- LUNC staking reaches record-breaking levels, signaling a new bullish phase for the altcoin.
- The battle for adoption continues within the Terra Classic ecosystem.
In a bid to boost its market value, Terra Classic (LUNC) is reiterating its commitment to reducing its supply through continuous token burns. Additionally, LUNC has also recorded a massive upsurge in staking volume, a feat that is regarded by community members as bullish.
As spotlighted by a LUNC proponent, Saqlain Ali, staked LUNC tokens have reached a record high of 1.021 trillion, all of which have been locked in a staking contract. Ali further revealed that the staked tokens make up 15% of the overall supply while urging community members to build upon the already-established momentum.
Taking to X to update over 6,000 followers, the LUNC supporter’s post reads;
Staking is going up & 1.021T LUNC coins got staked which is 15% of Total supplies. LUNCcommunity we touch the 15% in staking now let’s reach 20% & also LUNCBURN is our main target in this & hopefully we all will see it.
The new development could be potentially bullish for LUNC and its community members, as it could influence
current market sentiments. This could mount pressure amongst key players, to continue to increase staking activities and build visibility for the Terra Classic network.
It bears knowing that before today’s update, staked LUNC totaled 957.32 as of January. 7, before tapping 1 trillion 48 hours later. The Terra Classic community has now staked 63.68 billion in under 4 weeks.
As another market observer noted, the LUNC community succeeded in burning 1 billion LUNC within a week, while also staking 7.1 billion LUNC within the same time frame.
Terra Classic Holders Continue to Fight for the Adoption
For many digital currencies, especially altcoins with significant supply, token burns are necessary for the assets to reduce their circulating supply. Burn events could reduce inflation and trigger demand amongst prospective investors. In the long term, the results are expected to boost the price of the burned token. To effectively carry out burns, the network dedicates a dead wallet to this cause, to permanently erase the tokens from the market.
Notably, the Binance network has also supported the LUNC burn initiative by aiding in the burn of more than 1 billion LUNC from circulation.
While the consistent burn rate is poised to impact LUNC in the long term, the Terra Luna community is still facing pushback from the broader community.
In its mission to increase adoption and potentially get listed on leading exchanges like Coinbase, LUNC is funding a handful of community-led projects.
However, the community still has a lot of hindrances to push through.
For one, LUNC trading volume on Crypto.com, an exchange that is on the verge of delisting the asset, has reduced significantly, as LUNC holders migrate to different exchanges. LUNC has reacted negatively to the ongoing turmoil with a 3% decline in price value. After losing 32.65% in price value over 30 days, LUBC now trades for $0.00009343.
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