Terra Classic Burn Hits 95 Billion Milestone

The Terra Luna Classic ( LUNC ) community is celebrating a remarkable milestone as its ongoing burn campaign reaches an impressive 95 billion LUNC since May 2022. This achievement, driven by the collaborative efforts of crypto exchanges, validators, projects, and dedicated community members, signifies a substantial reduction in the circulating supply of $LUNC. Notably, Binance, the world's leading cryptocurrency exchange, has played a pivotal role, contributing over 51.7% to the total burn, showcasing the community's commitment to long-term sustainability.

LUNC Burn Milestone:
The Terra Luna Classic burn campaign has witnessed consistent progress, with an average weekly burn of 600 million LUNC per week. This figure has experienced a notable uptick since November, indicating a growing momentum within the community. Binance's monthly LUNC burn mechanism has been a driving force, accounting for nearly 50 billion LUNC in total. As the LUNC token's circulating supply stands at 5.78 trillion and the total supply at 6.81 trillion LUNC , this achievement underscores the community's determination to manage and optimize the token's availability in the market.

Binance's Significant Contribution:
Binance's involvement in the LUNC burn is substantial, making up over 51% of the total burned tokens. The recent 17th batch of the LUNC burn mechanism saw Binance burning 5.57 billion Terra Luna Classic ( LUNC ) tokens. With the total amount burned by Binance nearing 50 billion, it demonstrates the exchange's commitment to supporting the Terra Luna Classic community's goals.

Community Initiatives and Challenges:
While the LUNC burn campaign has achieved an impressive milestone, the community recognizes the need for continued efforts in utility, funding, and chain developments. In an effort to further boost the burn rate, the community has explored burning USTC and LUNC held in other protocols. However, a clear directive is essential to proceed with these initiatives, showcasing the importance of strategic planning and coordination within the community.

Market Response and Price Rally:
The broader market recovery after the monthly expiry has had a significant impact on the prices of both LUNC and USTC. LUNC has experienced an 8% surge in the last 24 hours, currently trading at $0.0001012. The 24-hour high and low are $0.0000951 and $0.0001032, respectively. Trading volume has spiked by 100%, indicating heightened interest among traders. Meanwhile, USTC has seen an impressive 11% surge, currently trading at $0.02652, with a 24-hour low of $0.02467 and a high of $0.02713.

Conclusion:
The Terra Luna Classic community's achievement of burning 95 billion LUNC marks a significant milestone, showcasing the dedication and collaboration within the community. With Binance's substantial contribution and the market responding positively with increased prices and trading volume, the future looks promising for Terra Luna Classic. As the community continues to focus on utility and development initiatives, the ongoing success of the LUNC burn campaign positions Terra Luna Classic as a project to watch in the dynamic world of cryptocurrencies.