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🌖 Over 700 Million LUNC And 230,000 USTC Burned By Terra Classic Community

The Terra Classic Community found a reason to celebrate recent revelations about significant token burns, providing a ray of hope amidst adversity.

According to reports, significant burns of LUNC and USTC tokens have occurred in the last week, which could have a positive impact on the prices of these cryptocurrency tokens.

In a recent X (formerly Twitter) post, AlexCryptoBull, an active member of the Terra community, highlighted the burning of 700 million LUNC and 230,000 USTC tokens in the last week, which is supported by LUNCMetrics data.

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🪙$44,508.95 (+3.79% ) 📈

Coin exchange rate
🌖$0.6652 (+1.68%) 📈

🪙$46,446.80 (+4.12% ) 📈

🌖 Terra Luna Classic (LUNC) Burn Hits 1 Billion Milestone

CryptoBull, a crypto expert and LUNC supporter, shared that the Terra Classic community showcased unity by burning exactly 1,117,048,514 LUNC tokens, worth approximately $111,313.88 at current market prices. This move, part of the community’s revival plan, aims to reduce LUNC’s total supply, currently at 6,812,673,485,368, and pave the way for the token’s long-term price target.

Strategically executed over seven days, the 1 billion LUNC token burn aligns with Terra Classic’s commitment to self-sustainability. The total LUNC staked reached 1,018,387,576,491 tokens, with 7,197,235,746 LUNC locked up during the seven days ending on January 24.

The burn and Terra Classic’s blockchain metrics also show more composed efforts toward efficiency, with an average block time set at 6.01 seconds and a total transaction count reaching 2,009,827. Notably, the protocol has gained a transaction fee of 1,432,452,736 LUNC.

The LUNC token burn event gets traction with industry players like Binance. This intentional burning expands the deflationary model and shows the community’s dedication to growth and value.

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🪙$47,219.88 (+2.17% ) 📈

Coin exchange rate
🌖$0.6844 (+1.63%) 📈

🪙$48,292.24 ( +2.19% ) 📈

🌖 Terra Luna Classic Introduces Security Measures

Previously, anybody could create a code for the chain anonymously, posing serious threats to the ecosystem. For instance, malware like a Trojan could be easily inserted into the chain, compromising and infecting the entire network. With the approved proposal, the community can be assured of blocking unauthorized entries into the chain.

The proposal mentioned the objectives of the new proposal:

This initiative aims to provide the community, investors, and utility providers with confidence that we do not have completely anonymous development teams working on the chain. It assures that legal recourse would be available if necessary, with details accessible only through the correct legal channels.

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🪙$48,253.16 ( +0.21% ) 📈

🌖 Reasons for Recent Upswing in Terra Luna Classic (LUNC) Price

Terra Luna Classic (LUNC) price has rallied 25% in February after a reversal in January end. LUNC hit a high of $0.0001225 today, with most gains coming this week as the community deliberates on crucial decisions.

🌖 Binance LUNC Burn

One of the primary reasons for the price hike is the recent Binance LUNC burn. The world’s largest crypto exchange Binance burned 2.1 billion Terra Luna Classic (LUNC) tokens in the 18th batch as part of its LUNC burn commitment. The total LUNC burned by the crypto exchange to date reaches over 50 billion, which is 52.1% of the net LUNC burned by the Terra Luna Classic community.

Notably, the total LUNC burn by the Terra Luna Classic community approaching 100 billion. At present, it stands at almost 98.5 billion LUNC.

Coin exchange rate
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🪙 $49,990.70 ( +3.65% ) 📈

Coin exchange rate
🌖 $0.6752 (-1.69%) 📉

🪙 $49,817.29 ( -0.34% ) 📉

🌖 Will Luna Rebound from Lower Level?

The technical chart of the Terra crypto showed that extreme selling pressure was noted on the daily charts and was in a downtrend, forming lower lows over the past few months. Furthermore, trading volume could have been higher due to declining investor interest.

Moreover, the Terra price showed a decline in user activity, which also reacted as a pessimistic sentiment for the crypto and led to bearishness in the technical charts.

When writing, the Terra price is trading at $0.00009656 with an intraday loss of 0.23%, showing bearishness on the daily technical chart. Moreover, the intraday trading volume is $18.11 Million and the market cap is $363.73 Million.

Crypto has had a volatile performance throughout the years. Since the beginning, it gave unfavorable returns of 29.98% and gained by 24.16% in 6 months. In the last 1 month, it gave a negative return of 30.59% and grew by 4.14% in the last seven days. That Indicates a long volatile trend continuing till now.

The current trend favors sellers and the crypto was also in a corrective phase, which made buyers cautious. Moreover, Terra trades below the significant moving averages and tries to attain the 50-day EMA to shift the trend.

🌖 Technical Evaluation of Terra Crypto Price in 1-D Timeframe

At the time of publishing, the Terra crypto (USD: Luna) is trading below the 50 and 200-day EMAs (exponential moving averages), which do not support the price trend.

The current value of RSI is 37.68 points. The 14 SMA is above the median line at 36.00 points, which indicates that the Terra crypto is bearish.

The MACD line at -0.00000876 and the signal line at -0.00000943 are above the zero line. A bearish crossover is observed in the MACD indicator, which signals more bearishness for the Luna crypto price.

As per the technical summary, the LUNA crypto is indicating a sell signal as out of 26 analysts, 13 are on the sell side, 10 are on the neutral side, and 3 are on the buying side. However, the maximum weightage is on the sell side. The technical summary indicates that sellers are overpowering the trend and most of the analysts are on the bear’s side and supporting the negative perspective.

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