Terra Classic’s LUNC Staking Surge Amidst Market Turbulence

Estimated read time 3 min read
  • Terra Luna Classic’s LUNC token experiences a 31.5% monthly drop, erasing most of December’s gains, but the community remains hopeful as LUNC staking surpasses 1 trillion, representing 15% of the total supply.
  • The article explores Terra Classic’s efforts to combat the bearish trend through a burning campaign, with anticipation building around Binance’s upcoming monthly burn as a potential catalyst for a turnaround.

The Terra Luna Classic (LUNC) blockchain is facing challenges with a monthly 31.5% drop, erasing most of December’s gains. However, amidst the bearish trend, LUNC holders are eagerly anticipating a turnaround as staking records soar past the 1 trillion mark, representing 15% of the total circulating supply.

Terra Classic’s Struggle and Staking Milestone

Despite the battle-scarred state of Terra Luna Classic, its community is making strides in staking, with the current amount reaching 1.02 trillion LUNC. Community stakers and validators are eyeing the 20% milestone, recognizing the significance of staking in maintaining the altcoin’s market value. Saqlain Ali, a prominent member, underlines the community’s reliance on LUNC burns to fuel the token’s resilience.

Terra Classic Burns on a Tight Schedule

While social sentiment towards LUNC is low, the community is taking concerted efforts to break free from the bearish trap. December 2023 witnessed a stellar 300% bull run for LUNC, but the subsequent 31.5% monthly drop led to disappointment. In response, the Terra Classic community initiated a burning campaign, incinerating over 1 billion LUNC coins last week.

February 1, 2024, marks a potential turning point for Terra Luna Classic, as Binance’s cumulative LUNC trade burns coincide with BurnItAll USTC burns from a prominent validator. Binance, responsible for over 50% of LUNC burns, holds the key to breaking the bearish trendline. LUNC, currently trading at $0.00009992, has shown an 11% rebound in the last 7 days but remains above the crucial resistance trendline of $0.0001.

The Significance of Burns in Terra Classic’s Journey

While Binance’s burn in January saw a hefty 5.59 billion LUNC destroyed, the reliance on burns for immediate price changes has been met with mixed results. The upcoming burn event on February 1 holds potential significance, offering Terra Classic holders a glimmer of hope after a challenging month in the crypto market.

Why This Matters for Terra Classic’s Community

The coordinated efforts of community members and crypto platforms play a pivotal role in revitalizing the original Terra chain. Despite past challenges, Terra Classic boasts a vast community of developers and validators who remain optimistic about the Layer-1 chain’s potential, emphasizing the importance of perseverance in the crypto space

vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.

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