- Terra Luna Classic erases most of December’s gains amid a monthly 31.5% drop.
- Terra’s community members incinerated over $111K of LUNC last week.
- LUNC staking now encompasses 15% of the total circulating supply at 1.02 trillion.
The battle-scared Terra Luna Classic (LUNC) blockchain is struggling as the market value of LUNC continues to trade in a downward spiral. However, the on-chain data hints at LUNC holders expecting a breakthrough moment as the staked crypto on the Layer-1 network scorched past the 1 trillion mark.
Currently, at 1.02 trillion, the staked amount represents 15% of the total LUNC supply. Many Terra Classic community stakers and validators are reaching for 20% as the next goal. At the same time, prominent member Saqlain Ali emphasized how the Terra Classic community relies upon LUNC burns to maintain the altcoin’s market value.
Terra Classic Burns on a Tight Schedule
While the social sentiment towards LUNC is at an all-time low, and many LUNC holders are disappointed to see a 31.5% monthly downturn, the community is making mutual efforts to break out of the bear trap.
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December 2023 was highlighted by LUNC’s stellar 300% bull run. However, the reclaimed $1 billion market capitalization didn’t last long, as LUNC dropped out of the TOP 50 and is close to retracing the triple-digit gains.
Terra Classic members are running a LUNC burning campaign to tackle this issue. In a united manner, the Terra Classic community incinerated over 1 billion LUNC coins last week. Still, this week could be a game-changer for Terra Luna Classic due to Binance’s monthly burn.
Can LUNC Break the Bearish Trendline?
On February 1, 2024, Binance’s cumulative LUNC trade burns will be followed by a prominent validator’s BurnItAll USTC burns. Accounting for over 50% of LUNC burns, the globally leading exchange Binance was also requested to do the same with USTC but hasn’t responded to the community yet.
LUNC trades at $0.00009992 at press time, rebounding 11% in the last 7 days. However, it still trades above the crucial resistance trendline of $0.0001 despite not dropping below the support cluster this year until January 22, 2024. If Binance’s burn bumps LUNC above to break the bearish triangle above $0.0001, Terra Classic holders could find relief after a month of intense crypto bear takeover.
On the Flipside
- While Binance has destroyed a hefty 5.59B LUNC in January’s burning batch, the reliance on burns for an immediate price change has rarely borne fruit.
Why This Matters
The community members and crypto platforms coordinate the original Terra chain’s revitalization process. Terra Classic has a vast community of developers and validators who see potential in the Layer-1 chain despite the May 2022 Luna & UST fiasco.
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