The upward trend in the cryptocurrency market in general this week, Terra Classic It was also valid for (LUNC). The cryptocurrency has managed to re-enter the top 100 assets by market cap and is now approaching another remarkable feat: the burning of 100 billion LUNC tokens.
The Terra Classic community is close to its goal of burning 100 billion tokens in an effort to reduce the circulating supply, according to the latest data from analytics platform LUNC Metrics dated February 13. In this process, which started on May 13, 2022, the community has managed to burn 98.52 billion tokens so far. Last week alone, 391 million tokens were burned, reducing the total supply in circulation to 5.78 trillion.
This burning campaign gained momentum, especially with the contributions of Binance, one of the world’s leading crypto exchanges. Thanks to Binance’s support, the Terra Classic community increases demand by reducing the amount of tokens in circulation, which contributes to the price rising and gaining positive momentum.
Regarding the price of Terra Classic, it is currently trading at $0.000117, which represents an increase of 4.4% in the last 24 hours. According to the latest charts dated February 13, Terra Classic gained 9.18% in value last week, while compensating for the 4.54% decline it experienced last month.
As a result, LUNC expects further price increases in the near future due to the positive impact brought by the burn campaign, as well as community votes on two key Know Your Customer (KYC) proposals, which would allow third-party developers to continue working on minor code fixes and bugs.
