Terra Luna Classic Initiates Ambitious Strategy to Increase LUNC Token Value
The native token of Terra Classic, LUNC, is currently trading at $0.00009967, reflecting a slight 0.67% decrease over the past 24 hours. However, the community has launched a bold initiative to boost LUNC’s value to $0.01, supported by a significant token burn.
Terra Luna Classic (LUNC) Burn Hits 1 Billion Milestone
A well-known crypto supporter, CryptoBull (@AlexCryptoBull), shared that the Terra Classic community united to burn exactly 1,117,048,514 LUNC tokens, an equivalent of approximately $111,313.88 at current market prices. This strategic move aims to reduce LUNC’s total supply, currently at 6,812,673,485,368, and lay the groundwork for the token’s long-term price target.
Executed over seven days, the 1 billion LUNC token burn aligns with Terra Classic’s commitment to self-sustainability. Additionally, 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, along with Terra Classic’s blockchain metrics, showcases more deliberate efforts toward efficiency, with an average block time set at 6.01 seconds and a total transaction count reaching 2,009,827. The protocol has also gained a transaction fee of 1,432,452,736 LUNC.
The intentional burning of LUNC tokens is gaining recognition from industry players such as Binance and demonstrates the community’s commitment to growth and value.
What’s Next For LUNC’s Price?
While the Terra Classic community is focused on reducing the number of tokens, some experts believe that a path to $0.01 is being paved. Despite the challenges, the community remains dedicated, as recent LUNC burns have reached new levels of success. The 5.78 trillion tokens already in circulation pose a significant challenge, but the progress made and upcoming changes reflect a promising future for the crypto.
Hot Take
Terra Classic’s proactive approach to increasing the value of the LUNC token through intentional token burns and community unity highlights the potential for growth and long-term sustainability in the crypto space. Despite the current price challenges, the community’s dedication and strategic initiatives, including the recent milestone burn of 1 billion LUNC tokens, speak to a vision of continued progress and positive changes for Terra Classic and its native token.
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