Luna Classic (LUNC) is once again making headlines, although this time for different reasons, as the project created plans that will bring it back under the crypto world’s spotlight. The increased amount of activity has not yet had a positive influence on the project’s price, as can be seen in the chart above. LUNC has been seeing price drops throughout October, but this might change moving forward.

At the time of writing, the token’s price is $0.000234, and while this is far from its lowest point, it might be its new bottom.

Following the crash of the Terra blockchain back in May of this year, the project saw a hard fork that split it into two. The original Terra blockchain got renamed into Terra Classic, with its native token being Luna Classic (LUNC).

After the token’s crash, a large portion of the community simply abandoned the project. Those who remained, however, decided to start over, and now, they are doing everything in their power to bring LUNC back to greatness. One part of that includes token burning that Binance has been conducting, as the exchange and the project agreed to burn 1.2% of each transaction as a sort of tax.

Token burning will reduce the circulating supply and bring value back to the coin through its own scarcity. However, after a recent community vote, it was decided that the tax rate would be reduced from 1.2% to 0.2% since the earlier rate was believed to be causing a decline in the network activity, according to Binance’s announcement.

So far, Binance has burned over 19.22 billion LUNC, with 4.39 billion burned only two weeks ago. Some have estimated that Binance’s burning program would lead to 1Tb LUNC burned per year by the exchange alone, even if the amount set to be burned was only 0.1% of