LUNC Burn Shortfall Worries The Terra Luna Classic (LUNC) Community

Terra Luna Classic community has failed to burn significant LUNC tokens this week as part of the commitment to remove tokens from the total circulating supply. The Terra LUNA Classic community burned just 5 million LUNC tokens this week, losing the focus to burn in the absence of crypto exchange Binance’s monthly LUNC burn mechanism.
Cremation Coin project burned 3.39 million LUNC, making the total burn rise to over 34 million LUNC. Moreover, validator LUNC DAO burned 1.77 million LUNC this week. There was no other significant burn by the Terra LUNA Classic community.
The community burned over 15 million LUNC tokens last week, as compared to 12 million LUNC in early January. The milestone set by the community indicated a move in the right direction as per the goal to burn billions of LUNC in 2023. In fact, the community believes LUNC price can hit $1 in 2023 through regular burns and bringing back utility.
Moreover, blockchain upgrade v1.0.5 successfully went live at block height 11,543,150 on February 15 at 18:28:24. While the developers were busy with the blockchain upgrade, the community failed to meet burn targets.
The Terra Classic community in total burned over 226 million LUNC tokens in January, as per the data tracked by CoinGape.
Also Read: Why BLUR Token Is Trending? What’s Unique About This New Token?
Terra (LUNA) and LUNC Price On Brink Of Massive Fall
Terra (LUNA) and Terra Classic (LUNC) prices plummeted suddenly after the U.S. SEC filed a lawsuit against Terraform Labs and Do Kwon. Unfortunately, the recent price action indicates that Do Kwon still influences Terra Classic price.
Terra Classic price is under selloff pressure despite the market-wide recovery, with the price currently trading at $0.0001709. The 24-hour low and high are $0.0001692 and $0.0001741, respectively.
Meanwhile, Terra (LUNA) price fell 1% in the last 24 hours. The LUNA price is currently trading at $1.89, after hitting a high of $1.91 today. The trading volume continues to decline, with a 20% drop in the last 24 hours.
Also Read: US SEC v. Do Kwon: Massive Selloff Coming In Terra (LUNA), Terra Classic (LUNC)?
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns