- The Terra Classic community is showing its resilience and dedication to the success of LUNC, recently burning over 1.1 billion tokens in 7 days.
- In addition to reducing the circulating supply by burning, an extraordinary 7.1 billion LUNC has been staked, demonstrating trust in the network.
The Terra Classic community is committed to the success of LUNC and has recently demonstrated dedication to the token. Cryptocurrency investor AlexCryptoBull has recently revealed that the community burned a little over 1.1 billion LUNC tokens in 7 days.
Further demonstrating their trust in the future of the token and the network, the community staked 7.1 billion LUNC tokens.
$LUNC is unstoppable with burning and staking!
We burned 1 billion $LUNC in a single week and staked a whopping 7.1 billion $LUNC!#USTC #LuncBurn #LUNC #TERRA#LUNCARMY #LUNCcommunity #terraport #TerraClassic #terraport pic.twitter.com/c9LA5SvZN9
— CryptoBull (@AlexCryptoBull) January 24, 2024
These stats reveal the healthy state of the token’s fundamentals and paint a remarkably bullish outlook for the 115th-ranked cryptocurrency by market cap.
Token burns are directly completed with every successful transaction on the network, with the tokens sent to the dead wallets proportional to the current circulation, ensuring a constant decrease.
At the time of press, LUNC is trading at $0.0001009 after a 1.3% increase in the last 24 hours. This sees the altcoin extend its weekly gains by 10%. The altcoin and project, which have suffered a very turbulent couple of years, reached its all-time low about a year ago when it traded at $0.000000999967 in May 2022. Since then, the digital asset has focused on its fundamentals and has risen like a phoenix, rewarding ATL buyers with a 10016.5% positive return.
The burning mechanism, which the Terra community is hugely committed to, is designed to reduce the circulating supply. Ideally, this reduces supply and drives demand higher. This initiative has been popularized and supported by big market players such as Binance, which has, on occasion, successfully burned 1 billion LUNC tokens.
Interestingly, Binance has further supported the growth of LUNC by introducing trading pairs, giving traders easy access, encouraging traders to trade and hold, and driving investor interest in the tokens.
As CNF recently reported, a new security upgrade in Terra Luna Classic seeks to counter risks and improve the stability of the blockchain. To address security concerns and improve stability, the upgrade has improved the larger ecosystem and increased investor confidence in the LUNC token.
LUNC holders are optimistic that with continued development and growth, the token can reach the alluring $0.01 price target. To achieve this, the token requires a 9,860% rally, a tall order. However, based on its current price and its historic pattern, a majority of investors view it as a low-risk, high-reward investment opportunity.
