The price of Terra Classic (LUNC) surged by 22% today, driven by a significant increase in trading volume and a concerted effort within the community to reduce token supply. Within the last 24 hours, LUNC climbed to around $0.00003420, marking a resurgence after a prolonged period of minimal activity. This price movement has invigorated the LUNC community, which has been awaiting a rebound since the project’s notable decline in 2022.
LUNC’s trading volume experienced an impressive spike of over 370%, reaching nearly $46 million across major exchanges. This surge in trading activity coincided with increased staking efforts, as more holders began locking their LUNC tokens to support network stability. The resulting reduction in circulating supply has contributed to the rising price, aligning with a broader positive sentiment in the market.
Community Efforts and Token Burn Mechanism
A crucial factor in the current price rally is the community’s aggressive burn mechanism. Over the past week, more than 849 million LUNC tokens were burned, decreasing the total supply significantly. According to the burn tracker, Terra Classic has eliminated approximately 426.79 billion tokens since May 2022, which represents nearly 8% of its total supply. As the circulating supply diminishes, a corresponding increase in demand can lead to faster price recoveries.
In addition to these community-driven initiatives, progress from Terra Classic developers is instilling further confidence. Recent updates have revealed enhancements focused on system improvements, security patches, and anticipated upgrades aimed at stabilizing the blockchain. Notably, Binance announced its support for the upcoming network upgrade scheduled for December 8, 2025, at block height 18,660,000. During this time, deposits and withdrawals will be temporarily paused, although trading will continue as usual.
Market Outlook for LUNC
Currently, LUNC has broken free from a falling wedge pattern and is maintaining a position above $0.000033, a significant micro-support level. The Relative Strength Index (RSI) sits around 59, suggesting potential for further upward movement. Analysts are identifying key resistance levels at $0.000048 and $0.00009. Should bullish momentum persist, a critical psychological target of $0.000125 is in sight, a price point that many traders are closely monitoring.
Despite today’s price increase, it is essential to note that LUNC remains down nearly 80% for the year. This decline reflects broader market challenges and underscores the volatility that characterizes the cryptocurrency landscape. As traders and holders react to the latest developments, the future trajectory of Terra Classic will undoubtedly depend on continued engagement and strategic community actions.