As part of the commitment not to resell tokens, the Terra Luna Classic community failed to burn significant LUNC coins this week. Terra LUNA Classic’s community burned only 5 million LUNC tokens last week, losing focus due to the absence of crypto exchange Binance’s monthly LUNC burning mechanism.
Cremation Coin project burned 3.39 Million LUNC, bringing the total 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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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.
Additionally, the blockchain upgrade v1.0.5 went live at block height 11.543,150 on February 15, at 18:28.24. Despite developers being busy with the blockchain upgrade project, the community failed meet its burn targets.
According to CoinGape data, the Terra Classic community burned more than 226 million LUNC tokens during January.
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After the U.S. SEC filed a suit against Terraform Labs (LUNA) & Do Kwon, Terra (LUNC), and Terra Classic (LUNC), prices plunged suddenly. The recent price action shows that Do Kwon continues to influence Terra Classic’s price.

The Terra Classic price is currently trading at $0.0001709 despite market recovery. The low and high for the 24-hour are $0.0001692 (or $0.0001741), respectively.
In the meantime, Terra (LUNA), price fell 1% over the last 24 hours. The LUNA price currently trades at $1.89 after reaching a high of $1.91 earlier today. The trading volume has continued to fall with a 20% drop in the past 24 hours.
Also read: US SEC v. Do Kwon – Massive Selloff Coming in Terra (LUNA), Terra Classic(LUNC)

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