Terra Classic (LUNC) price rallies with strong community support and intensified token burns, indicating a potential price surge toward the $1 target.
Analyst Predicts Terra Classic Price Rally to $1
Crypto analyst shared an X post signaling a potential breakout for LUNC, indicating strong buying momentum. According to the analyst, the cryptocurrency’s community-driven efforts may soon push it toward a significant milestone of $1. Current resistance levels remain challenging, but the recent emergence of buy signals suggests optimism within the LUNC community.
Source: x (formally twitter)
LUNC Token Burns Reach New Milestone
In the past hour, a total of 1,000,000 LUNC tokens were burned, recorded across a single transaction. The burn activity today has reached substantial numbers, highlighting ongoing efforts to reduce token supply.
Today’s total includes 1,072,874.68 tokens burned through transactions and an additional 18,308,685.22 tokens via taxes. The overall daily burn tally has now climbed to 19,381,559.90 tokens.
Source: x (formally twitter)
Is LUNC Price Poised for Continued Growth?
Terra Classic has seen notable growth, with its price climbing by 14% over the past month, indicating a clear bullish trend. The positive momentum comes amid a broader surge in the crypto market as major digital assets demonstrate upward price movement.
Bitcoin is trading above $76,000, while Ethereum (ETH) hovers around the $3,000 mark, reflecting a strong market sentiment. This widespread rally has positively impacted numerous altcoins, with Terra Classic benefiting from this optimistic atmosphere. As of today, LUNC price is trading at $0.0000935, with a 3% increase in the past 24 hours.
Source: Trading View
Terra Classic’s price surge and community-driven token burns signal potential growth. Favorable market conditions further strengthen this outlook. Challenges persist, yet the $1 target remains achievable with sustained momentum. Investor support will be crucial in reaching this milestone.

Disclamation: Recommendations, suggestions, views given by the crypto experts. It’s not financial advice. You must do your own research before investing crypto markets. Crypto Wolf is always trying to share valuable news for trading, staking, investing after our own research. Information source trading view,x, online media and crypto experts.

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Terra Classic (LUNC) is doubling down on its deflationary campaigns, with record staking volume and lined-up mega token burns ahead.

Read more on: https://thecryptobasic.com/2024/02/01/terra-classic-lunc-hits-historic-staking-milestone-ahead-of-mega-burns/
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Terra Luna Classic burns 251B LUNC, 264M USTC as Terraform Labs shuts Shuttle Bridge, aiming for market impact amidst regulatory settlement.
Terraform Labs (TFL) has executed a large-scale token burn of 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation. The burn was part of a settlement with the U.S. Securities and Exchange Commission (SEC) that required TFL to dispose of specific assets held in its Shuttle Bridge wallets.
Terra Luna Classic Burns LUNC and USTC Holdings
According to an update on X (formerly Twitter), the recent burn event is linked to TFL’s decision to permanently shut down the Shuttle Bridge, a cross-chain transfer solution for Terra Classic tokens. As a precautionary measure and to avoid any legal complications, TFL closed the bridge on the 31st of October, 2024. In the US SEC settlement, TFL committed to destroying the tokens stored in the Shuttle Bridge wallets with a view to meeting regulatory requirements.
The burn took out around 4% of the LUNC supply, which stands at around 5.45 trillion tokens.
Although this could be seen as significant when looking at the numbers, market experts posit that this could be insufficient to make the prices skyrocket due to lack of enough demand. TerraClassicUSD (USTC) also received a significant reduction with its 264 million tokens burnt while this accounts for a lesser part of its 5.56 billion circulating supply.

LUNC and USTC Price Reaction
Despite the substantial reduction in circulating supply, the market reaction has been restrained. LUNC price saw an increase of 3%, while USTC price rose by 1.70%, according to CoinMarketCap data.
Analysts attribute the limited price movement to the overall large supply of these tokens, as the recent burn represents only a fraction of the total amount in circulation. It’s a good thing that supply is down, but since there are still billions still in circulation it’s doubtful this will have much effect on prices,’ said a market analyst. This relative calm suggests that although burns can cut down on supply, token utility and consumer appetite are needed for more significant gains.
While the immediate price impact was limited, technical indicators suggest the possibility of a future uptrend. Analysts have identified a “falling wedge” pattern on LUNC’s price chart, a formation that typically signals a bullish reversal. This pattern forms when prices oscillate between converging trendlines, often hinting at a potential breakout.

Source: Trading View
Support levels for LUNC are currently around $0.000083572, where strong buying interest has been observed. Resistance within the pattern is gradually decreasing, pointing to diminishing bearish sentiment.
If LUNC breaks through the upper trendline, some analysts believe it could aim for a target price around $0.0001, potentially setting the stage for further gains if market conditions align.

Recommendations, suggestions, views and opinions given by the experts are their own. You must do your own research before investing crypto markets. Crypto Wolf always trying to share valuable news for trading, staking, investing after our own research. Terra Luna Classic Burns LUNC And USTC Holdings, LUNC Price hits $1 USD

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