Terra Luna Classic (LUNC) Burn Plummet Amid Upgrade, Price To Fall Next?

Terra Classic blockchain upgrade version 1.0.5 went live successfully at block height 11.543,150 on February 15, at 18:28.24. Kucoin LUNC Node was the proposer of the block. While developers were busy working on the blockchain upgrade, the community failed to burn significant LUNC coins this week as part the commitment to eliminate tokens from the total circulating supply.
Last week, the community burned more than 15 million LUNC tokens, compared to 12,000,000 LUNC in January. The community set a milestone that indicated a step in the right direction in achieving its goal of burning billions of LUNC by 2023. The community believes that the LUNC price could reach $1 in 2023 with regular burns and bringing utility back.


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Terra LUNA Classic’s community burned just 5,000,000 LUNC tokens last week, losing focus due to the absence of crypto exchange Binance’s monthly LUNC burning mechanism.
Cremation Coin project consumed 3.39 million LUNC, bringing the total burned to more than 34 million LUNC. Also, the validator LUNC DAO blazed 1.77 million LUNC last week. Terra LUNA-Class community did not have any other significant burns.
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According to CoinGape data, the Terra Classic community burned more than 226 million LUNC tokens during January.

The Terra Classic (LUNC), price jumped nearly 3% during the market-wide recovery over the last 24 hours. It is currently trading at $0.0001739. The low and high for the 24-hour are $0.0001698 (respectively) and $0.0001777 (respectively). The trading volume has increased by 40% over the last 24 hours, which indicates an increase in interest.
Cross-chain developments have caused Terra (LUNA’s) price to rise 5% over the past 24 hours. Currently, the LUNA price trades at $1.97 after reaching a high of $2.03 earlier today. In the last 24 hours, the trading volume has increased by 90%.
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