Terra Classic (LUNC) has been listed on HotsCoin on March 6. Terra Classic (LUNC) is a decentralized financial infrastructure company dedicated to promoting currency innovation. Through its decentralized algorithmic stablecoin protocol, oracle system, smart contracts and user adoption program, Terra Classic provides the fundamental building blocks for the digital economy. The report will introduce its basic information, token information, key events, products and services, and analyze the reasons for the recent price increase. Currently LUNC) is open for trading on HotsCoin.
Token information
Circulation market value: $1,267,218,347.154
Fully diluted market cap: $1,484,959,631.07
Circulation: 5,806,650,683,207.772 LUNC
Total supply: 6,804,385,270,826.471 LUNC
The price of LUNC has risen amid bullish sentiment in the market, with the Binance burn incident also playing a role. On March 1, Binance burned 2.21 billion LUNC tokens, providing strong upward momentum for its price.
LUNC Price Chart
LUNC has gained 30% in the past 24 hours and 45% throughout February, and is currently trading at $0.000181. The idea behind the burning strategy is to make the token scarce, increasing its value. At the same time, the community revealed that the total number of tokens destroyed has exceeded 100 billion.
LUNC Price Chart
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Terra Classic (LUNC), like other crypto projects, has experienced market volatility and challenges. However, by adopting a token burning strategy and introducing new trading pairs, LUNC has successfully implemented significant moves to regain a foothold in the market. This strategy of deliberately reducing supply is intended to increase the value of the token and gain a stronger position in the fierce competition among cryptocurrencies.
Additionally, the community behind Terra Classic decided to create a new blockchain, Terra 2.0, to address the challenge of algorithmic stablecoins. New LUNA tokens were airdropped to existing users affected by the Terra exposure. The historical low of LUNC is around US$0.000054, and its highest this year has reached US$0.00028, an increase of 418%. Other related tokens such as LUNA, RAY, and VGX have also rebounded this year, with increases of 255%, 1321%, and 65% respectively.
lost road
Looking back on the past year, the crypto industry experienced the collapse of the FTX and Terra empires, which had a profound impact on the market. The collapse of FTX exposed the high-risk nature of crypto exchanges and raised regulatory concerns over the entire industry. In addition, the collapse of the Terra empire also led to the collapse of mainstream star currencies associated with it, affecting investor confidence in such concept coins.
The FTX crash exposed the risks of the industry and raised concerns about the crypto market. SEC Chairman Gary Gensler said that the U.S. government has considered regulating the encryption industry. FTX's collapse set the industry back years, and possibly longer. Regarding the collapse of the Terra empire, although its ecosystem successfully withstood the pressure, after Terra moved US$150 million of UST to adjust liquidity, the market fell into panic again. UST collapsed completely, the price of LUNA currency almost returned to zero, and the market value collapsed overnight to $40 billion.
hope rekindled
After experiencing challenges and difficulties, some projects in the crypto industry have demonstrated resilience and the ability to regenerate. FTX founder Sam Bankman-Fried was found guilty, but multiple financial institutions expressed their willingness to participate in the FTX restart plan, and the SEC chairman said that restarting FTX is possible within the scope of the law. For the currencies related to the Terra ecosystem, the extradition case regarding founder Do Kwon has also come to an end, and the market is beginning to be optimistic about the further rise in its currency price.
For Solana and its ecosystem, after experiencing the black swan incident, Solana has successfully emerged through in-depth cooperation with OKX. The project party actively carries out publicity and promotion, and the cooperation with OKX Web3 Wallet strengthens the connection between the two ecosystems. Solana’s TVL has exceeded $1.4 billion, and its ecological DEX protocol Raydium token RAY has also benefited greatly.
Through these cases, we see the resilience and innovation of the encryption industry. In this field full of risks and opportunities, investors need more tolerance and rational judgment on the value of the project itself. The crypto industry may be a dark forest, but it contains endless opportunities that require more patience and foresight.
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