Following the MEXC Global support for the LUNC’s 1.2% tax burn proposal, almost 155 million LUNC have been burned in the past five days of its two-week LUNC burn event. Interestingly, in the last two days, almost 107 million LUNC were destroyed.
Read Also: LUNC Now Surpasses Bitcoin In Terms Of Trading Volume And Houbi Unveils Its Plan To Support LUNC 1.2% Tax Burn Proposal
It is worth noting that the MEXC exchange is so passionate with its support that as the start burns immediately it added its support to the token.
However, the exchange made it known that burning will run for two-week after which it will await feedback from the community to know maybe to continue or not.
The positive shift currently experienced in the Terra community is exciting the whole LUNATICs as the token is coming back to life after a terrifying moment it undergoes as a result of the May crash.
LUNC Came As A Result Of The May Terra Collapse
Funnily enough, the LUNC came as a result of the May Terra crash which crash the UST and its token, LUNA. The community sought how to revive the coin. While some of the community went with the creation of a new token tagged LUNA 2.0, some others said it was better to continue with the existing one but renamed it LUNA classic.
Read Also: Vitalik Buterin Expresses His Gratitude Towards Shiba Inu For Its Hands Of Support Towards Balvi In Fighting Against Coronavirus Pandemic
1.2% Tax Burn Proposal Is Designed To Revive The LUNC Token
In the quest to revive the token, the community planned to organize a serious burn and along the way they came up with a 1.2% tax burn proposal which will allow them to burn 1.2% of every transaction done with the token.
The proposal has been gaining support aside from the one given by MEXC Global, exchanges like Binance, KuCoin, and Gate.io recently added their support.
The proposal voting date is slated to occur on the 10th of September, 2022 while the proposal comes live on the 20th of the same month.
Impact On The LUNC’s Price
At the moment, the LUNC is trading at $0.0005197 and surprisingly, the coin rose from the 206th position to 26th as stated by the CoinMarketCap, boasting a market cap of $3.2 billion, up 46.94%.