Terra Luna Classic (LUNC) Burn Plummet Amid Upgrade, Price To Fall Next?

Terra Classic blockchain upgrade v1.0.5 successfully went live at block height 11,543,150 on February 15 at 18:28:24. The proposer of the block was Kucoin LUNC Node. While the developers were busy with the blockchain upgrade, the community fails to burn significant LUNC tokens this week as part of the commitment to remove tokens out of the total circulating supply.

The community burned over 15 million LUNC tokens last week, as compared to 12 million LUNC in early January. The milestone set by the community indicated a move in the right direction as per the goal to burn billions of LUNC in 2023. In fact, the community believes LUNC price can hit $1 in 2023 through regular burns and bringing back utility.

Also Read: Reasons Behind the Crypto Market Rally Today

The Terra LUNA Classic community burned just 5 million LUNC tokens this week, losing the focus to burn in the absence of crypto exchange Binance’s monthly LUNC burn mechanism.

Cremation Coin project burned 3.39 million LUNC, making the total burn rise to over 34 million LUNC. Moreover, validator LUNC DAO burned 1.77 million LUNC this week. There was no other significant burn by the Terra LUNA Classic community.

The Terra Classic community in total burned over 226 million LUNC tokens in January, as per the data tracked by CoinGape.

Terra (LUNA) and LUNC Price Rise Amid Market Recovery

Terra Classic (LUNC) price jumped nearly 3% amid the market-wide recovery in the last 24 hours, with the price currently trading at $0.0001739. The 24-hour low and high are $0.0001698 and $0.0001777, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating an increase in interest.

Meanwhile, Terra (LUNA) price rallied 5% in the last 24 hours due to cross-chain developments. The LUNA price is currently trading at $1.97, after hitting a high of $2.03 today. The trading volume increased by 90% in the last 24 hours.

Source