Terra Classic (LUNC) continues to be on the agenda, especially on Twitter. A large group of investors continue to volunteer to bridge the big gap. These efforts, accompanied by Terra’s developers, have had some impact. LUNC earned 2 times in just one day, his weekly earnings are over 250%.
LUNC arises in the midst of all negativity
Terra Classic is one of the most sought after cryptocurrencies on the market lately. After the crackdown on Earth problems began in early May, Do Kwon stepped in for a new version of the original community-accepted Earth LUNA chain. Thus began the first block of genesis on May 28, with many LUNA supporters making huge profits.
At the same time, the name of the current Earth was changed to LUNA Classic. However, while LUNC did well in the beginning, it didn’t go well either. Because people still look at the Earth ecosystem with fear. Additionally, many exchanges listing the classic version have issued a warning that the token will be removed if it starts showing a bearish trend. As a result, all these negative expectations seem to dissipate with a new mechanism that will reduce the supply of Terra Classic, which is approaching infinity.
Why Terra Classic (LUNC) is growing
The rally is due to a new mechanism that the development team is working on to reduce supply. Terra’s developers evaluated integrations such as staking and token burning. LUNC staking has already started recently. So far, investors have locked LUNC 467 billion in their staking pools. More than 7% of the LUNC offering is currently staked.
After that, users can now aim to earn returns on Terra Classic. It will then be used to purchase new burned LUNCs. As part of the LUNC v22 network update, token staking is operational. Efforts to decrease supply have been effective in raising the price.
New token burning mechanism
One of the announcements that prompted investors to buy Terra Classic was the news of the token burning. According to the announcement, 1.2% of Terra Classic’s transactions will be permanently removed from circulation in the coming weeks. To further increase scarcity, developers have introduced token burning. According to the LUNC Burner website, more than 3 billion Terra Classics are no longer in circulation. The procedure will make it possible to reduce the amount currently in circulation. As a result, the price of the token will rise.
cryptocurrency.comAs follows, Terra Classic’s 24-hour trading volume reached $ 1.8 billion. The token is currently trading at $ 0.0002529. According to data from Coinecko, the Terra Classic price has gained over 100% in the past few weeks.
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