Against the backdrop of the cryptocurrency market’s struggles with regulatory uncertainty that has led to multiple lawsuits against major crypto businesses, Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, has marked an important occasion.
Specifically, the Terra Classic network has recently officially reached a milestone of 1 trillion LUNC (worth nearly $90 million) in staking, with a staking ratio of 14.6%, according to the chart of the staked supply and ratio of the LUNC cryptocurrency that the Twitter profile LunaClassic HQ shared on June 10.
What it means
In addition to marking historic development for the Terra community, this development also shows growing interest coming from the crypto public despite the network’s turbulent past, as users stake their LUNC tokens on the blockchain to reap rewards.
Moreover, the growing interest, together with the circulating supply of LUNC reduced to 5.8 trillion out of the total supply of 6.84 trillion, and other positive movements such as the v2.1.0 parity upgrade, TerraClassicUSD (USTC) repeg, AI app chain “Block Entropy,” and Terraport relaunch, could help the price of LUNC move in a more positive direction.
Terra Classic price analysis
Until that happens, Terra Classic is currently changing hands at the price of $0.00008733, recording a decline of 3.44% on the day, as well as losing 10.25% over the past week and dropping 5.02% on its monthly chart, according to the information on June 12.
In conclusion, time will tell whether the above factors will actually manage to drive the LUNC price upward, particularly as the announced developments come true, or the bears prevail under the currently poor atmosphere on the wider crypto market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
