Terra Classic (LUNC) Leads Social Activities As Staking Gains Momentum With Over 28B Tokens Staked In 3 Hours

Terra Classic (LUNC) staking appears to be gathering steam, as holders staked over 28B in 5 hours on Monday.

The community of LUNAtics is not giving up on the Terra project as easily as the larger crypto space expects. The recent activities of the LUNC community highlight renewed hope in the project. From the burn tax proposal to the staking initiative, proponents are putting in every effort to revive LUNC. 

The movement appears to be escalating, as data suggest holders staked 28B LUNC in 3 hours following the introduction of the staking initiative.

LUNC Burn – an unofficial Twitter account live tracking all LUNC burns – shared the data in the late hours of Monday. 

“We are currently at 528.8b $Lunc staked, an increase of 28b in the last few hours. 7.66% of total supply locked up,” the account noted in a tweet. A screenshot was shared to corroborate the purported numbers.

We are currently at 528.8b $Lunc staked, an increase of 28b in the last few hours ? 7.66% of total supply locked up #lunc #lunaclasdic pic.twitter.com/Kri4cvFpYE

— LUNC Burn (@LunaBurn_13) September 5, 2022

According to the screenshot, as of September 5, 10:58 PM (UTC), the LUNC community had staked about 528B LUNC tokens. This figure represents a staggering 7.66% of the entire circulating LUNC supply of 6.9T tokens. The data underscore a massive growth in staked tokens because ten days ago – on August 27 – there were only 101B staked LUNC.

Additionally, it represented an addition of 28B staked tokens in 3 hours. A Twitter bot account automatically tracking staked numbers corroborates the data. Per data from the bot, the amount of staked LUNC on September 5, 6 PM (UTC) was sitting at 500B tokens. Surprisingly, this value rose to 528B tokens at 9 PM (UTC).

Supply and staking of LUNC

SUPPLY
total: 6,903,804,235,919

STAKED
bonded: 500,484,354,652
unbonded: 55,295,463,863

STAKING RATIO
8.050%(bonded: 7.249%)

2022-09-05 18:00 UTC#LUNC

— LUNC staking (@LuncStaking_Bot) September 5, 2022

28B added to staking:

Supply and staking of LUNC

SUPPLY
total: 6,903,800,234,412

STAKED
bonded: 528,121,344,596
unbonded: 55,510,921,024

STAKING RATIO
8.454%(bonded: 7.650%)

2022-09-05 21:00 UTC#LUNC

— LUNC staking (@LuncStaking_Bot) September 5, 2022

The Terra community will vote for the 1.2% tax burn proposal on September 10

The number has surged to 537B at the reporting time, representing 7.79% of the circulating supply. Despite the reduced pace, the massive surge in staked tokens translates to renewed confidence in LUNC. 

Staking LUNC helps with the asset’s price action, as it takes a significant amount of the asset out of the circulating supply, further limiting its supply. The asset’s price actions have also remained promising, pumping more confidence into the space. 

Following a fall from the $0.00044 high of Tuesday, LUNC slipped to a 2-day low of $0.00034 today. Notwithstanding, the asset has recently staged another comeback, as it currently trades at $0.00042 as of press time. With a 7-day gain of 162%, LUNC remains the highest-gaining asset in the past week. 

Additionally, crypto social intelligence platform, LunarCrush has ranked LUNC as the asset with the highest combined social and market activities. 

Top 10 Coins by relative combined social + market activity «LunarCrush AlternativeRank™» are:

? $LUNC
? $USTC
? $RVN
4⃣ $VGX
5⃣ $TSUKA
6⃣ $ENS
7⃣ $ETC
8⃣ $ETH
9⃣ $AVAX
? $KEY

? Insights: https://t.co/OFltIq3vwo pic.twitter.com/zWIHETXR48

— LunarCrush (@LunarCrush) September 6, 2022

Despite these promising movements, Terra proponents are not showing signs of slowing down. The Crypto Basic recently revealed that the community had chosen September 10 as the date to vote for the 1.2% tax burn mechanism.

Should the poll favor the proposal, the initiative will come into effect on September 20. This will further contribute to reducing LUNC circulating supply, an exercise that could set the asset up for bigger rallies.

Source