With the launch of Luna 2.0 now behind us, Luna Classic (LUNC) has registered notable changes and shifts in its price.
Luna Classic's market cap is ahead of Luna 2.0's and investors are trying to predict where the token could go in the future.
Let's take a look at how Luna Classic has been performing recently.
Terra Luna Classic price
At press time, Luna Classic is currently sitting at $0.00017118 down 4.8% over the last 30 days. The token's market cap is $1 billion.
Luna Classic's price has certainly had a volatile few months. The Terra Luna community had an eventful May 2021, with the unprecedented Luna collapse wiping billions off the crypto market.
After the Luna crash that wiped millions of dollars off the crypto market, Terraform Labs founder Do Kwon introduced a new chain as part of the Luna recovery.
Luna validators approved this through a preliminary Terra Luna vote, but the recent Luna 2.0 statistics paint a somewhat disappointing picture for those hoping to recover their lost money.
In an interesting turn of events, the newly launched Luna 2.0 fell over 70% after the Luna 2.0 airdrop.
But what's next for Luna Classic?
The network recently deployed a new network upgrade which re-introduced Luna Classic staking capabilities for users.
In addition, the proposal to implement a 1.2% tax burn has been passed, with a majority of community members favouring the proposed change. In this wake, crypto exchange Binance has implemented the Terra Luna Classic burn mechanism.
In the statement from Binance:
To clarify, LUNC and USTC deposits from users’ deposit addresses into Binance hot wallets will be consolidated and subject to the 1.2% tax burn fee by Terra Classic network once the burn tax is live. We will include the 1.2% tax burn fee into the withdrawal fees for LUNC and USTC. Users will not be charged this fee until withdrawals are made.
In addition, crypto exchange Binance has already completed its first Terra Luna classic burn.
Get the latest Luna Classic news here or learn more about Luna 2.0.