Terra Luna Classic (LUNC) Community Rejects Key Burn Proposal, Here's Why

The Terra Luna Classic community rejected a proposal to burn 800 million TerraClassicUSD (USTC) as they look for better ways to burn these. The community believes there are easy ways to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet without an update and any legal consequences.

Timeline of Terra-luna

Even with positive news within the LUNC community, bearish forces seem to have a strong grip on the market. CoinGlass reports that in the past 24 hours, a total of $222,000 worth of long positions were wiped out, despite the open interest remaining positive.

Back in August 2023, the Terra Classic community passed a proposal that would see 800 million USTC incinerated. This move came about as the community worked to help the token recover and be re-pegged back to the US dollar.

The cryptocurrencies backed by the Terra Classic ecosystem, LUNC and USTC, recently amassed noteworthy attention among crypto market fanatics as the tokens showcased significant upward market trajectories on Thursday. Moreover, the rise in prices comes amid the colossal burning of USTC, stirring speculations across the broader crypto market.

Terra Classic Price Prediction: The broader market recovery hits a minor road as Bitcoin takes a temporary halt at $44500. However, the LUNC price took a major hit at this uncertainty and witnessed a sharp correction from the $0.000028.

The Terra Luna Classic community has successfully burned an impressive 85 billion LUNC tokens since May 18, 2022, marking a significant milestone in their ongoing efforts to decrease the circulating supply of LUNC. Binance, the world's largest cryptocurrency exchange, has played a substantial role in this achievement by contributing nearly 43.6 billion LUNC, representing over 51% of the total tokens burned to date.

The recent impressive market performance of Terra Classic (LUNC) has sparked renewed interest and speculation about the coin reaching the coveted $1 mark. Despite the growing speculation, it's essential to be realistic—achieving a $1 price for LUNC is unlikely to happen in the near future.

In recent weeks, LUNC (LUNA Classic), the main token on the Terra blockchain, has been making a noteworthy comeback, steadily approaching its all-time high (ATH). LUNC Price Surge: Will it Reach a New All-Time High?

For the past few weeks, LUNC (LUNA Classic), the native token of the Terra blockchain, has made an impressive recovery, with the coin inching closer towards its all-time high (ATH). For instance, in the last 30 days or a month, LUNC has outperformed almost every cryptocurrency in the market as well as the broader crypto

Over the last week, both bitcoin and ethereum experienced significant upticks, with increases of 13% and 10% respectively. Meanwhile, an array of other cryptocurrencies achieved even more impressive growth during the same period. Notably, terra luna classic (LUNC) surged by 122.5% against the dollar, while the BRC20 token ORDI ascended by 118.3%.

Terra Classic (LUNC) is leveraging the ongoing market-wide momentum to register massive gains. The upward trajectory for LUNC began on Nov. 26, marked by a significant 28.50% intraday gain.