It is good to know that the Terra ecosystem had shown a sign of recovery from the crisis when its algorithmic stablecoin became unpegged from the dollar. The spike experienced in the last 7 days showed that the investors believe that LUNA and Terra classic can make it in the crypto sphere.
The LUNC’s popularity among the investors is on the increase as its market volume reached $1.1 billion as of August 2nd.
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The token seems to be earning the support of its community despite the May collapse. Although, the fact that both assets have declined in the past 24 hours is an indication that the volatility in both projects has not been eliminated.
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Terra LUNA Is Now The Most Trending Crypto On CMC
According to the CoinMarketCap data, the LUNA has once again topped the most trending crypto. However, the price of cryptocurrency has experienced a drop of 15.46% in the last 24 hours.
Fortunately, the LUNA has managed to recover some of its value in the last seven days gaining over 30% despite the recent Terra collapse.
LUNA Community Continues To Burn LUNC
As previously reported by Cryptolifedigital, the LUNA community in the U.S has despite the various lawsuits against the Terraform Labs CEO, Do Kwon, Daniel Shin, and Terraform Labs shifted their target to the burning LUNC.
Since this time, the LUNC’s price has revealed bullish potential, trying to overcome the bear. The community is now focused on proposal 3568 for the enhancement of the LUNC through the integration of the burning method.
This proposal stated a tax burn mechanism or method to limit the overall supply of LUNA classic, therefore increasing the remaining tokens. as stated, the burning will continue till the circulation remain 10 billion.
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