Barely a few weeks after we reported LUNC’s ascent to approximately 970 Billion LUNC tokens locked up in staking contracts, the token finally achieved the landmark of 1 trillion staked coins secured in staking contracts amid the massive selling pressure on the market.
While Terra Classic continues to seek means to scale through the strong bearish storm that has paralyzed market activities in the crypto sphere, in addition to the latest enforcement actions by SEC, Terra Classic’s new milestone could open the path to LUNC’s $1 price projection.
Read Also: Terra Classic Proposal to Bring USTC to $1 Passes. Here’s How LUNC would Benefit
Notably, LunaClassic HQ, a community-driven Terra Classic account, disclosed Terra Classsic’s newest achievement via a tweet. The announcement sparked mixed reactions from Twitter users.
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
What Is StakeBin Saying About Terra Classic’s New Achievement?
Per StakeBin, a dedicated crypto authority, Terra Classic has succeeded in staking up 1,003,120,789,034 (1 trillion) LUNC coins worth nearly $90 million, implying a remarkable 14% of the asset’s total supply has been staked.
StakeBin also noted that LUNC’s newest feat is a testimony of growing interest from the crypto community, despite the network’s rugged past. The dedicated crypto authority pointed out that users seem confident about the prospects in Terra Classic’s future, which saw them stake their LUNC tokens on the blockchain to earn rewards.
Read Also: Could This Be the Major Reason Why Terra Classic (LUNC) Surged Up To 36% within 24 Hours? Details
Terra Classic (LUNC) Burn Project: What Is The Update So Far?
LUNC’s hope to attain a $1 price level implies that the platform must make concrete efforts to burn down massive LUNC coin supplies. Thus far, Terra Classic has been consistent in its burn project, with over 60.39 billion LUNC tokens burned, reducing its circulating pool to an estimated 5.8 trillion.
It’s worth noting that Binance, the world’s largest exchange, is the highest contributor, having burned down 32 billion LUNC tokens, representing an impressive 50% contribution.
Unfortunately, Binance was charged to court by the United States Securities and Exchange Commission (SEC) for facilitating the sales of some crypto projects which the regulatory body tagged as securities. It is left to see if SEC’s action against Binance will have a significant impact on LUNC’s burn project.
However, per CoinGecko, LUNC’s price at the time of filing this report is $0.00009588, representing a 0.2% spike in the past 24 hours and a 24-hours trading volume of $97,915.
Follow us on Twitter, Facebook, Telegram, and Google News
