The Terra Classic Foundation has recently announced a significant milestone, stating that over 1.017 trillion LUNC tokens are now staked, representing a 15% staking ratio. This achievement demonstrates the growing confidence of the community in the network. The staked tokens are valued at approximately $70.15 million, indicating a substantial reserve.
Token Burns Contribute to Supply Reduction
As earlier reported by Times Tabloid, Binance, a prominent supporter of Terra Luna Classic, has burned 1.7 billion LUNC tokens in its 23rd batch, contributing nearly 62 billion tokens.
The community has collectively facilitated over 125 billion LUNC token burns, significantly reducing the supply. This reduction in supply has positively impacted market sentiment and dynamics.
Staking Ratio Increase Impacts Price
The surge in the staking ratio has led to reduced token availability in the market, resulting in decreased selling pressure and a potential price increase. According to CoinMarketCap, the LUNC price has rebounded, gaining over 7% and trading at around $0.00007246. Continued staking and burn initiatives are expected to support price stability and potential appreciation.
The Terra Classic community aims to maintain the momentum gained from token burns and increased staking. Strategic initiatives from key players like Binance and favorable market conditions could influence LUNC’s future price.
The crypto market’s recovery and internal developments within the Terra ecosystem position LUNC for potential growth.
The foundation is actively working on network upgrades and enhancements, focusing on improving scalability, security, and usability. These developments aim to expand the network’s capabilities, attracting new users and increasing adoption. The foundation’s commitment to innovation and growth aligns with the community’s vision, further solidifying LUNC’s potential for long-term success.
Terra Luna Classic’s achievement of 1 trillion staked tokens marks a significant point in the network’s history. The increased staking ratio and substantial token burns demonstrate strong community support and long-term confidence in the project. These factors contribute to a promising outlook for LUNC, setting the stage for potential future gains and reinforcing the network’s appeal to investors.
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