Terra Classic seemed dedicated to ensuring a massive comeback, though multiple roadblocks await. For instance, LUNC will meet supply challenges because of excess minting during the UST and LUNA crash.
Meanwhile, Terra Classic wants to introduce a 1.2% burn to address the issue. Moreover, the latest update shows impressive progress on that front.
Meanwhile, a developer working on the tax burn mechanism presented an update. He revealed success in the burn mechanism code upon testnet test. Nevertheless, he did not disclose the mechanism’s mainnet implementation date.
However, the announcement shows a lucrative step for LUNC. And it shows the mainnet deployment is impending.
The developers stated that the 1.2% burn implementation would mean 7.5 to 12B LUNC destroyed in a day. While publishing this post, Terra Classic’s circulating supply stood at 6.5 trillion tokens, explaining the massive intended burn.
Will Token Burn Impact Price Action?
The proposed burn should propel LUNC price recovery from the highly inflated amount. Nevertheless, the massive supply number will mean a gradual recovery.
Beware that Terra Classic witnessed substantial consolidation over the past two weeks following a steady bullish run as June ended. The alternative token changed hands near $0.000192 on July 17.
The consolidation highlights profit-booking activities that the Money Flow Index demonstrated. Meanwhile, the MFI has steadied around the 50% mark in most sessions (probably) because most LUNC investors are in for long-term HODLing.
The development activity index confirms the dedication by Terra Classic to recover. The alternative coin has registered massive activity since July’s second week.
Moreover, has matches the 1.2% tax burn announcements. Also, the social dominance recorded substantial upswings within the past few days as the project’s revival attempts catalyzed increased interest.
Moreover, increased social visibility and activity could attract more individuals to bet on recovery attempts. Undoubtedly, Terra Classic attempts what seems like the largest comeback within the blockchain and cryptocurrency industry’s future. It remains interesting to witness how everything plays out for LUNC and holders.
What are your opinions about Terra Classic’s revival attempts? Is it history in the making? You can leave a reply in the comment section below.
Editorial credit: Maurice NORBERT / shutterstock.com
