One of the major plans to revive the Terra Classic (LUNC) ecosystem is token burns, and the burning campaign has largely succeeded in destroying an impressive 95.20 billion LUNC since May 13, 2022.
This achievement is significant, as it shows that the community has not lost its path of restoring LUNC through token burns and reducing LUNC’s circulating supply.
One standout contributor to this impactful initiative is Binance, a prominent supporter of Terra’s endeavors. The crypto world’s largest exchange has played a substantial role in the token burns, burning over 50 billion LUNC since the 1.2% tax was implemented in 2022.
Read Also: Binance LUNC Burn Drops 43%, Records Below $1 Billion Terra Classic Burn For the First Time
Binance accounts for over 51% of the total LUNC burned. These burns are done through the monthly transfer of billions of tokens to the designed Inferno wallet. This significant contribution from such a key player in the cryptocurrency space adds weight to the campaign’s overall success.
LUNC and USTC are in the midst of a noteworthy recovery, having experienced substantial price surges over the last 24 hours. LUNC has exhibited an impressive 3.49% gain, currently trading at $0.0001003. USTC has shown a more impressive performance, with a 5.49% increase to its current price of $0.02656.
This positive trajectory can be attributed to several factors, including the convergence of monthly expiries and significant shorts liquidation from yesterday. Additionally, both tokens have seen massive spikes in trading volume over the last 24 hours.
USTC currently stands at $29.29 million, showing an astonishing 120.26% increase. LUNC is showing an impressive 83.26% increase, with its trading volume currently at $54.92 million. These spikes show the heightened interest among cryptocurrency traders. Collectively, these elements contribute to the positive momentum in the market.
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Read Also: Terra Classic Rejects USTC Repeg Proposal as LUNC Burn Rate Rises Amid Falling Prices
With LUNC’s circulating supply currently at 5.78 trillion, the ecosystem still has a long way to go with token burns. However, the commitment of validators and the community has not wavered, despite recent setbacks, like Crypto.com planning to delist LUNC.
The next few weeks will be crucial in determining LUNC’s future, as Crypto.com’s actions could negatively impact its price when the token gets delisted in February. However, the community’s efforts can help LUNC bounce back.
With continued token burns, approval of proposals to boost the ecosystem value, and more developments, LUNC and USTC still have a fighting chance, and they could recover their former glory sooner than people expect.
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