Big Reason To Worry For The Terra Luna Classic Community

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

Cremation Coin project burned 3.39 million LUNC, making the total burn rise to over 34 million LUNC. Moreover, validator LUNC DAO burned 1.77 million LUNC this week. There was no other significant burn by the Terra LUNA Classic community.

The community burned over 15 million LUNC tokens last week, as compared to 12 million LUNC in early January. The milestone set by the community indicated a move in the right direction as per the goal to burn billions of LUNC in 2023. In fact, the community believes LUNC price can hit $1 in 2023 through regular burns and bringing back utility.

Moreover, blockchain upgrade v1.0.5 successfully went live at block height 11,543,150 on February 15 at 18:28:24. While the developers were busy with the blockchain upgrade, the community failed to meet burn targets.

The Terra Classic community in total burned over 226 million LUNC tokens in January, as per the data tracked by CoinGape.

Also Read: Why BLUR Token Is Trending? What’s Unique About This New Token?

Terra (LUNA) and LUNC Price On Brink Of Massive Fall

Terra (LUNA) and Terra Classic (LUNC) prices plummeted suddenly after the U.S. SEC filed a lawsuit against Terraform Labs and Do Kwon. Unfortunately, the recent price action indicates that Do Kwon still influences Terra Classic price.

Terra Classic price is under selloff pressure despite the market-wide recovery, with the price currently trading at $0.0001709. The 24-hour low and high are $0.0001692 and $0.0001741, respectively.

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

Also Read: US SEC v. Do Kwon: Massive Selloff Coming In Terra (LUNA), Terra Classic (LUNC)?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.