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HomeCrypto NewsMarketTerra Classic (LUNC) Hits Historic Staking Milestone Ahead of Mega Burns

Terra Classic (LUNC) Hits Historic Staking Milestone Ahead of Mega Burns

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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.

The growth path for Terra Classic has been bumpy with LUNC erasing all the gains it accrued in December. At the moment, the token is down 3.01% in 24 hours and by more than 32.65% in the past month to bring its price to $0.00009343.

Market cap and trading volume also come in at $540,860,914 and $26,650,764 with a drop of 3.01% and 1.43%, respectively. Despite these bearish drawdowns, significant staking metrics have elevated sentiments.

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Terra Classic Staking and Burning

According to an update from community member Saqlain Ali, the total number of LUNC staked is going up with a record 1.021 trillion tokens locked in staking contracts. This locked sum is equivalent to 15% of Total supplies.

Notably, the amount of staked LUNC stood at 957.32 billion tokens as of Jan. 7. However, it eventually hit the 1 trillion token mark two days later. The current figure shows that the community has staked 63.68 billion tokens in less than a month.

As a self-motivating community-driven protocol, there is now a growing clamor to intensify efforts on the staking venture,  a move that is poised to catalyze every known bullish fundamental revolving the Terra Classic scene.

While Ali highlights how the Staking campaign is pivotal to maintaining the market value of the token, another major push community members are looking forward to as a catalyst is the burn moves is also worth watching.

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Notably, the LUNC community set over 1 billion tokens ablaze in the past week and the upcoming mega Binance burn can also lend legitimacy that might bolster the adoption of the token soon. The Binance burn, combined with those of Validator BurnItAll accounts for more than 50% of LUNC burns.

Result Driven Restorative Efforts 

The restorative efforts for LUNC have been a consistent ride since the collapse of its algorithmic stablecoin TerraClassicUSD (USTC) in 2022. 

While there is still a long way to go before LUNC retests the $0.01 level, the community members are playing their path with hopes that the asset might regain its lost glory over time.

DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Godfrey Benjamin
Godfrey Benjaminhttps://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.

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