Terra Classic Burn Drops After Upgrade, Price to Fall Next?

The Terra LUNA community becomes disinterested

The Terra LUNA community becomes disinterested

and this week's LUNC token burn declines considerably due to the blockchain upgrade.

On February 15, Terra Classic blockchain upgrade vs successfully went live at block height 11,543,150. Kucoin LUNC Node was the block's proposer. The community failed to burn a sizable amount of LUNC tokens this week as part of the commitment to reduce tokens from the total circulating supply while the developers were preoccupied with the blockchain upgrade

In contrast to the 12 million LUNC tokens burned in early January, the community burned almost 15 million LUNC tokens last week. The community-set milestone represented progress towards the target of burning billions of LUNC in 2023. In fact, the neighbourhood thinks frequent fires and reintroducing utility will help LUNC prices reach $1 in 2023.

Only 5 million LUNC tokens were burned by the Terra LUNA Classic community this week due to the lack of Binance's monthly LUNC burn mechanism.

3.39 million LUNC were burned as part of the Cremation Coin project, bringing the total burn to over 34 million LUNC. Additionally, this week, validator LUNC DAO burned 1.77 million LUNC. The Terra LUNA Classic community did not engage in any other significant burning.

According to data gathered by CoinGabbar, the Terra Classic community burnt more than 226 million LUNC tokens in total in January.

Price Increase for Terra (LUNA) and LUNC Amid Market Recovery

In the past 24 hours, the price of Terra Classic (LUNC) increased by almost 3% amid the market-wide recovery; it is presently trading at $0.00017531. Low and high values over the past 24 hours are $0.0001712 and $0.0001782, respectively. Additionally, there has been a 40% rise in trade volume over the past 24 hours, indicating increasing interest.

Meanwhile, due to cross-chain developments, the price of Terra (LUNA) increased 5% over the past 24 hours. The price of LUNA is currently $1.948 after reaching a high of $2.12 today. In the past 24 hours, the trading volume jumped by 85%.