After the recent approval of the Binance burn proposals, there is potential for a rally in the Terra Classic LUNC community in the near future.
Binance had requested for the burn to begin on March 1, 2023, which would help to decrease the supply of the cryptocurrency. Traders are optimistic that this burn will boost the price of LUNC.
It was reported by CoinGape reported that Binance requested for transfers between their wallets to be exempt from the burn tax, while transfers to and from external wallets will still be taxed. Terra Classic proposal was well received by the community, and changes will be made to initiate the burn return by March 1.
LUNC Rally Ahead?
Trader Rocko believes that next week will be significant for the Terra Classic community, with bullish momentum expected for LUNC. However, the trading volume for LUNC has decreased by 54.49% in the last 24 hours.
It remains to be seen whether the return of the Binance burn will result in a rally for Terra Classic price.