- The price of an altcoin, whose collapse caused a stir in the crypto market, has increased by 13 percent in the last 24 hours after intense burning and positive developments by the community.
Terra ecosystem tokens, which have been going through some tough days lately, Luna Classic (LUNC) and UST Classic (USTC) There was too much fuss about it. Following the positive developments, the attention of crypto investors has turned to these tokens, especially LUNC, which has skyrocketed in value.
According to data provided by cryptocurrency platform Coinecko, the value of LUNC has increased by 13 percent in the last 24 hours, by 32 percent in the last seven days, and by 35 percent over the past month.
This positive price movement, on the other hand, is a result of the recent developments in the project environment. LUNC tokenIt was made possible by the fact that he started to show interest in .
In the last 24 hours, a total of $348.14 million worth of LUNC has been traded on various trading platforms, including Binance and KuCoin.
These developments and the intense burnings that took place LUNC priceIt pushed the coin to a daily high of $0.00013 earlier today. Although the price has dropped to $0.0012 at the time of writing, LUNC is considered to have a tendency to continue its rally.
LUNC burns fuel token price
The increase in LUNC’s value is actually not surprising to many who follow cryptocurrency-related updates. The community is working hard to recover, even as an initiative by members of the Terra Classic community to reduce the circulating supply of coins. LUNC burnsIt is also noteworthy that has recently gained momentum.
LUNC Burn According to a Twitter account named Terra Classic, a total of 3.08 billion has already been sent to the inferno/dead wallet address for permanent removal, which is thought to have a positive impact on the price.
🚨🚨 total burned $Lunc stands at 3,080 billion🚨🚨
🔥🔥 The volume traded in the last 24hrs is $157m, 1.2% of that is $1.88m at these prices and volume we would have burned 14.6b $lunc 🔥🔥#LUNC #lunchburn #LUNACLASSIC
— LUNC Burn (@LunaBurn_13) August 25, 2022
The rationale behind the LUNC burn attempt is to reduce the circulating supply of the coin in order to increase the value of the cryptocurrency. So far, the venture is progressing smoothly.
Terra seeks investors to increase the value of LUNC
After the Terra ecosystem tokens crashed in May, the team behind the project created a new chain and token as part of an effort to integrate investors.
However, most investors did not see this offer as an ideal approach to recoup their losses. These disgruntled investors, along with Binance CEO Changpeng Zhao, are seeking to restore the value of the Terra team’s Terra classic tokens through a burn mechanism in circulation. LUNC supplyHe advised her to drop it.
However, the team did not heed these calls, and as a result, the community decided to do the work themselves. An address has been created where investors can send their LUNCs that they want to be removed from circulation.
Additionally, Terra investors have launched a proposal to impose a 1.2 percent tax/burnout on all LUNC transactions.
Although the idea has not yet been implemented, LUNC Burn Luna Classic It closely monitors the volume of its transactions, and its Twitter account has also revealed how many tokens would have been removed from circulation by now if the 1.2 percent tax/burnout had been applied.
Exchanges support Terra Classic chain upgrade
Meanwhile, the Terra team recently announced that they will be upgrading the Terra Classic chain later today. According to TerraForm Labs, the upgrade is expected to occur at block height 9,109,990, or approximately 01:00 on August 27.
The largest cryptocurrency exchanges Kucoin, Cryptocom, Bybit, FTX, Kraken, Poloniex, Huobi and Binancestated that they will support the upgrade. Therefore, deposits and withdrawals will be suspended during the upgrade.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.