The primary concern for members of the Terra Luna Classic community is whether or not the crypto exchange platform Binance would decide to bring back LUNC burn
The Cremation Coin initiative burned 3.39 million LUNC, bringing the total to over 34 million. This week, validator LUNC DAO burned 1.77 million LUNC.
In order to lower the quantity of tokens in circulation, the Terra Luna Classic community set out to burn a significant number of LUNC tokens this week. Due to the absence of Binance's monthly LUNC burn mechanism, the Terra LUNA Classic community only burned 5 million LUNC tokens this week.
As part of the Cremation Coin project, 3.39 million LUNC were burned, increasing the total burn to over 34 million LUNC. Moreover, 1.77 million LUNC were burned by validator LUNC DAO this week. There were no other large burns carried out by the Terra LUNA Classic community.
The community destroyed around 15 million LUNC coins last week, compared to the 12 million tokens burned in early January. The milestone, set by the community, marked advancement towards the goal of burning billions of LUNC in 2023. The neighbourhood actually believes that periodic fires and the reintroduction of utilities will contribute to LUNC costs reaching $1 in 2023.
Also, at block height 11,543,150 on February 15, the blockchain upgrade version 1.0.5 successfully went live. The community's burn targets were not met while the developers were working on the blockchain update.
The Terra Classic community burned more than 226 million LUNC tokens in total in January, according to information obtained by CoinGabbar.
The value of Terra (LUNA) and Terra Classic (LUNC) suddenly dropped after the US SEC filed a lawsuit against Terraform Laboratories and Do Kwon. However, recent price movement indicates that Do Kwon may still have an effect on Terra Classic's price.
The price of Terra Classic, which is currently trading at $0.0001685, is under selloff pressure despite the market's overall recovery. The 24-hour low and high values are $0.0001671 and $0.0001729, respectively.
Over the previous day, Terra's (LUNA) price fell by 1%. Today's high for the LUNA price was $1.913; it is currently trading at $1.82. For the last 24 hours, the transaction volume has declined 20%, maintaining a downward trend.
