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Terra Luna Classic Faces Supply Woes – Can Burns Rescue LUNC?
The Terra Luna Classic (LUNC) community is currently grappling with a pressing issue: the supply woes affecting the once-promising cryptocurrency. In a bid to rescue LUNC, community-backed burning has taken center stage as an effort to mitigate the situation.
As of late, the LUNC market has exhibited an overprinted supply of 5.45 trillion tokens, which, unfortunately, has contributed significantly to its price decline. The price of Terra Luna Classic plummeted by a staggering 69% year-on-year, with trading volumes remaining alarmingly low at around $20 million per day on spot markets.
The recent collapse in LUNC’s value is a stark contrast from its previous thriving state and highlights the pressing need for a supply reduction. While the token burn mechanism has gained traction, doubts remain as to whether it can effectively rescue LUNC and stabilize its price.
