Terra (LUNA) Explodes 204% in Just 24 Hours As Bitcoin Blasts Above $21,000

Terra (LUNA) Explodes 204% in Just 24 Hours As Bitcoin Blasts Above $21,000


Stablecoin issuer Terra (LUNA) is seeing a massive price increase months after the protocol’s stablecoin depegged from the US dollar and lost over 99.9% of its value.

The Ethereum (ETH) competitor exploded from $1.96 to $5.94, an over 200% increase, in just 24 hours after Terra Luna Classic (LUNC), its rebranded version, announced support for burning tokens.

LUNA has since dipped and is moving for $5.73 at time of writing.

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Earlier this week, crypto exchange platform KuCoin announced it will support the 1.2% tax burn proposal of the LUNC community.

The burn proposal would raise taxes on users of the Terra blockchain to 1.2% as a means of burning tokens.

“This proposal initiates the tax for all on-chain transactions as first described in proposal

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