It has been an improvement upon improvement in the Terra blockchain as its LUNC token breaks through various limits.
According to the data from CoinMarketCap, the coin has been doing greatly well, it reported that the coin bypassed some major coins to occupy the 26th position from the former 206th position.
The coin bypassed some major coins such as Bitcoin Cash, Monero, ApeCoin, Tezos, etc., in the market cap rankings to occupy its current position by market cap.
LUNC now occupies the 26th position on CMC after its market cap experienced a 31.78% spike in the last 24 hours to about $2.9 billion.
According to the same data, the market cap has nearly doubled from $1.59 billion on September 2, an 82.39% rise in the previous seven days.
The hope of the LUNATICs community has been so prominent to all the crypto industry as they have not given up their hope in the coin since the last Terra collapse that led to the multi-million loss of funds.
May Terra Collapse
It is no news that the Terra collapse happen around May 2022 and some of the victims were paralyzed as a result. Also, Terraform Labs and its executives are still ongoing a series of lawsuits from various angles that got affected as a result.
Following the collapse, some of the community members gave the idea of renaming the former token to LUNC and arrange a serious burn proposal to revive the token while some forked another token entirely.
The users of the renamed token, LUNC, designed the 1.2% tax burn proposal for all the transactions and the proposal will be allowed for voting on September 10th, 2022.
Exchanges Show Interest On 1.2% Tax Burn Proposal
Various platforms have been adding support to the proposal ahead of the voting. For instance, some days ago, MEXC Global became the first major exchange that added support to the proposal and ended up burning almost 25.4 million LUNC immediately and at the moment, about 119 million LUNC, burning a whopping 71 million LUNC yesterday while on the 7th of September, 2022, the KuCoin and Gate.io also added their support on the same 1.2% tax burn proposal.
Crypto.com Adds Support On 1.2% Tax Burn Proposal
Recently, Crypto.com added the token to the top gainer list and at the moment, LUNC is at the topmost position in the gainer list. Interestingly, the data from Crypto.com revealed that the asset has gained by 18% in the past 24 hours at the time of writing.
LUNC is trading at the $0.0004885 price point, up 35.31% in the last 24 hours and 108.1% during the previous seven days.