Terra Classic (LUNC) price witnessed a massive rally last week due to a breakout above the 3-month descending channel. The price rally seems to continue amid the latest developments, proposals, and an increase in the LUNC burn rate by the Terra Classic community.
Despite crypto exchange Binance temporarily suspending its monthly LUNC burn mechanism, the Terra Classic community looks to burn massive LUNC tokens to reduce the total circulating supply in 2023.
Terra Classic Community Plans Revival in 2023
The Terra Classic community has increased the burn rate to decrease the overall supply of LUNC tokens and revive the system. With the start of the year, the community has already burned nearly 145 million LUNC tokens.
Allnodes, a top Terra Classic validator, burned 123,755,691 LUNC tokens on January 1. Moreover, Terra Casino burned 18,009,329 LUNC tokens in the last 24 hours. Until now, almost 37 billion LUNC tokens have been burned by the Terra Classic community, with Binance contributing over 20 billion LUNC tokens.
Moreover, the community has recently passed Proposal 11111 “Repeal Proposal 10983,” which brings back 10% remint from the 0.2% burn tax and adds to the community pool, instead of 50% remint. As a result, Binance continues to commit to LUNC community, but will burn 50% of LUNC spot and margin trading fees instead of 100%.
Meanwhile, the community has also approved Proposal 11168 by Terra Classic core developers Edward Kim and Tobias “Zaradar” Anderson. Almost 95% have voted “Yes” to the proposal to build a “Joint L1 Task Force” developers team and provide 908,000,000 LUNC tokens worth $141.75k for L1 developments.
Zaradar in a tweet on January 2 even announced Github account and recent developments as part of Proposal 11168. Zaradar also noted that he hasn’t worked in such a great team yet.
LUNC Price Rally Continues
Terra Classic (LUNC) price continues to rally amid the positive sentiment. The LUNC price has increased nearly 5% in the last 24 hours, with the current price trading at $0.00015.
The 24-hour low and high are $0.0001472 and $0.0001555, respectively. The market cap has fallen below $1 billion, but an increase in trading volume indicates a further rise in LUNC price.
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