Potential Impact On LUNC Price
The recent delegation of 30 million LUNC to Hexxagon has garnered attention within the Terra Classic community. Most members view this as a positive step towards strengthening the network’s infrastructure. Moreover, they believe that Hexxagon’s involvement will enhance the reliability and security of the Terra Classic ecosystem.
From an economic perspective, this significant delegation could impact the price of LUNC. Increased delegation often signals confidence in the network, which can attract more investors. If Hexxagon successfully enhances the network’s infrastructure, it could lead to increased usage and demand for LUNC.
However, the community’s trust is crucial. If Hexxagon and L1TF can demonstrate transparency and effective management, it might positively influence LUNC price. Conversely, any missteps could lead to volatility and uncertainty due to the network’s infamous history.
At press time, the Terra Classic price was down by 1.83% to $0.00008063 on Tuesday, July 2. Meanwhile, the LUNC market capitalization stood at $441.41 million. Whilst, Terra Classic trading volume slumped 7.59% to $14.24 million.
However, the Terra Luna Classic community has rallied efforts to initiate LUNC token burns. On Monday, Binance, the biggest cryptocurrency #exchange in the world, sent 1.7 billion Terra Luna Classic (#LUNC✅ ) tokens to its burn wallet. This marks the 23rd batch in Binance’s ongoing effort to reduce the LUNC supply.
With this latest transaction, Binance has burned almost 62 billion $LUNC in total. Moreover, the Terra Luna Classic community has collectively burned more than 125 billion LUNC #tokens so far. Since 2022, Binance has supported the #TerraLunaClassic community’s revival efforts through its monthly token burn mechanism.
