had dropped from above $100 to below 0 in a matter of days, causing market panic in the market and leaving a string of losses in its wave. However, despite the collapse, crypto investors did not give up on the digital asset. In the last seven days alone, the cryptocurrency has put on double-digit gains. Here’s the reason behind it. Why Terra Classic Is Up Following the crash, investors in Terra Classic had seen massive losses due to losing 100% of its value in a matter of days. However, since then, there have been investors who have remained loyal to the token and have been looking at ways to return it to its past glory. One of the proposed ways of increasing the value of LUNC tokens that has caught on is a 1.2% tax. This tax is proposed to be placed on every single LUNC transaction, down to wallet and smart contract interactions. The tokens generated from the tax will then be sent to a burn wallet. Thereby reducing the number of tokens that are in circulation. Related Reading: Merge Momentum: Ethereum Sets New 2022 High Against Bitcoin This tax proposal is yet to be accepted, but ever since it was made public, the price of the digital asset has responded positively to it. In the last 24 hours, the price of LUNC has been up 63.71%, bringing its present value to $0.00567. On a wider timeframe, the performance o...
