✍️ 27 December, 2023 – 16:01 👤 Editor: Jakub Motyka
- Terra Luna Classic burn is progressing slower than expected, holding back the price of LUNC.
- The blockchain recovery depends on the burn and the overall crypto sentiment.
- The latest news about cryptos, in our Telegram Channel.
Terra Classic (LUNC) is currently trading for $0.0003086. The price represents a 4% increase in the past day, and a 5% loss in the last week. LUNC has shown a weak performance lately despite community initiatives to revive Terra Classic.
It casts doubts on whether the once promising project will ever recover, and if so, how soon. The current value in LUNC is less than a fraction of its $119.18 ATH. The stablecoin-backed token, launched in 2019, traded under $1.5 as of April 2021. It was before the crypto market boom in mid-2021.
How LUNC Token Burn Is Progressing So Far
Top crypto exchange, Binance, unveiled LUNC fee burn last month. The step aimed at enhancing the token trading experience. It, however, exempted LUNC spot and margin trading fees. LUNC price has, nonetheless, remained subdued.
The bearish sentiment is attributed to a lower-than-expected burn quantity. The amount in the first week of the burn was 5.6 billion tokens. The figure is a tiny fraction compared to the current circulating LUNC supply of 6.1 trillion.
Terra Luna Classic Rise And Fall
Terra Luna Classic entered the crypto market in 2019 with a stablecoin, TerraUSD. The digital asset was pegged 1:1 to the price of the dollar. In May 2022, the algorithmic stablecoin de-pegged, causing a collapse of the then-promising crypto project.
Terraform Labs developed Terra Luna Classic. The firm is the brainchild of two blockchain entrepreneurs, Do Kwon and Daniel Shin.
Enter Terra 2.0
The collapse of Terra Classic led to a new fork, Terra 2.0. It is a new version of Terra Luna Classic network. The blockchain uses proof-of-stake consensus in transaction validation.
Nonetheless, the journey to Terra Classic recovery faces several challenges. Some of it is the whereabouts of Do Kwon. Recent reports states that Interpol has put the executive on the wanted list.
As to whether Terra Luna Classic will recover or not, the answer lies with how effective the burn will be. Positive momentum in LUNC is equally based on the overall crypto space. Currently, most tokens have not shown much recovery. BTC is trading at $19.2k, while ether is exchanging for $1,305.
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