Terra Classic (LUNC) price soars nearly 10% in the last 24 hours from a low of $0.00025 to a high of $0.00029. The price jumped after several crypto exchanges and platforms extended support for Terra Classic. In fact, Lithosphere network core developer KaJ Labs aims to burn 2.5 trillion LUNC tokens with the Jot Art Finesse NFT collection and mixed RPG play-to-earn “Finesse” gameplay.
Terra Classic has a total supply of 6.8 trillion. The community aims to reach a fixed supply of 10 billion LUNC tokens with the 1.2% tax burn or other burn mechanisms. Until now, 6.6 billion LUNC tokens have been burned, with 4.2 billion burned by sending to the burn address and 2.3 billion burned with tax.
The world’s largest exchange Binance’s support for Terra Classic burn for on-chain and off-chain transactions has led many other exchanges including KuCoin, Kraken, Huobi, Gate.io, MEXC Global, eToro, Crypto.com, CoinInn, BTCEX, and LBank to support the community.
Recently, other exchanges such as CEX·IO, Bitrue, Bitazza Global, etc. have extended support for the 1.2% tax burn mechanism. Moreover, other projects such as MetaRivals are also returning to the Terra Classic chain.
Interestingly, Lithosphere blockchain core developer KaJ Labs promises to allocate $50-$100 million for burning 2.5 trillion Terra Classic (LUNC) tokens. KaJ Labs expects the Lithosphere (LITHO) Jot Art Finesse NFT collection and mixed RPG play-to-earn “Finesse” games starting October 1.
While crypto exchanges aim to burn LUNC tokens until the supply reaches 10 billion, new projects and games plan to further reduce the LUNC supply. This will make the LUNC price jump significantly higher and the token becoming more deflationary.
After the 1.2% tax burn, the daily burn rate has reached over 450 million LUNC tokens. As a result, the Terra Classic (LUNC) price has jumped higher despite other factors such as the arrest warrant against Do Kwon.
In the last 24 hours, the Terra Classic price has soared nearly 10%, with the price currently trading at $0.00027.
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