The original Terra (LUNA) collapsed in the month of May and that’s when Terra Classic (LUNC) entered the crypto space. Initially, the coin was not well accepted, but now it is experiencing a sudden surge in buying pressure. This has resulted in increased price action of the currency.
Interestingly, the increased demand for Terra Classic is noteworthy amidst such volatility in the crypto market.
Terra Classic (LUNC) is up 12% to $0.0001221 in the last 24 hours. The value of the currency had reached $0.00013 early today.
Such a positive price trend of Terra Classic was fueled by capital inflows as well as an increase of around $137.7 million in the last 24 hours.
Initiative to reduce LUNC supply
As noted, LUNC was not accepted openly after Terra’s first token, LUNA, along with its stablecoin, UST, fell against the US dollar.
However, despite being called a scam, the community still actively stands as the biggest supporter of the currency.
In addition, there are some developments focused on reducing the supply of tokens. The best example is the price increase which was in correlation with the LUNC token which got burnt and hit another high. According to the LUNC burn tracker, 3,080 billion tokens have been burned so far.
The main reason for the decrease in the aggregate supply of the LUNC is to increase the scarcity of the currency which in turn will ignite the price rally.
Additionally, brief attempts by the group to reclaim lost honor may be to blame for the most recent increase in the value of Terra.
Nevertheless, some analysts believe that LUNC may follow the path of meme coins such as Dogecoin (DOGE).