In a bid for recovery, the Terra Classic community has jointly burned 700 million LUNC and 230,000 USTC, raising the revival optimism of the determined enthusiasts.
This was reported on X by a pseudonymous X user CryptoBull (@AlexCryptoBull). In a post, he summarized the Terra Classic community’s optimism and LUNC’s potential.
Read Also: Here’s Why Recent Terra Classic (LUNC) Recovery Proposals Failed
This token burn, aimed at combating the inflationary woes that have plagued the network since the infamous LUNA crash of May 2022, has sparked renewed hope for a resilient comeback. The user wrote, “Great results this week with 700M $LUNC and 230k $USTC burned. More to come!”
Great results this week with 700M $LUNC and 230k $USTC burned. More to come! 🔥🔥🔥 #Lunc #USTC #TERRA #LuncBurn #LUNCARMY #LUNCcommunity #ustcburn #TerraClassic #terraburn #terraport pic.twitter.com/rRMsaZVqfO
— CryptoBull (@AlexCryptoBull) January 21, 2024
LUNC’s Tumultuous Journey
The Terra ecosystem which was once at the forefront of algorithmic stablecoin innovation, crumbled spectacularly in May 2022.
A combination of market forces, fear from investors, and internal vulnerabilities, triggered a death spiral for both LUNA (now LUNC), the ecosystem native token, and UST (now USTC), the algorithmic stablecoin it sought to peg to the US dollar. The crash sent shockwaves through the crypto world, erasing billions in value and leaving investors reeling.
However, the community did not give up on LUNC and has continued fighting to restore their beloved cryptocurrency. Refusing to surrender, developers, validators, and ardent believers rallied behind a plan centered around reviving LUNC and restoring USTC’s $1 peg.
One of the core tenets of this plan is burning LUNC and USTC at an accelerated rate to reduce circulating supply and, consequently, boost its price.
Significance of the Massive Burns
This week’s 700 million LUNC burn marks a significant milestone in this ongoing effort. Data from Luncmetrics show that 1.5 billion USTC tokens have been burned since May 13, 2022.
The data also shows that 94.25 billion LUNC tokens have been burned since the same day. As scarcity increases, basic economic principles dictate that price should follow suit, offering a glimmer of hope for LUNC’s long-term viability.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Terra Classic Rejects A Top LUNC Recovery Proposal: Details
LUNC’s Current State and Future
CryptoBull’s post is more than just a celebratory announcement. it’s a rallying cry and a call to arms for the Terra Classic community to continue their recovery efforts. This news also comes as a welcome development after the recent bad news of Crypto.com delisting LUNC in February.
Terra Classic (LUNC) is trading at 0.0001101, up 0.36% over 24 hours, and not showing any significant response to the token burns. USTC has had a slightly better reaction, trading at $0.0269, up 1.32% in 24 hours.
The road ahead will likely be fraught with challenges and uncertainties, but the determination and resilience displayed, even with the adversities, suggest that the community has not given up on LUNC, and recovery is still possible.
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