thecryptobasic.com
After implementing an aggressive deflationary campaign following its collapse in 2022, Terra Classic (LUNC) is now close to hitting the 100 billion token burn milestone.
Terra Classic comes off as one of the biggest beneficiaries of the bullish rallies in the market today. The major uptick being recorded is not necessarily in its price alone but also burned tokens.
Per data from Luncmetrics, the community’s collaborative efforts resulted in the incineration of 383,184,360 LUNC over the past week. This figure just tilted the total LUNC burnt since May 2022 to 98.60 billion with just 1.4 billion away from the 100 billion milestone.
Terra Classic (LUNC) by the Numbers
Terra Classic has seen impressive price upticks over the past 24 hours. The coin is up 1.78% to $0.0001163 with its market capitalization soaring by a similar rate to $672,780,857.
Though the trading volume has plummeted by 22.38% to $36,824,951, it does not negate the reality that there is a subtle revival ongoing in the LUNC ecosystem.
Per the burn track data, the protocol now boasts a circulating supply of 5.78 trillion out of a total supply of 6.81 trillion. The LUNC community is determined to shrink this extensive circulating supply in a bid to drive prices up long term.
Terra Classic’s ambition leans on its history, boasting an All-Time High (ATH) of $119.18. Drawing on basic economics principles, the reduction in the circulating tokens through burning can add more value to the coin and potentially drive a massive rally.
Relentless Terra Classic Innovations
Terra Classic is seeing intensive adoption across the board with major exchanges lending support by listing it for trading.
Besides this, the staking venture on Terra Classic is flashing impressive figures, with current data pegging the total LUNC staked at 1,022,370,160,639 (1.022 billion) tokens, accounting for 15.02% of the total supply.