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As the year 2023 approaches, cryptocurrency market players are beginning to consider what the new year will bring for some of the leading digital assets, including Terra Classic (LUNC), which despite the epic crash, has managed to retain a strong level of interest among retail crypto traders.
As of Wednesday, the total amount of burnt LUNC tokens stood at 36.231 billion. This was majorly contributed too by ClassyCrypto who announced he had burnt 13 million LUNC.
Terra Luna Classic price is battling for support mid-through the week's trading. Bulls suffered another setback last week after LUNC snapped out of consolidation between $0.0001468 and $0.0002.
Terra Classic validator Classy's Crypto Sphere has burned nearly 13 million LUNC tokens in a single transaction on Wednesday. The total number of LUNC tokens burned by the community has now reached over 36.227 billion.
Terra Luna needs to focus on increasing liquidity, adoption, and utilization.
Terra Rebels, the volunteer developer group, announced reducing inactive contributors in the team to increase efficiency. However, core developers Edward Kim and Tobias Anderson (Zaradar) leaving Terra Rebels sparked fear in the Terra Classic community.
Cryptocurrency Prices Today: The cryptocurrency prices today traded slightly higher as the global crypto market cap was up 0.08% at $810.38 Billion. The total crypto market volume over the last 24 hours is $38.00B, which makes a 62.01% increase.
On 19 December, Twitter user Asobs revealed a major update regarding the Terra Classic [LUNC] ecosystem. The update reveal made LUNC a hot topic of discussion once again.
Terra Classic (LUNC) core developers Edward Kim and Tobias Anderson have left the Terra Rebels volunteer developer group. Terra Rebels announced reducing the number of inactive team members to increase efficiency.
After posting a big 15% drop last Friday that saw the cryptocurrency fall from the $0.00016 area to as low as $0.00012, LUNC, the native token of the now largely defunct Terra Classic blockchain, was last trading in the $0.00014 area. LUNC/USD price action has stabilized over the weekend and amid a quiet start to the week for broader cryptocurrency markets, but price predictions remain pessimistic.
Change in number of LUNC holders signals major accumulation
The price of the Luna Classic (LUNC) has risen from $0.0001638 to $0.0001675 within a week. Well, prices have increased for almost all the tokens; however, LUNC's price has fallen by 30% since the cryptocurrency exchange FTX went bankrupt more than a month ago.
Terra Luna Classic price prediction is bearish, as the LUNC/USD pair faces major resistance at $0.000147, a level extended by 61.8% Fibonacci retracement level.
Desired number of LUNCs in circulation is 10 billion tokens, but there is a catch
Crypto Price Today: The FED's decision continues to impact the crypto market as the crucial coins plummet for the second consecutive day. Solana dips by 2.23% in the last 24 hours.
LUNC, the native token to the original Terra blockchain that experienced a catastrophic collapse in May 2021 after the UST algorithmic stablecoin lost its 1:1 peg to the US dollar, is ebbing lower on Wednesday, in tandem with bearish flows being felt across the cryptocurrency space. The cryptocurrency was last around 1.25% lower on the day in the $0.0001630 area and trading back to the south of its 21-Day Moving Average (DMA) in the $0.0001670s.
The controversial Proposal 11030 by Terra Rebels to separate the Terra Classic (LUNC) community from Terraform Labs and Do Kwon is seemingly passing. TFL staff Jared indeed pointed out earlier that it's better for Terra Classic to separate from Terra (LUNA).
In a recent announcement, it was revealed that the IBC channel between Osmosis and Terra Classic [LUNC] was back online. Users can finally transfer LUNC and USTC between chains again.
The LUNC price has decreased below a descending resistance line since Sept. 12. The downward movement led to a low of $0.00013 on Nov. 8.
Terra Classic (LUNC) is currently trading at $0.000166 and has lost 5.88% of its value in the last 7 days and 8.55% in the last 30 days. The price of LUNC has seen a gradual decline in the span of one year.
In tandem with the downside being seen across cryptocurrency markets on the first trading day of the week, LUNC, the token that powers the original Terra blockchain, was last changing hands around 2.6% lower on the day. LUNC/USD was last changing hands around $0.0001650. That means that, while the cryptocurrency is still up 10% versus its November lows under $0.00015, it has now receded around 13% from its recent highs near $0.00019.
As the cryptocurrency market continues to swim in an ocean of red, the embattled Terra Classic (LUNC) is suffering an exceptionally poor performance after the news emerged that the Terraform Labs founder Do Kwon was hiding in Serbia.
Terra Classic (LUNC) price could witness another rally amid an increase in community-led LUNC burn and blockchain development plans. The community has burned almost 25 million LUNC tokens in the last 10 days, with developers working to continue Terra Station and Rebel Station support for the community.
South Korean prosecutors have claimed Do Kwon is “in hiding” in Serbia – and have asked the European nation's police force to hand him over to them. Meanwhile, it has been a rocky past few hours for Terra Luna Classic (LUNC) – the token launched by Kwon and his firm Terraform Labs.
