The Terra Luna Classic community has fallen short in their effort to burn a significant amount of LUNC tokens this week as part of their plan to reduce the total circulating supply. They only managed to burn 5 million LUNC tokens, as their focus was lost due to the absence of Binance's monthly LUNC burn mechanism.
However, the Cremation Coin project burned 3.39 million LUNC tokens, contributing to a total burn of over 34 million LUNC tokens. Additionally, the validator LUNC DAO burned 1.77 million LUNC tokens during the week, but the Terra Luna Classic community did not burn a significant amount of tokens besides this.
Last week, the Terra Luna Classic community burned more than 15 million LUNC tokens, which is an improvement from the 12 million burned in early January. This milestone is seen as a positive step towards their goal to burn billions of LUNC tokens in 2023, and the community is optimistic that regular burns and the restoration of utility will increase the LUNC price to $1 in 2023.
The community was focused on a successful blockchain upgrade v1.0.5, which was completed at block height 11,543,150 on February 15 at 18:28:24. However, during this time, they failed to reach their burn targets.
According to WikiBit's data, the Terra Luna Classic community burned more than 226 million LUNC tokens in January.
Terra (LUNA) and LUNC Price On Brink Of Massive Fall
The sudden decline of prices for Terra (LUNA) and Terra Classic (LUNC) can be attributed to the recent lawsuit filed by the U.S. SEC against Terraform Labs and Do Kwon. Unfortunately, the recent price trend indicates that Do Kwon still has an influence on the price of Terra Classic.
Despite the market-wide recovery, Terra Classic is experiencing selloff pressure, with its price currently at $0.0001709, and a 24-hour low and high of $0.0001692 and $0.0001741, respectively.
In the last 24 hours, Terra (LUNA) has seen a 1% decrease in price and is currently trading at $1.89, with a high of $1.91 earlier in the day. The trading volume has also decreased, with a 20% drop in the last 24 hours.
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