Terra Classic finally hits the 1 trillion staked milestone with over 60B LUNC tokens burned, indicating growing interest despite market challenges.
Terra Classic (LUNC) has not escaped the market downturn triggered by the SEC’s recent slew of enforcement actions. The agency’s complaints have forced several altcoins, such as Cardano (ADA) and Shiba Inu (SHIB), into a bearish cycle over the past few days.
Amid the massive selling pressure on the market, the Terra Classic network accomplished a remarkable feat by surpassing the much-coveted one trillion LUNC token staked on the blockchain.
Luna Classic HQ, a community-driven Terra Classic account, recently shared the development with the community as it represented one of its much-anticipated landmarks.
BREAKING NEWS ???
1Trillion $LUNC STAKED
We have reached 1Trillion $LUNC IN STAKING #LUNC #LunaClassicHQ #LunaClassic pic.twitter.com/A58k5Xg8AF
— LunaClassic HQ ? ™ (@LunaClassicHQ) June 10, 2023
Recall that The Crypto Basic highlighted the anticipation and enthusiasm that swept the LUNC community when the number of staked tokens crossed 970 billion. The community has since been championing initiatives aimed at crossing the 1 trillion threshold.
According to the StakeBin, 1,003,120,789,034 (1 trillion) LUNC coins worth nearly $90 million have been staked. This value represents an impressive 14% of the asset’s supply.
The accomplishment marks a historic development for the Terra community. It indicates a growing interest from the crypto public despite the network’s tumultuous past. It shows users are displaying confidence in Terra Classic by staking their LUNC on the blockchain to earn rewards.
Over 60 Billion Terra Classic (LUNC) Burned
While the number of staked LUNC coins has continued to increase, the ecosystem has been consistent in its efforts to reduce its token supply to push its price to $1. Over 60.39 billion LUNC coins have been burned, bringing its circulating supply to 5.8 trillion.
Among the projects leading the LUNC burning endeavor is Binance, which takes the most significant share with over 50% contribution. Binance alone has burned 32 billion LUNC. Nonetheless, LUNC’s current price is $0.00008607, with a 24-hour trading volume of $71.81 million after declining by about 3%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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