The price of Terra Classic (LUNC) could witness another rally amid an increase in community-led LUNC burning and blockchain development plans. The community has burned nearly 25 million LUNC tokens in the past 10 days as developers work to continue Terra Station and Rebel Station support for the community.

Terra Classic Community Burns Over 13 Million LUNC Tokens

After crypto exchange Binance burned nearly 6.3 billion Terra Classic (LUNC), the community hopes to burn more LUNC tokens. This is because Binance could withdraw its monthly LUNC burn mechanism due to the passing of proposal 10983, where 0.5% instead of 0.1% money from 0.2% tax on burn could be added to the common pool.

Because Binance voluntarily burns LUNC spot and margin trading fees by sending them to the fire address. It could simply mean that Binance funds are being used to indirectly fund developers and other members to revive the price of Terra Classic.

In the past 3 days, the community has burned over 13 million tokens. Validators LUNCDAO and LUNA station 88 burned 5,023,338 and 3,501,297 LUNC tokens respectively. burned 3,984,017 LUNC tokens.

Yanis, one of the top 10 burners, has returned to burn LUNC for the community. Yanis has burned over 62.5 million LUNC tokens to date.

Terra Rebels is now working on its Rebel Station to separate Terra Classic from TFL and Do Kwon. Proposal 11030 was submitted by Terra Rebels to allow the developer group to pull $150,000 worth of LUNC from the community pool and work on Rebel Station.

Meanwhile, the developer group TerraCVita now co-manages the Terra Station with the help of validator Allnodes and TFL. Terra Station is also facing issues as TFL announced to end Terra Classic support due to the move to cross-chain Station. TerraCVita believes they can manage the Terra Station and save the $150,000 Terra Rebels requested for the development of Rebel Station.

Can LUNC price recover above $0.0002?

The price of Terra Classic is currently trading at $0.0001642, down almost 4% in the last 24 hours. The 24-hour low and high are $0.000163 and $0.0001716, respectively. Trading volume is up more than 25% in the past 24 hours.

With upcoming developments, the reopening of IBC channels and support from Cosmos, Terra Classic could witness an increase in projects that build on the chain. Experts believe that bringing utility back to the chain could breathe new life into Terra Classic.

The Terra Classic community has burned over 35.63 billion LUNC tokens and deployed nearly 1 billion LUNC tokens in total.

Also Read: Has the Terra Classic (LUNC) Revival Rallyed to $0.001 Started?

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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