by The price of Terra Classic (LUNC) has been soaring and almost hit 10%within the last 24 hours from a depth of $0.00025 to now sell at $0.00029. The price got higher following the decision of many platforms and crypto exchanges to support the Terra Classic token. As a matter of fact, a core developer on the Lithosphere network, KaJ Labs, plans to burn up to 2.5 trillion Terra Classic (LUNC) tokens.
Increasing LUNC Market Supply
There is a total of 6.8 trillion Terra Classic supply in market supply. The community is gunning for a fixed market supply of 10 billion tokens along with a tax burn of 1.2% or some other mechanisms. About 6.6 billion LUNC tokens have been burned whereby 4.2 billion of them were burned via sending them to the burn address and the remaining 2.3 billion were burned via taxes.
Binance, which is the largest crypto exchange in the world, supports the LUNC burn for both on-chain, as well as off-chain transactions. This has encouraged other exchanges such as Kraken, Gate.io, Hobi, KuCoin, LBank, BTCEX, CoinInn, Crypto.com, eToro, and MEXC Global to give their support to the Terra Classic community.
Some other exchanges like CEX.IO, Bitazza Global, Bitrue, etc. have equally given their support to the 1.2% burn mechanism. Importantly, other projects like MetaRivals are equally getting back to being on the Terra Classic network.
Increasing Price In Spite of Obstacles
Kaj Labs promised that it would allocate a sum of $50 million to $100 million to burn 2.5 trillion LUNC tokens. KaJ Labs is expecting the Lithosphere NFT collection and a mixture of RPG P2E games from the 1st of October.
Although crypto exchanges are working to burn more LUNC tokens till there are up to 10 billion in circulation, games and other new projects are reducing the token supply. This will result in the price of the token going way higher as it becomes deflationary.
Following the 1.2% tax burn, LUNC’s daily burn rate has climbed to more than 450 million tokens. Due to that, the price has increased in spite of other conditions such as Do Kwon’s arrest warrant. Terra Classic has climbed by almost 10% within the last 24 hours as the price trades as $0.00027.
