Terra Classic (LUNC) has once again taken the spotlight as the project recently reached a new milestone in terms of total tokens staked. This latest development in the Terra Classic ecosystem comes despite the prevailing negative trend initiated by the SEC lawsuits against top crypto exchanges Binance and Coinbase.
Ever since the collapse of USTC in May 2022, the community-driven project has taken up many initiatives and enacted several upgrades to revitalize the once-broken Terra Classic blockchain as well as boost the price of LUNC.
Read Also: This New Terra Classic Project Burns More Than Half a Billion LUNC Tokens: Details
Among the top initiatives employed by the Terra Classic community to revitalize the project is LUNC burning and staking. The various independent teams of developers and members of the community believe that reducing the hyperinflated supply of LUNC via burn campaigns and locking up LUNC in the Terra Classic staking protocol would help reduce LUNC tokens in circulation, thereby causing a potential increase in the price of the crypto asset.
Per an update shared by the LunaClassic HQ Twitter handle, over 1 trillion LUNC are now locked in the Terra Classic staking protocol. In particular, the 1 Trillion staked LUNC mark was reached on June 10 and was worth about $90 million at the time of the announcement. Accordingly, LUNC staked ratio rose to 14.6%.
BREAKING NEWS 🔥🔥🔥
1Trillion $LUNC STAKED
We have reached 1Trillion $LUNC IN STAKING #LUNC #LunaClassicHQ #LunaClassic pic.twitter.com/A58k5Xg8AF
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) June 10, 2023
The increase in staked LUNC volume implies that more crypto investors are getting interested in the Terra Classic project, which could also drive up the demand and price of the asset.
Notably, the community is still consistently burning hefty amounts of LUNC daily and weekly with the support of external entities including Binance. As published, a new Terra Classic project dubbed DFLunc protocol recently took out more than half a billion LUNC tokens in one transaction.
Read Also: Terra Classic Proposal to Bring USTC to $1 Passes. Here’s How LUNC would Benefit
Terra Classic (LUNC) in the Market
While these recent developments in the Terra Classic ecosystem such as the planned relaunch of Terraport and the anticipated Terra Classic AI-based project, have not considerably impacted the price of LUNC in the upward direction, it is believed that they will also contribute to making LUNC rise in the future.
At press time, LUNC is up over 10% and 12% in the past 24 hours and 7 days respectively. The 63rd-largest crypto asset by market cap is trading for $0.000009606 at the time of writing while showing the potential to reach the $0.0001 price point in the coming months.
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