Michaël van de Poppe, a top crypto trader, and analyst has claimed that Terra Classic (LUNC) will never reach the US $1 price point. However, he acknowledges that this cryptocurrency may have witnessed a short-term bullish trend.
He tweeted on Sunday saying that LUNC has been showing tendencies of a bullish trend so much so that it could break the US $0.00045 price point. Terra Classic is now at a resistance, breaking and flipping.
The crypto analyst further claims that at the end of August, the aim set by the community of reaching the US $1 of cryptocurrency is unrealistic. However, the claims made by the influential crypto analyst have not discouraged the community from their target.
The LUNC community has begun to tax burn of 1.2% on all chain transactions urging Binance to follow the same on all LUNC on-chain transactions. The community is attempting to decrease the supply of the token to only 10 billion LUNC from a whopping 6.9 trillion.
Reports show that the token has successfully burnt about 3.4 billion LUNC in over a week with combined efforts of the community and taxes implemented. On the other hand, other reports show that LUNC taxes have burnt over 53.4 million LUNC today. All these reports have consistently recorded an average of 300 million LUNC being burnt daily.
Binance is one of the largest crypto exchange platforms available today. The Binance tax burn implementations results report is yet to be released. The LUNC community is highly anticipating the token price to surge over the weekend contrary to the current market trends.
Binance announced in its blog in regard to the LUNC trading taxes that it would be carried out at 00:00:00 (UTC) every Monday. The result of this burning will be reported on the following Tuesday at the same time.
