Terra Luna Classic Staking Ratio Hits 15% With 1T LUNC Staked

Data from Terra Classic Foundation has revealed that over 1.017 trillion LUNC tokens have been staked, representing roughly $70.15 million at the current market price. This splendid staking ratio of 15.01% showcases how strongly the community is backing the project.

Data from the Terra Classic Foundation reveals that over 1.017 trillion LUNC tokens have been staked, valued at around $70.15 million at the current market price. This staking ratio of 15.01% showcases the strong community support for the project.

Staking involves locking tokens to reduce the circulating supply. This decrease in supply, combined with increased demand, can potentially drive the price of LUNC upwards. The staking ratio recently rose from 14.83% to 15.01%.

Binance has played a significant role in reducing the overall supply of Terra Luna Classic tokens. Earlier this month, Binance, being the world’s largest crypto exchange by market volume, burnt its 23rd batch (from May 31 to June 29) as part of a burning mechanism that began in early 2022. Notably, Binance alone has burned over 62 billion LUNC tokens, contributing to more than 50% of the total tokens burnt, which amounts to around 125 billion tokens.

As reported earlier by CNF, the crypto market faced immense pressure recently due to the adjustment in the Bitcoin price. Currently trading at $57,387.77, with an 8.67% decrease in the past week, Bitcoin faced a rough time after the news of the Mt.Gox repayment and the German government’s massive liquidation hit the headlines. Dropping to lows of $53,550, Bitcoin sent bearish trends to the altcoin market, including Terra Luna Classic.

At the time of writing, LUNC is trading at $0.00007065, showing a good gain of 3.56% in the last 24 hours. Notably, from early March, LUNC’s price fell from $0.00025 to reach $0.0000673 by July 5, marking a substantial 73.6% decrease. However, on July 7, the LUNC price saw a rebound with over 7% gains, trading at $0.00006898.

The recent price increase suggests that a further drop to $0.000052 might be unlikely. To avoid the downturn, the LUNC price needs to break out from $0.00007 and sustain that level. The current market cap for LUNC is around $376.43 billion.

The reduced token supply from Binance’s burns and the community’s staking can aid in boosting the Terra Luna Classic price.

The crossing of 1 trillion staked LUNC tokens and a staking ratio of 15% marks a significant milestone for the Terra Luna Classic community. This, coupled with continuous support from Binance, indicates a positive outlook for LUNC.

Moreover, the Terra Luna Classic community is actively working towards reviving the LUNC price. From the impressive staking numbers and ongoing burns to strategic adjustments in the burn tax distribution, the community showcases its dedication towards boosting LUNC.

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