Terra Luna Classic Hits Milestone: Over 1 Billion LUNC Tokens Burned, $0.01 on Cards?

The post Terra Luna Classic Hits Milestone: Over 1 Billion LUNC Tokens Burned, $0.01 on Cards? appeared first on Coinpedia Fintech News

Terra Classic’s native token, LUNC, trades at $0.00009967, experiencing a marginal 0.67% dip in the past 24 hours. However, the community has initiated a bold strategy to propel LUNC’s value to $0.01, backed by a significant token burn. 

Terra Luna Classic (LUNC) Burn Hits 1 Billion Milestone

CryptoBull (@AlexCryptoBull), a crypto expert and LUNC supporter, shared that the Terra Classic community showcased unity by burning exactly 1,117,048,514 LUNC tokens, worth approximately $111,313.88 at current market prices. This move, part of the community’s revival plan, aims to reduce LUNC’s total supply, currently at 6,812,673,485,368, and pave the way for the token’s long-term price target.

Strategically executed over seven days, the 1 billion LUNC token burn aligns with Terra Classic’s commitment to self-sustainability. The total LUNC staked reached 1,018,387,576,491 tokens, with 7,197,235,746 LUNC locked up during the seven days ending on January 24.

The burn and Terra Classic’s blockchain metrics also show more composed efforts toward efficiency, with an average block time set at 6.01 seconds and a total transaction count reaching 2,009,827. Notably, the protocol has gained a transaction fee of 1,432,452,736 LUNC.

The LUNC token burn event gets traction with industry players like Binance. This intentional burning expands the deflationary model and shows the community’s dedication to growth and value.

What’s Next For LUNC’s Price? 

While the Terra Classic community focuses on lowering the number of tokens, some experts think a path to $0.01 is being set. LUNC is still selling above the $0.0001 level, with a price of $0.0001004. But a 9,860% rise would be needed to get to $0.01. Even though there are problems, the group is still dedicated to the cause, as LUNC burns recently reached a new level of success. The 5.78 trillion tokens already circulating are still a big problem. The crypto future looks bright thanks to the progress made and the coming changes.