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

Varinder Singh
February 19, 2023 Updated September 5, 2025
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Terra Luna Classic Core Developer Submits Major Proposal, LUNC to $1?

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?

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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)?

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.