Terra Classic Sets New Milestone, LUNC Price To Rally Amid Rising Weekly Burn?

The Terra Classic community in total burned over 226 million LUNC tokens in January, maintaining balance as crypto exchange Binance temporarily suspends its LUNC burn mechanism until March.

This week, the community has burned over 15 million LUNC tokens, as compared to 12 million LUNC in early January. The community reached a new milestone of successfully growing its weekly burn and moving together in the right direction.

Terra Classic Community Burns 15 Million LUNC Tokens

The Terra Classic community aims to burn billions of LUNC tokens in 2023. In fact, validators and projects have successfully supported the LUNC burn campaign after Binance suspended its LUNC burn mechanism until March. Until now, the community has burned 38.71 billion LUNC tokens in total.

The community led by validators and projects has burned over 15 million LUNC this week. The largest burn came from TerraCasino, which burned 10,059,442 LUNC in association with crypto influencer Bull.BnB. TerraCasino took to Twitter to show commitment to the community. It has burned 63 million LUNC in under 3 months.

Cremation Coin, a newly-launched project, sent 2,048,861 LUNC to the burn address. The project has burned over 30 million LUNC in total, as part of its plan to burn 10% of the project’s total transaction volume in LUNC every week.

Validator LUNC DAO burned 1,944,387 LUNC on Sunday, maintaining its position as the 5th largest burner of Terra Classic tokens. The remaining burns came from other community members.

Meanwhile, Binance announces support for Terra Classic (LUNC) upgrade as part of Proposal 11310 by the Joint L1 Task Force developer group led by professor Edward Kim, aiming to upgrade the chain from v1.0.4 to v1.0.5. The Terra Classic (LUNC) network upgrade will happen at block height 11,543,150, expected on February 14.

Terra Classic (LUNC) price currently trades at $0.0001829, up over 7% in a week. The 24-hour low and high are $0.0001801 and $0.0001867, respectively.

Also Read: Binance Supports Terra Classic (LUNC) Upgrade, Will It Start A Bull Run?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.