Sunday, January 29, 2023

Terra Classic Holders Increased By 500% In One Month

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Terra Classic holders number increased by 500% in one month despite the ecosystem going through a disaster a few weeks ago. It now appears that the number of unique addresses that hold the assets in the new Classic chain increased by 500% so let’s have a closer look at today’s latest altcoin news.

The Terra ecosystem went through a sheer disaster less than a month ago and as reported, there are many lessons to be learned from the crash of the UST stablecoin and the LUNA token the burning of which was supposed to help stabilize the peg. Most people lost a lot of money as billions were wiped off the market in a few days in an event that was not seen before in history where the two cryptocurrencies by market cap were destroyed from existence in about a week. This, however, saw an influx of new holders to the Terra Classic network.

lluna 24hours
LUNA Classic 24-hour Price Chart (Source: Coinegcko)

LUNC is the former LUNA token before the creation of the seaprate blockchain Terra 2.0 or the original LUNA. The data shows that the total number of unique addresses that hold the assets in the Classic chain increased by 560^ in the time of a month. One of the few reasons for this is the crashing price along with the lack of fundamental understanding of how the UST pegging algorithm worked. It is possible for the investors to have bought LUNA for pennies hoping for massive returns once the algorithm is stable.

As recently reported, The crash of LUNA and TerraUSD, as well as the launch of Luna 2.0, launched a wave of taxation issues for investors in India, and while the Terraform Labs team worked on a recovery plan and launched it to compensate for the losses, the concerns of are only piling up. In a recent analysis, Bloomberg focused on the taxation issues that the Luna 2.0 airdrop exposed. Since Luan 2.0 was provided free of cost as an airdrop, it will be treated as a gift and will attract tax provisions. It means that at the time of filing tax details, the investors will have to disclose the value of the airdropped token and pay up the gift tax as the analysis noted.

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