Terra Classic (LUNC) price could witness another rally amid an increase in community-led LUNC burn and blockchain development plans. The community has burned almost 25 million LUNC tokens in the last 10 days, with developers working to continue Terra Station and Rebel Station support for the community.

Terra Classic Community Burns Over 13 Million LUNC Tokens

After crypto exchange Binance burned almost 6.3 billion Terra Classic (LUNC) the community hopes to burn more LUNC tokens. This comes as Binance could revoke its monthly LUNC burn mechanism due to the passing of Proposal 10983, which could see 0.5% instead of 0.1% funds from 0.2% burn added to the community pool.

As Binance is voluntarily burning LUNC spot and margin trading fees by sending them to the burn address. It could simply mean using Binance funds to indirectly fund developers and other members to revive Terra Classic price.

In the last 3 days, the community burned over 13 million tokens. Validators LUNC DAO and LUNA Station 88 burned 5,023,338 and 3,501,297 LUNC tokens, respectively. TerraCasino.io burned 3,984,017 LUNC tokens.

Yanis, one of the top 10 burners, has returned to burn LUNC for the community. Yanis has burned over 62.5 million LUNC tokens until now.

Terra Rebels are now working on its Rebel Station to separate Terra Classic from TFL and Do Kwon. Proposal 11030 has been put up by Terra Rebels to allow the developer group to get LUNC worth $150,000 from the community pool and work on Rebel Station.

Meanwhile, developer group TerraCVita is now managing the Terra Station along with help from validator Allnodes and TFL. Also, Terra Station is facing issues as TFL announced ending Terra Classic support due to switching to cross-chain Station. TerraCVita believes they could manage the Terra Station and save the $150,000 that Terra Rebels requested for Rebel Station developments.

Can LUNC Price Recover Above $0.0002?

Terra Classic price is currently trading at $0.0001642, down nearly 4% in the last 24 hours. The 24-hour low and high are $0.000163 and $0.0001716, respectively. The trading volume jumps over 25% in the last 24 hours.

With upcoming developments, the reopening of IBC channels, and Cosmos support, Terra Classic could witness an increase in projects building on the chain. Experts believe bringing utility back to the chain could revive Terra Classic.

The Terra Classic community has burned over 35.63 billion LUNC tokens and staked almost 1 billion LUNC tokens in total.

Also Read: Has The Terra Classic (LUNC) Revival Rally To $0.001 Started?

The post LUNC News: Terra Classic Price To Witness Another Rally Amid Latest Burn appeared first on CoinGape.

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Filed under: News - @ December 12, 2022 2:21 pm