The Terra Classic (LUNC) community is actively advancing its efforts in line with a comprehensive long-term plan aimed at revitalizing its ecosystem.
Over 20 months following the collapse of the Terra ecosystem, the community remains committed to revival efforts. Central to their long-term strategy is the deliberate reduction of the Terra Classic (LUNC) and TerraUSD Classic (USTC) supply, which had contributed to the ecosystem’s downfall.
Terra Classic Community Progresses with 700M LUNC Burn
In the last week, the Terra Classic community marked significant advancement in its revival efforts. During this period, the network executed a burn of over 700 million LUNC (equivalent to $70,840) and 230,000 USTC (amounting to $6,187), as reported by StakeBin data shared by X user Alex Crypto Bull.
While the burned amounts may seem modest given Terra Classic’s extensive supply, the community holds the belief that the removal of these coins will have lasting positive effects. Adding to the strategy, the community has integrated the burning mechanism with user activity, anticipating increased burning during peak user engagement.
Furthermore, the burn initiative receives substantial support from Binance, which actively participates by periodically burning LUNC generated from trading fees on its platform.
Binance Leads LUNC Burning Amid Terra Classic’s Short-Term Dip
Earlier in the month, Binance concluded its recent program, burning LUNC trading fees and annihilating 5.5 billion LUNC coins, valued at over $550,000 at current market prices. Impressively, the crypto exchange accounts for over 52% of the total burned assets, establishing its significant role in supporting Terra Classic (LUNC) community initiatives.
However, in the immediate aftermath, both LUNC and USTC prices experienced a downturn following an initial surge. In December, Terra Classic (LUNC) reached its peak, trading at $0.00025, while USTC touched heights of $0.069. Recent declines in both assets are attributed to profit-taking activities and the broader correction in the cryptocurrency market, with LUNC now at $0.000102 and USTC at $0.025.
Despite the short-term setbacks, AI tools such as ChatGPT and Bard, renowned for analyzing market trends, express optimism about the Terra Classic community-backed coins, anticipating a robust resurgence once the crypto market enters a bull phase.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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