- Terra Luna price increased by more than 2% today.
- A total of $1.68 billion LUNC tokens were burnt last week.
Once deemed as one of the popular crypto projects with innovative fundamentals, Terra Luna faded into oblivion following its crash in 2022. Despite the massive crash, the team behind Terra Luna is still working relentlessly to keep the project up and running.
It introduced the Terra Luna Classic burn mechanism to reduce its inflated supply and increase its value. So far, it burned around 402.52 billion LUNC tokens and brought down its supply to 6.50 trillion.
Terra Luna (LUNA) price increased by over 2% today. In the last 24 hours. It is currently trading at $0.2479 with a staggering 293% increase in its 24-hour trading volume. The token price witnessed a sharp price surge of over 10% yesterday, recording a peak value of $0.2885.
In the same time frame, the twin token Terra Luna Classic (LUNC) also witnessed around a 10% price surge. It reached a peak of $0.00006942 before falling to the $0.000063 price range. However, LUNC is currently down by around 3% in the last 24 hours while its market cap surged by 47%.
Terra Luna Classic LUNC Burned 1.689 BIllion Tokens
As per the official LUNC Burn Tracker platform, the incineration of 1.689 billion Luna Classic tokens took place in the last week. Ever since the Token burn mechanism was introduced in May 2022, a substantial amount of 402.52 billion LUNC tokens have been burned. As a result, the present circulating supply came down to 6.50 trillion.
Since LUNC and LUNA tokens are connected to each other based on their fundamental characteristics and token supply, their market price levels are also linked to each other. When LUNC price witnessed a hike following the significant token burn, LUNA price also increased yesterday.
Even though the team is making efforts to bring back token value, the token burn has little to no effect on its market price. However, the large amount of token burn might move LUNC and LUNA prices upward combined with broader crypto market performance in the coming months.
Highlighted Crypto News Today:
