Over the years, staking crypto tokens have proven to be a dependable means of making passive income in crypto trading. Recently, crypto investors have recognized the potential in crypto staking, which has made them constantly seek cryptocurrencies with good staking prospects. Lately, one cryptocurrency with promising staking potential that appears to have endeared itself to the heart of crypto investors is the Terra Classic (LUNC).
Terra Classic is built on a Terra blockchain protocol that utilizes the efficacy of stablecoins to propel price-stable global payment systems. Luna Classic (LUNC) is the dedicated token of the Terra blockchain that is currently making waves in crypto staking.
A well-known personality in the Terra Classic community recently disclosed that 970,351,935,248 LUNC tokens are currently locked up in staking contracts. It won’t be long to reach 1 trillion in number staked LUNC coins, an achievement that will go down as a significant milestone.
The 970 billion staked Luna Classic tokens represent a massive increase from the over 700 billion recorded in the early periods of 2023. The growing increase in the number of staked coins invariably testifies to the growing confidence in Terra Classic as a long-term investment option.
It’s generally believed that the more a token is being taken out of circulation, the more chances it has to experience a rise in value. This implies that the journey to $1 per coin is still valid.
According to Terra Classic’s data on CoinGecko, Terra Classic boasts of a circulating pool of 5,881,801,251,439 from a total supply of 6,852,298,434,646 coins. These figures are relatively massive for a mere half a billion dollars worth. As a result, Terra Classic is strongly burning its coin supplies in a bid to increase the market value of Luna Classic. The Terra Classic platform has burned 1.3 B LUNC tokens worth around $110,794.
Also, Binance burned over 1.26 billion LUNC coins in its just concluded monthly burning episodes, bringing the total units of LUNC burned by Binance to around 31.83B LUNC coins. Luna Classic became the first crypto asset to exceed 31 billion in terms of burned assets. LUNC’s total burns now stand at an estimated 57.3 billion tokens.
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