Terra Classic (LUNC) continues to be on the agenda, especially on Twitter. A large group of investors continues to volunteer to make up for the big gap. These efforts, accompanied by the Terra developers, have had some impact. LUNC has gained 2x in just one day, its weekly earnings are over 250%.
LUNC rises amid all the negativity
Terra Classic is one of the most sought-after cryptocurrencies in the market lately. After the Terra issues crackdown in early May began, Do Kwon stepped in for a new version of the community-accepted original Terra LUNA chain. Thus began the first genesis block on May 28, with many LUNA advocates making huge profits.
At the same time, the current Terra’s name was changed to LUNA Classic. However, although it went well in the beginning, LUNC didn’t end well either. Because people still look at the Terra ecosystem with fear. Also, many exchanges listing the classic version have issued a warning that the token will be removed if it starts to show a bearish trend. As a result, all these negative expectations seem to be dissipating with a new mechanism that will reduce the supply of Terra Classic, which is approaching to infinity.
Why Terra Classic (LUNC) is rising
The rally is due to a new mechanism that the dev team is working on to reduce supply. Terra developers weighed in on integrations such as staking and token burning. LUNC staking has already started recently. So far, investors have locked 467 billion LUNC in their staking pools. More than 7% of LUNC supply is currently locked in staking pools.
After that, users can now stake to earn returns on Terra Classic. It will then be used to buy new LUNC burned. As part of the LUNC v22 network update, token staking is operational. Efforts to decrease the supply were effective in increasing the price.
New token burning mechanism
One of the announcements that pushed investors to buy Terra Classic was the news of token burning. According to the announcement, 1.2% of Terra Classic transactions will be permanently removed from circulation in the coming weeks. To further increase the scarcity, the developers have introduced token burning. According to the LUNC Burner website, more than 3 billion Terra Classics are no longer in circulation. The procedure will help reduce the amount currently in circulation. As a result, the token price will rise.
cryptocoin.comAs you follow, Terra Classic’s 24-hour trading volume has reached $1.8 billion. The token is currently trading at $0.0002529. According to data from Coinecko, the Terra Classic price has gained more than 100% in recent weeks.
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