Good news for Terra Classic (LUNC)! Here is the New Price Target!

Terra Classic (LUNC) has managed to challenge the cryptocurrency market through burning, staking, new projects and social media activities.

Good News from eToro and Crypto.com

Leading cryptocurrency exchanges eToro and Crypto.com have announced that they will support a 1.2% tax/fee on Terra Classic (LUNC) and USTC. Crypto.com announced its support for the levy for on-chain activity, while eToro announced its support for the levy for on-chain and off-chain activity. The 1.2% levy proposal was accepted by the Terra Classic community. It was successfully implemented on September 21 at a block height of 9,475,200. The LUNC community is mobilizing and doing its best to get more exchanges to participate. eToro announced on its website on September 20 that the cryptocurrency exchange will support the 1.2% tax/fuel process for Terra Classic (LUNC) and USTC on the Terra Classic network. According to eToro, the implementation will impact the operating costs associated with all of LUNC's offerings. eToro will add a 0.6% operating fee for LUNC, in addition to the standard 1% fee that applies when buying or selling cryptocurrencies on the platform. The exchange stated that it will implement the tax/fueling process for on-chain (deposits and withdrawals) and off-chain activities (buying and selling).

The Terra Classic community is demanding that all crypto exchanges support a 1.2% tax burn for all off-chain activity. The tax and burn mechanism will continue until LUNC reaches a fixed supply of 10 billion. Once the fixed supply reaches 10 billion, the practice will be deactivated. Singapore-based Crypto.com will also support the 1.2% tax/fire for Terra Classic. However, the exchange will only support it for on-chain activities such as deposits and withdrawals. During deposits, the account balance is credited to the account after the network deducts the 1.2% tax. Similarly, withdrawals and withdrawal fees will be subject to a 1.2% tax deduction by the network. To ensure the safety of users' funds during and after the update, the exchange will temporarily suspend the deposit and withdrawal of LUNC tokens. LUNC transactions will not be affected.

0.0005 Dollars, Is it Possible?

Other cryptocurrency exchanges that support the levy include Binance, KuCoin, Kraken, Huobi, Gate.io, MEXC Global CoinInn, BTCEX and LBank. Recently, Binance announced that the administration will later decide to impose a 1.2% tax/fees on off-chain activities. Currently, the exchange will support this practice for Terra Classic (LUNC) for on-chain activities. The 1.2% tax/fees were successfully implemented on September 21st.

However, after the offer was published, the price of LUNC dropped by about 6%. The altcoin is currently trading at $0.0028. Moreover, the community has so far burned around 4.1 million LUNC and staked 632.49 billion tokens. Meanwhile, the community is trying to recapture the target price of $0.0005 as tax/fuel enforcement continues on many exchanges.