The Terra Classic (LUNC) community’s fiery campaign aimed at reducing the vast circulating supply has kicked into another gear.
A remarkable 1,117,048,514 LUNC tokens were permanently removed from circulation through burning mechanisms over seven days from January 17 to 24. This aggressive push signifies the unwavering commitment of the LUNC community toward reclaiming its ambitious $1 target.
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CryptoBull (@AlexCryptoBull), a prominent crypto personality and LUNC supporter shared the exciting news on X. He wrote, “$LUNC is unstoppable with burning and staking! We burned 1 billion $LUNC in a single week and staked a whopping 7.1 billion $LUNC!”
$LUNC is unstoppable with burning and staking! 🔥🚀
We burned 1 billion $LUNC in a single week and staked a whopping 7.1 billion $LUNC!#USTC #LuncBurn #LUNC #TERRA#LUNCARMY #LUNCcommunity #terraport #TerraClassic #terraport pic.twitter.com/c9LA5SvZN9
— CryptoBull (@AlexCryptoBull) January 24, 2024
Notably, LUNC saw a remarkable surge in staking recently, renewing the bullish sentiment around the cryptocurrency and the Terra Classic ecosystem. CryptoBull’s post showed a 14.95% increase in staked LUNC tokens during the same week, exceeding 7.197 billion.
Further bolstering the bullish sentiment, data from Terra Classic’s Stakebin platform confirms the accuracy of the reported data. Stakebin shows an astonishing 20,258,809 LUNC tokens burned within the previous 24 hours alone.
The peak of the token burn craze occurred at the beginning of 2024, with a staggering 5.66 billion tokens destroyed on New Year’s Day.
The momentum shows no signs of waning, as Crypto News Portal (@TerraNewsEN), another LUNC advocate and crypto YouTuber, shared a chart and predicted that the total burn count will surpass 100 billion tokens with the upcoming Binance token burn scheduled for next week. He stated that the 100 billion token threshold will be important for LUNC.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Artificial Intelligence (AI) Tool Sets Terra Classic (LUNC) Price for January 31
LUNC’s Next Target
This relentless pursuit of token reduction has created excitement within the Terra Classic community. Some members firmly believe that the path to $0.01 is gradually being set up. LUNC is currently trading at $0.0001004. The digital asset has reacted favorably to the news, maintaining its place above the crucial $0.0001 level.
However, reaching the coveted $0.01 mark from its current price would necessitate a significant 9,860% surge. Despite the encouraging progress, the road ahead remains challenging. LUNC’s circulating supply still stands at a colossal 5.78 trillion tokens, highlighting the immense task ahead.
However, the community is committed to the cause, as LUNC burns recently hit a new milestone. The current progress and the upcoming developments offer a glimmer of hope for the future of the beloved cryptocurrency.
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