The original Terra (LUNA) collapsed in the month of May and that’s when Terra Classic (LUNC) entered into the crypto space. Initially, the token wasn’t accepted well, but now it’s experiencing a sudden surge in buying pressure. This has resulted in the currency’s increased price action.
Interestingly, Terra Classic’s increased demand is noteworthy amidst such a volatility in the crypto market.
In the last 24hrs Terra Classic (LUNC) has spiked by 12% trading at $0.0001221. The currency’s value had even reached $0.00013 in the early hours today.
Terra Classic’s such a positive price trend was pushed by capital inflow as well which increased nearly $137.7 million in the last 24hrs.
Initiatives To Decrease LUNC Supply
As said, the LUNC wasn’t accepted with open hands after Terra’s earlier token, LUNA, collapsed along with its stablecoin, UST depegging against the US dollar.
However, the community is still actively standing as the biggest support to the currency despite being called a scam.
Also there are a few developments that are focused towards reducing the token’s supply. The best example is the price rise that was in correlation with LUNC tokens that were burned and hit another high. As per LUNC burn tracker, 3,080 billion of tokens have been burned till date.
The main reason behind decreasing LUNC’s total supply is to increase the currency’s scarcity which will in turn ignite the price rally.
Additionally, short squeeze efforts by the group in an effort to regain the lost honor can be blamed for the most recent increase in Terra’s value.
Nevertheless, some analysts think that LUNC may follow the path of meme coins like Dogecoin (DOGE).