The embattled Terra Luna Classic (LUNC) blockchain just hit a record high in staked equity, pushing this number well above 1 trillion tokens. With a 3.18 billion increase in 24 hours, 15.92% of all circulating LUNC tokens are now locked in staking vaults.
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While Terra Luna Classic’s (LUNC) price picked up 2% gains amid these news, the massive 10% monthly downturn has pushed the altcoin way below two major support levels. And so, January 18, 2025 remains the last day LUNC price claimed the $0.0001 territory, adding up to the yearly deficit of 58.7%.
LUNC Burns Overshadowed By Sluggish Volume
The trading volume on Spot markets remained quiet with just $20 million in 24-hour trades, even though some whales resurfaced to make a few major moves. One crypto whale has incinerated 12 million Luna Classic tokens in a 3.6B LUNC move between wallets on April 7, 2025.
Indeed, Terra Classic burn has been a lifeboat for the community striving to navigate through the rough crypto seas after Terra Lunaโs downfall in 2022. On the other hand, the news of sunsetting TerraForm Labs operations ensured that the LUNC community has full control over the Layer-1 blockchain.
In communal efforts, the over-minted circulation has plummeted from 6.49 trillion LUNC tokens to 5.44T. While this hasnโt reflected on Terra Luna Classicโs price charts, LUNC staking record implies that holders are expected to see eventual price appreciation due to massive deflation.
Burning a total of 407.55 billion since the Terra Luna de-pegging crisis in May, 2022, the Luna Classic community continues the deflationary tactics amid the 3.4.3 chain upgrade, which kicked in on the mainnet yesterday. The software upgrade is supported by Binance, the largest LUNC burn donor up to date with more than 27B tokens taken out of the game.
On The Flipside
- In order to lose a zero in its market value, Terra Luna Classic token would need to restore a market cap of at least $584 million.
- Presently at $305 million, the game-tested altcoin lost the $1 billion mark in late December, 2023, according to CoinGecko.
Why This Matters
A community-powered comeback could still be on the cards for Terra Classic with governance proposals, new adoption cases and burn stats being the catalysts to watch for.
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