Long Term Investors Sentiment Positive As Over 30 Billion Terra LUNA Classic (LUNC) Staked In Few Days

Long-term investor sentiment in Terra Classic (LUNC) appears positive.

In a tweet today, LUNC staking, an official bot tracking and updating Terra Classic staking data every 10 minutes, reveals that over 566 billion LUNC have been staked, representing 9.643% of the total 6.9 trillion supply.

Supply and staking of LUNC

SUPPLY
total: 6,903,358,491,600

STAKED
bonded: 566,464,431,615
unbonded: 99,203,746,544

STAKING RATIO
9.643%(bonded: 8.206%)

2022-09-17 04:10 UTC#LUNC

— LUNC staking (@LuncStaking_Bot) September 17, 2022

It shows that an additional 32 billion LUNC has been staked in the last few days. The Crypto Basic last reported on September 10th that about 534 billion Terra Classic had been staked. It is a good sign for the network, which hopes to undergo a renaissance, showing that more investors have long-term belief in the project. Consequently, it also reduces the circulating supply and selling pressure on the asset.

It bears mentioning that staking resumed on the Terra Classic network as part of the celebrated  V22 network upgrade on August 27. Some perceive it as the first step in the LUNC rebuilding process, offering holders wealth-building opportunities. According to data from Staking Rewards, there is no minimum deposit limit for LUNC staking. Additionally, staked assets are locked for 21 days and attract rewards of up to 37.8%.

The LUNC community has since proposed and passed a 1.2% tax burn proposal as part of its roadmap to Terra Classic recovery. The proposal aims to curb excess LUNC supply and will be implemented three days from now on all on-chain transactions. Additionally, the community is working on getting central exchanges on board to apply the tax burn to off-chain activities like spot trading, as most LUNC activities take place on these platforms.

LUNC is currently trading at the $0.0003083 price point, up 6.65% in the last 24 hours, ranked as the 31st crypto project by market cap.

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