Terra Classic’s [LUNC] recent success What to expect from Luna Classic

Terra Classic is determined to make a strong comeback, despite numerous obstacles. One of these difficulties is the inflated LUNC supply as a result of excessive minting when LUNA and UST crashed.
The Terra Classic community intends to address this issue by imposing a 1.2 percent tax increase. A new update reveals encouraging progress on this front.
In any case, one of the developers working on the 1.2 percent tax burn mechanism has issued an update. He revealed that the burn mechanism code had been successfully tested on testnet.
The update, however, did not specify when the mechanism would be implemented on mainnet.
There are rumors about the 26th of august that the 1.2 percent burn is goint to be ready on Exchanges but nobody know for sure.
Notably, the announcement represents a positive step forward for LUNC. It also implies that deployment on the mainnet will not be far behind.
The developer previously stated that once the 1.2 percent burn is implemented on the mainnet, approximately 7.5 to 12 billion LUNC will be burned every day.
Terra Classic had a circulating supply of 6.5 trillion LUNC at the time of publication, which is why such a large amount will be burned.

Will ‘burn’ affect the price?
The LUNC burn should aid in LUNC’s price recovery from the massively inflated amount. However, given the large supply figure, this recovery will be gradual.
It should be noted that LUNC has seen significant consolidation in the last two weeks following a strong bull run at the end of June. Furthermore, on August 6, it traded at $0.000099.

The consolidation reflects the profit taking that the Money Flow indicator has shown.
However, the MFI has managed to hold steady near the 50% level for the majority of its sessions, which is likely because most LUNC holders are HODLing for the long term.
The development activity metric demonstrates Terra Classic’s commitment to recovery.
Since the second week of July, the cryptocurrency has seen increased activity. This is consistent with the announcements regarding the 1.2 tax burn.
Its social dominance has increased significantly in recent days as a result of increased interest in the project’s recovery efforts.

Increased activity and social visibility, on the other hand, may entice more people to back its recovery efforts.
Terra Classic is undeniably attempting what could be the biggest comeback in the cryptocurrency and blockchain industries’ future.
It will be fascinating to see how things play out, particularly for LUNC and its holders.