Numerous unfavorable events occurred in the Terra Classic (LUNC) ecosystem last month, the majority of which are to blame for the token’s downward price trend. A prior report showed that the price of Terra Classic (LUNC) decreased by 13.6% in April.
Due to recently established plans and proposals, the community was hoping for a recovery this month. The price of LUNC was anticipated to go up due to this adjustment. However, according to recent information from Coinmarketcap, the price of Terra Classic has dropped 17% during the past week.
LUNC Price Decline
Over the past seven days, the price of Terra Classic (LUNC), which initially peaked at $0.000108, has steadily decreased. The LUNC price has changed since then during the course of the following seven days, and it is currently worth $0.000089. This reflects a reduction of 17% over the previous week.
Terra Classic is down 17% in the last 7 days. Source: Coinmarketcap
With a $46,705,204 trading volume, Terra Classic has decreased by 4.75% during the past day. With a live market cap of $528,372,383, the current CoinMarketCap ranking is #79.
Terra Classic is down 4.75% in the last 24 hours. Source: Coinmarketcap
Will Terra Classic Recover?
The amount of Terra Classic in circulation continues to decline as a new Terra Classic Validator removes about 14 billion LUNC from circulation. As burning and stake events have continued, the quantity of the Terra Classic has steadily decreased. Additionally, purchasing LUNC tokens and either burning or staking them is encouraged by the most recent USTC re-peg proposal, which was just approved.
In addition, Terra Classic will incorporate AI for LUNC Burn. Block Entropy, an artificial intelligence (AI)-powered application chain that might change the chain, is planned to be integrated into Terra Classic (LUNC). This integration may result in a price increase for LUNC.
As LUNC gains value over time and the supply is reduced through burns and stakes, its value could reach $1. This new development would help Terra Classic’s (LUNC) price rise as it becomes more well-known for using AI technologies.