terra More than 20 months have passed since the ecosystem collapse. However, the community behind the project did not give up its efforts towards revival.
The basic approach to achieve the long-term goal is to burn the supply of Terra Classic and TerraUSD Classic.
Last week, the Terra Classic community made more progress towards this. By X user Alex Crypto Bull shared According to StakeBin data, the network has burned more than 700 million LUNC ($70,840 worth) and 230,000 USTC ($6,187).
Great results this week with 700M $LUNC and 230k $USTC burned More to come! 🔥🔥🔥 #Lunc #USTC #TERRA #LuncBurn #LUNCARMY #LUNCcommunity #ustcburn #TerraClassic #terraburn #terraport pic.twitter.com/rRMsaZVqfO
NEWS CONTINUES BELOW— CryptoBull (@AlexCryptoBull) January 21, 2024
This amount is small compared to Terra Classic’s supply. However, the community is of the opinion that removing these coins from circulation will have a long-term impact.
Meanwhile, the burn drive is further fueled by the involvement of Binance, which has been particularly supportive of the Terra Classic community.
Binance Tops the LUNC Burn Chart with $5.5 Billion Burned in January
earlier this month Binance, completed its latest LUNC trading fee burn program, destroying 5.5 billion LUNC coins worth over $550,000 at today’s prices. The crypto exchange tops the list of LUNC burners, contributing over 52% of total burned assets.
However, LUNC and USTC prices have fallen after the initial recent rise. In December, LUNC reached a high of $0.00025. On the other hand, USTC was also traded as high as $0.069.
Both assets are driven by profit and broader crypto- experienced sharp declines in connection with the market correction. LUNC is trading at $0.000102 while USTC is at $0.025.
On the other hand, AI tools ChatGPT and Bard expect Terra Classic community-backed coins to make a strong comeback as the crypto market enters a bull market.
Source : The Crypto Basic