The price of Terra Classic is still strongly rising despite recent suggestions, innovations, and an enhanced LUNC burn rate.
The price of Terra Classic (LUNC) experienced a significant uptick last week as a result of a breakout above the 3-month declining channel. Despite the most recent changes, suggestions, and an increase in the LUNC burn rate by the Terra Classic community, the price surge appears to be continuing.
The Terra Classic community plans to burn a significant amount of LUNC tokens in 2023 in order to limit the overall quantity of circulating tokens, despite cryptocurrency platform Binance temporarily stopping its monthly LUNC burn mechanism.
Plans for the Terra Classic Community's Renewal in 2023
To reduce the overall quantity of LUNC tokens and revitalize the system, the Terra Classic community has upped the burn rate. The community has destroyed almost 145 million LUNC tokens since the year's beginning.
On January 1, Allnodes, a prominent Terra Classic validator, burned 123,755,691 LUNC coins. Additionally, over the past 24 hours, Terra Casino burned 18,009,329 LUNC tokens. The Terra Classic community has burned about 37 billion LUNC tokens by far, with Binance providing more than 20 billion LUNC tokens.
Additionally, the community recently approved Proposal 11111, "Repeal Proposal 10983," which replaces the 50% refund from the 0.2% burn tax with 10% refund and contributes to the communal pool. In order to maintain its commitment to the LUNC community, Binance will only burn 50% rather than 100% of the spot and margin trading fees.
Edward Kim and Tobias "Zaradar" Anderson, developers of the Terra Classic core, submitted Proposal 11168, which the community also endorsed. The proposal to create a "Joint L1 Task Force" developers team and provide 908,000,000 LUNC tokens worth $141.75k for L1 improvements has received nearly 95% "Yes" votes.
Zaradar even mentioned Github account and recent developments as part of Proposal 11168 in a tweet on January 2. Zaradar said that he hadn't previously been a part of such a strong team.
Continued Price Rally for LUNC
The price of Terra Classic (LUNC) is rising amid the optimistic atmosphere. The price of LUNC has climbed by about 5% over the past 24 hours, and is now trading at $0.00015.
Low and high values for the previous day are $0.0001472 and $0.0001555, respectively. Although the market capitalization has dropped below $1 billion, the rising trading volume suggests that the price of LUNC will continue to grow.