Tuesday, December 6

LUNC Now Surpasses Bitcoin In Terms Of Trading Volume And Houbi Unveils Its Plan To Support LUNC 1.2% Tax Burn Proposal

There is no doubt that the LUNC coin has already with a series of breakthroughs happening to the token over the past few days.

In a recent tweet by Houbi Global, it unveils its plan to support the LUNC 1.2% tax burn proposal on the 13th of September.

According to the Houbi Global:

“We have learned about the 1.2% Tax Burn Proposal on the Terra Classic (LUNC) community. To ensure your transfers remain unaffected, Huobi Global will support this proposal,” 

Exchanges Like MEXC Global, KuCoin, Gate.io, And Binance Now Support LUNC 1.2% Tax Burn Proposal

In the course of the announcement, Houbi reveal that it has set September 13th, 2022 as the date for the implementation provided that permission was given by Terraform labs. Nevertheless, without Terraform Labs’ support, the community plans to go ahead with the implementation around September 20. 

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It I worth noting that the Houbi’s support came following the Binance’s recent support for the same purpose. Binance recently raises support for the LUNC tax burn in addition to the other exchanges such as MEXC Global, KuCoin, and Gate.io.

Binance said it supports the 1,2% tax burn proposal and it focused on the minimum withdrawal amount, maximum amount, and withdrawal fees for LUNC and USTC via the Terra Classic network once the Tax burn goes live on Sep 20th.

Also, following the support of MEXC Global, over 25.4 million LUNC was incinerated immediately.

The new LUNC token has been receiving support from various platforms and also from the community as they made up their mind that they will not move to the forked token but rather keep burning until the LUNC price got revived.

Read Also: A Whopping 542,967,762 XRP Worth $180.37 Million Is Transferred Between Unknown Wallets And Some Exchnages’ Addresses

In the course of their support, they made a proposal which says that over every token transacted, 1.2% will be burned to reduce the circulation and also improve the price cap.

LUNC Now Bypass Bitcoin By Trading Volume On KuCoin

It was reported that the tax proposal voting comes up on the 10th of September while it comes live on the 20th of the same month. Ahead of this voting, the LUNC has been doing great, as it is the top traded asset on KuCoin by volume surpassing Bitcoin. The trading volume currently sits over $300 million compared to about $230 million in Bitcoin. 

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