Is Terra rising from the dead? LUNA has seen a 200% increase so far in September, what's behind it?

LUNA, which collapsed in May this year, saw a sudden spike in price, going from $1.90 to $6.87 on Friday. This is likely due to the new information related to this project, which was supported by several global cryptocurrency exchanges.

What is behind the meteoric rise of Luna? Is it rising from the dead?

However, after this confusion, Do Kwon and his team's recovery efforts have rebooted LUNA. Also, its counterpart Terra LUNA Classic along with LUNA have skyrocketed in recent days.

Behind this extreme increase is probably the new news that has received a lot of support and that is: there will be a 1.2% tax burn on every transaction.

It is believed that the "tax burn" scheme is behind the significant upward trend, as it aims to curb the hyper-inflated supply of this token. According to reports, the community approves the 1.2% tax rate and the tax will be automatically sent to burn tokens stored in the wallet to reduce the oversupply of LUNC in circulation.

Several exchanges such as MEXC Global, Huobi and Kucoin will readily support the idea of Terra's 1.2% taxation. Binance, the world's largest crypto exchange platform, said in a statementthat the fee rate would take effect from September 20. In addition, Binance said in its announcement that it will review and adjust the maximum and minimum withdrawal amount and fees for USDT and LUNC through the Terra network.

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