Great cause for concern for the Terra Luna Classic community

The Terra Luna Classic community failed to burn significant LUNC tokens this week as part of a commitment to remove the tokens from the total circulating supply. The Terra LUNA Classic community burned just 5 million LUNC tokens this week, losing focus on burning in the absence of Binance’s monthly LUNC registration mechanism for crypto exchange.

Cremation Coin Project burnt 3.39 million LUNC, increasing the total burn to over 34 million LUNC. Moreover, Validator LUNC DAO burned 1.77 million LUNC this week. There was no other significant burn from the Terra LUNA Classic community.

The community burned over 15 million LUNC tokens last week, compared to 12 million LUNC in early January. The milestone set by the community showed a move in the right direction according to the goal of burning billions of LUNC in 2023. In fact, the community believes that the LUNC price can reach $1 in 2023 through regular burns and utility resets.

Additionally, the v1.0.5 blockchain upgrade was successfully released at a block height of 11,543,150 on February 15th at 18:28:24. While the developers have been busy upgrading the blockchain, the community has failed to meet their burning goals.

The Terra Classic community burned a total of over 226 million LUNC tokens in January, according to data tracked by CoinGape.

Also Read: Why BLUR Token is Trending? What is unique about this new token?

Terra (LUNA) and LUNC prices are on the brink of a huge drop

Terra (LUNA) and Terra Classic (LUNC) prices suddenly fell after the US SEC filed a lawsuit against Terraform Labs and Do Kwon. Unfortunately, recent price action shows that Do Kwon is still influencing the Terra Classic price.

The price of Terra Classic (LUNC) is under selling pressure despite a market-wide recovery, with this price trading at $0.0001709. The 24-hour low and high are $0.0001692 and $0.0001741, respectively.

Meanwhile, Terra (LUNA) price is down 1% in the last 24 hours. The price of LUNA is currently trading at $1.89 after reaching a high of $1.91 today. Trading volume continues to decline, down 20% in the last 24 hours.

Read also: US SEC vs. Do Kwon: Massive sell-off in Terra (LUNA), Terra Classic (LUNC);

Varinder is a technical writer and editor, tech enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge on Blockchain, Cryptocurrencies, Artificial Intelligence and Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period and currently covers all the latest updates and developments in the cryptocurrency industry.

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