Acclaimed blockchain researcher Collin Brown has spotted significant bullish developments in the Terra Luna Classic ecosystem. In a recent post highlighting Terra Classic Foundation’s recent announcement on X, Brown identified trends that suggest improved LUNC adoption that could signal a potentially bullish sentiment for the altcoin.
🚀 Terra Luna Classic Staking Ratio Hits 15% With 1T LUNC Staked!
🔹 Over 1 trillion Terra Luna Classic (LUNC) tokens staked.
🔹 Staking ratio surges to 15.01%.
🔹 Recent LUNC burns by Binance add to optimism. 🔹 $70.15 million worth of LUNC staked.Staking reduces… pic.twitter.com/btFKb1FWi5
— Collin Brown (@CollinBrownXRP) July 6, 2024
According to Brown, onchain data reveals that Terra Classic community members have staked over one trillion LUNC tokens, amounting to $70.15 million. He noted the figure reflects a surge in the crypto token’s staking ratio, pushing it to 15.01%. The blockchain researcher further highlighted that the increased staking rate reduced LUNC’s circulating supply, signaling significant community confidence and potential price appreciation.
Meanwhile, Brown spotted additional bullish momentum for LUNC triggered by Binance’s recent burn exercises, which he believes added to the optimism within the Terra Classic community. Binance burned 1.7 billion LUNC tokens on July 1, marking the 23rd batch since it kicked off the LUNC burn mechanism.
Binance has supported the Terra Classic community since 2022 by implementing the LUNC burn mechanism to reduce the token’s overall supply. The above-mentioned 23rd token burn batch covered from May 31 to June 29. It is worth noting that Binance alone accounts for over 50% of the total tokens burned by the Terra Classic community. For detailing, Binance has now burned over 62 billion LUNC tokens, with the total LUNC tokens burned by the Terra Classic community exceeding 125 billion.
LUNC traded for $0.000070451 at the time of writing, reflecting a 46% price drop in the past six weeks. Users believe the highlighted network activities would trigger a bullish trend that could see the altcoin’s price rebound and head to higher levels.
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