Against the backdrop of the cryptocurrency market’s struggle with regulatory uncertainty, which has led to numerous lawsuits against major crypto businesses, the original chain of the collapsed Terra (LUNA) ecosystem Terra Classic (LUNC) signed an important event.
Specifically, the LUNC Twitter profile LunaClassic HQ shared on June 10. cryptocurrency According to the staked supply and rate chart of the unit, the Terra Classic network has recently officially reached the milestone of staking 1 trillion LUNC (worth approximately $90 million), with a staking rate of 14.6%.
What does it mean
In addition to marking a historic development for the Terra community, this development also demonstrates growing interest from the crypto public as users deposit LUNC tokens on the blockchain to earn rewards, despite the network’s turbulent history.
Moreover, increased interest, along with circulating LUNC supply falling from 6.84 trillion total supply to 5.8 trillion, and other positive moves such as v2.1.0 parity upgrade, TerraClassicUSD (USTC) repeg, AI application chain “Block Entropy” and Terraport reboot. This could help LUNC price move in a more positive direction.
Terra Classic Price Analysis
Until that happens, Terra Classic is currently trading at $0.00008733. It fell 3.44% on the day, according to the data. It also lost 10.25% last week and is down 5.02% on its monthly chart.
All in all, time will tell if the above factors will actually succeed in pushing the LUNC price up, especially as the announced developments take place, or whether the bears will prevail under the currently weak atmosphere in the broader crypto market.