Binance, Kraken, ByBit And Others To Support Terra Classic Network Upgrade, LUNC Up 13% As Burns Reach 3 Billion

Terra Luna Classic (LUNC) Price Soars 13% in 24 Hours Amid Positive Developments.

The value of LUNC is up 13% following an increase in community burn initiative.

Lately, there has been a lot of fuss about the embattled Terra ecosystem tokens Luna Classic (LUNC) and UST Classic (USTC). Crypto investors’ interests have been channeled to the tokens, especially LUNC, which has seen the value of the asset class skyrocket. 

According to data from cryptocurrency aggregator platform Coingecko, the value of LUNC is up 13% in the last 24 hours, 32% in seven days, and 35% in the past month. 

This was made possible as investors have continued to show interest in LUNC due to the recent developments happening around the project. 

Over the last 24 hours, a total of $348.14 million worth of LUNC have been traded across various trading platforms, including Binance and KuCoin.  

These activities pushed the price of LUNC to peak at $0.00013 earlier today. Although the price has retraced to $0.00012 at the time of writing, there is a tendency that LUNC will continue its rally. 

LUNC Burns Fuel Token Price

The spike in LUNC’s value is not surprising to many who have been following updates about the cryptocurrency. It is noteworthy that LUNC burns, an initiative launched by members of the Terra Classic community to reduce the circulating supply of the coin, has gained momentum lately. 

Per a Twitter account dubbed LUNC Burn, a total of 3.08 billion have been permanently sent to an inferno wallet address by members of the Terra Classic community. 

?? total burned $Lunc stands at 3,080 billion??

?? The volume traded in the last 24hrs is $157m, 1.2% of that is $1.88m at these prices and volume we would have burned 14.6b $lunc ??#LUNC #luncburn #LUNACLASSIC

— LUNC Burn (@LunaBurn_13) August 25, 2022

The rationale behind the LUNC burn initiative is to reduce the coin’s circulating supply to boost its value. So far, the initiative has been going smoothly. 

Terra Investors’ Quest to Boost LUNC Value

Recall that after Terra ecosystem tokens plunged in May, the team behind the project created a new chain and tokens as part of an effort to make investors whole. 

However, not all investors saw the plan as the perfect way to get compensated for their losses. These aggrieved investors, alongside Binance CEO Changpeng Zhao, proposed that the Terra team should reduce the circulating supply of LUNC via a burn mechanism to get the prices of Terra classic tokens flying again. 

However, the team did not heed these calls, prompting the community to do the job themselves. An address was created where investors can send their excess LUNC, which cannot be retrieved. 

Furthermore, Terra investors also launched a proposal to implement a 1.2% tax/burn on all LUNC transactions. 

While the proposal has not been implemented, LUNC Burn has constantly kept tabs on the volume of Luna Classic transactions conducted. The Twitter account also reported the number of tokens that could have been eliminated from the circulating supply if the 1.2% tax/burn had been implemented. 

Exchanges Support Terra Classic Chain Upgrade

Meanwhile, the Terra team recently disclosed that it would upgrade the Terra Classic chain later today. According to TerraForm Labs, the upgrade is expected to occur at block height of 9,109,990 or approximately 2022-08-26 22:00 (UTC).  

Top exchanges, Kucoin, Cryptocom, Bybit, FTX, Kraken, Poloniex, Huobi and Binance, have noted that they would support the upgrade. Thus, deposits and withdrawals will be suspended during the upgrade. 

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