With the majority of assets in the cryptocurrency sector making bullish rallies this week, Terra Classic (LUNC) is no exception, recently returning to the top 100 crypto assets by market capitalization and looking at recording another impressive result – 100 billion burned LUNC.
Specifically, the Terra Classic community is approaching the milestone of 100 billion of its native tokens burned in a collaborative effort to remove them from the circulating supply, according to the most recent data retrieved from the Terra Classic analytics platform LUNC Metrics on February 13.
Indeed, the community has so far burned 98.52 billion LUNC tokens since the introduction of the practice on May 13, 2022, having burned as much as 391 LUNC in the last seven days alone, bringing the total amount of LUNC in circulating supply to 5.78 trillion.
Thanks to this burning campaign, largely accelerated by Binance, one of the largest crypto exchanges in the world, the Terra Classic crowd is reducing the amount of the LUNC token in circulation and is increasing demand, all of which contributes to its bullish momentum and a growing price.
Terra Classic price analysis
As things stand, the price of Terra Classic at press time amounted to $0.000117, which indicates an increase of 4.4% in the last 24 hours, in addition to gaining 9.18% across the previous seven days as it moves to reverse the 4.54% decline from the past month, according to the latest charts on February 13.
All things considered, LUNC is looking at more price increases in the near future due to the bullish influence of the above burning milestone, as well as the community votes on two major know-your-customer (KYC) proposals, including allowing third-party developers to continue working on small code or bug fixes.
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