Terra Luna Classic (LUNC) Burn Plummet In the middle of an upgrade

The Terra Classic v1.0.5 blockchain upgrade was successfully released at a block height of 11,543,150 on Feb 15 at 18:28:24. The proposer of the block was Kucoin LUNC Node. While the developers have been busy upgrading the blockchain, the community is failing to burn significant LUNC tokens this week as part of a commitment to remove the tokens from the total circulating supply.

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.

Also read: Reasons behind the crypto market rally today

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

Terra (LUNA) and LUNC prices rise amid market recovery

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

Meanwhile, the price of Terra (LUNA) has risen 5% in the last 24 hours due to interchain developments. LUNA price is currently trading at $1.97 after reaching a high of $2.03 today. Trading volume increased by 90% in the last 24 hours.

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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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