Terra Classic (LUNC) is doubling down on its deflationary campaigns, with record staking volume and lined-up mega token burns ahead.
The growth path for Terra Classic has been bumpy with LUNC erasing all the gains it accrued in December. At the moment, the token is down 3.01% in 24 hours and by more than 32.65% in the past month to bring its price to $0.00009343.
Market cap and trading volume also come in at $540,860,914 and $26,650,764 with a drop of 3.01% and 1.43%, respectively. Despite these bearish drawdowns, significant staking metrics have elevated sentiments.
Terra Classic Staking and Burning
According to an update from community member Saqlain Ali, the total number of LUNC staked is going up with a record 1.021 trillion tokens locked in staking contracts. This locked sum is equivalent to 15% of Total supplies.
Notably, the amount of staked LUNC stood at 957.32 billion tokens as of Jan. 7. However, it eventually hit the 1 trillion token mark two days later. The current figure shows that the community has staked 63.68 billion tokens in less than a month.
As a self-motivating community-driven protocol, there is now a growing clamor to intensify efforts on the staking venture, a move that is poised to catalyze every known bullish fundamental revolving the Terra Classic scene.
Staking is going up & 1.021T #LUNC coins got staked which is 15% of Total supplies.#LUNCcommunity we touch the 15% in staking now let's reach 20% & also #LUNCBURN is our main target in this & hopefully we all will see it.
RT & FLW.#LUNCARMY #LUNW #LUNA #USTC #BTC $Autism #OX pic.twitter.com/rR2RxUtvD3
— 🧩🐂Saqlain Ali🐂🧩 (@SaqlainAli888) January 27, 2024
While Ali highlights how the Staking campaign is pivotal to maintaining the market value of the token, another major push community members are looking forward to as a catalyst is the burn moves is also worth watching.
Notably, the LUNC community set over 1 billion tokens ablaze in the past week and the upcoming mega Binance burn can also lend legitimacy that might bolster the adoption of the token soon. The Binance burn, combined with those of Validator BurnItAll accounts for more than 50% of LUNC burns.
Result Driven Restorative Efforts
The restorative efforts for LUNC have been a consistent ride since the collapse of its algorithmic stablecoin TerraClassicUSD (USTC) in 2022.
While there is still a long way to go before LUNC retests the $0.01 level, the community members are playing their path with hopes that the asset might regain its lost glory over time.
