LUNC price stalls at crucial support as Terra Classic burn rate soars

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The Terra Luna Classic token consolidated at a crucial support level as the weekly burn rate soared and a key community vote began.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Terra Luna Classic was trading at $0.000060 on Wednesday, where it has remained over the past few days. The token has dropped by over 66% from its December high. LUNC continued to slide even as more coins were incinerated. According to LUNC Metrics, over 727 million tokens were burned in the past seven days. These burns brought the total number of tokens destroyed since inception to over 407 billion.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Most of this week’s burns came from the Luna Foundation Guard, which burned over 211 million tokens on Wednesday. It also incinerated more than 1.7 billion TerraClassic USD tokens. LUNC price has also remained flat after some users proposed to introduce a phased approach to establish an on-chain liquidity for the USD Coin. The daily chart shows that Terra Luna Classic has stalled at a key support level, one it has failed to break below multiple times since July last year.