Terra Luna Classic (LUNC) Staking Surpasses 1 Trillion, Binance Burn Mechanism Boosts Optimism

The amount of Terra Luna Classic (LUNC) tokens staked on the network has now surpassed 1 trillion, driven by recent burn initiatives and increasing interest.

As cryptocurrency markets continue to rebound from recent sell-offs, Terra Luna Classic (LUNC) has seen a surge in staking activity. According to the latest data from the Terra Classic Foundation, over 1.017 trillion LUNC tokens are now staked on the network, valued at $70.15 million at the current price. This represents an increase of over 0.17% in the total staked LUNC since July 5th.

The overall staking ratio has also risen to 15.01%, indicating a substantial portion of the token supply is currently being staked by holders. This development comes amid recent initiatives to burn LUNC tokens, which have also generated optimism about the cryptocurrency's future performance.

Terra Luna Classic Staking and Burn Update

As of July 7th, the latest batch of Binance LUNC burns has incinerated 1.7 billion tokens, bringing the total burned by the exchange to nearly 62 billion. Meanwhile, the Terra Luna Classic community has burned over 125 billion LUNC tokens to date.

Binance's ongoing support for Terra Luna Classic's revival, including its monthly burn mechanism, plays a crucial role in reducing the overall token supply. These burns are funded by trading fees and cover the period from May 31st to June 29th. Notably, Binance alone contributes over 50% of the total LUNC burned by the community.

The increase in the staking ratio can have a positive impact on LUNC's price. Higher staking ratios often reflect strong community confidence and a reduced supply available for trading, which can decrease selling pressure and lead to price appreciation.

By locking up tokens, staking reduces the circulating supply, potentially increasing demand and attracting more investors. As a result, higher staking ratios can contribute to a bullish trend for the cryptocurrency.

Terra Luna Classic Faces Market Challenges and Rebounds

This week, the crypto market experienced supply pressure due to a Bitcoin price correction, influenced by liquidations from the Mt. Gox exchange and the German government. Bitcoin's price fell to a four-month low of $53,550, creating bearish momentum that extended to the altcoin market and impacted Terra Luna Classic (LUNC).

As a result, LUNC's price dropped below its seven-month support level. The correction began in early March when the price fell from $0.00025. By July 5th, LUNC had decreased by 73.6% to $0.0000673.

However, on July 7th, LUNC showed a rebound with gains of over 7%, trading at $0.00006898. This rebound indicates that a further decline to $0.000052 might be avoided.

To prevent additional downturns, LUNC's price needs to break above $0.00007 and maintain that level. Currently, LUNC's market cap stands at $376.43 billion.

Additionally, reduced token supply from Binance's burns and community staking efforts could help boost Terra Luna Classic's price.

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