Data from #TerraClassic Foundation has revealed that over 1.017 trillion $LUNC tokens have been staked, representing roughly $70.15 million at the current market price. This splendid staking ratio of 15.01% showcases how strongly the community is backing the project.
Staking primarily is the locking of tokens thus reducing the circulating supply. This decrease in supply, coupled with increased demand, can potentially drive the price of #LUNC✅ upwards. Noteworthy, the staking ratio rose from 14.83% to 15.01%.
Binance has played a significant role in reducing the overall supply of #TerraLunaClassic tokens. Early this month, Binance, the world’s largest crypto #exchange by market volume burnt its 23rd batch (from May 31 to June 29), a burning mechanism that kicked off in early 2022. It is worth noting that Binance alone has burnt more than 62 Billion LUNC tokens contributing to more than 50% of total tokens burnt which amounts to 125 Billion tokens.
As earlier reported on CNF, the crypto market faced humongous pressure recently due to the Bitcoin price correction. Currently exchanging hands at $57,387.77, marking an 8.67% decline in the past week, Bitcoin has undergone a great ordeal after the Mt.Gox repayment news hit headlines and the massive liquidation of the German government. Dropping to lows of $53,550, Bitcoin has sent bearish trends to the altcoin market with Terra Luna Classic being no exception.
At the time of writing LUNC is Staking at $0.00007065, representing a noble 3.56% surge in the last 24 hours. Notably, Early March saw LUNC’s price falling from $0.00025 to $0.0000673 by July 5, marking a substantial 73.6% decline. However, on July 7, LUNC price saw a rebound with over 7% gains, trading at $0.00006898.
The recent price increase suggests that a further drop to $0.000052 might be unlikely. To restrict the downturn, the LUNC price needs to break out from $0.00007 and sustain that level. The current market cap for LUNC stands at $376.43 billion. The reduced token supply due to token burns by Binance and community staking can aid in boosting the Terra Luna Classic price.
The surpassing of 1 trillion staked LUNC tokens and the staking ratio hitting 15% marks a significant milestone for the Terra Luna Classic community. Coupled with continuous support from Binance indicates a positive outlook for LUNC. Additionally, the Terra Luna Classic community is actively working towards reviving the LUNC price. The impressive staking numbers, ongoing burns, and Staking on the strategic adjustments to the burn tax distribution indicate a commitment towards success.