Terra Classic (LUNC), recognized as what remains of the Terra project that experienced one of the biggest collapses in crypto space to date, crashed and burned in its attempt to have a bullish momentum.
It can be recalled that Binance implemented a “burn” mechanism to deal with the excessive supply of the digital asset to help trigger upward movement of its price.
The plan, however, did not materialize and was underwhelming at best at it only led to the destruction of 0.08% of the token’s total supply – around $1.8 million worth of LUNC.
As a result, the anticipated uptick in trading price for Terra Classic did not happen. As of this writing, tracking from Coingecko shows the asset is trading at $0.00029027, losing 3.7% of its value in the past 24 hours.
It may be up by 2.3% for the last seven days, but is down 24.1% during the past 30 days.
Terra Classic Community Leaning On Social Dominance
Even with this seemingly insurmountable roadblock that threatens the project, Terra Classic community remains upbeat as they pin their hopes on the crypto’s recent social dominance.
After all, last month, LUNC experienced over 136% increase in its social engagements. At present, it is sitting on a solid social dominance figure of more than 150%.
Image: Invezz
Terra Classic’s community activity last September is actually impressive as it got 2.12 million social mentions and 1.9 billion social engagements.
The LUNC loyalists are even thinking that this level of social dominance might overshadow the Do Kwon crisis.
They believe this positive community outlook emanating from social engagements and interactions will help the asset move past the negative barrier created by the implosion of the Terra project that took out around $60 billion in market value.
A Bullish Run For The LUNC
Bull.BNB, a known investor of Terra Classic, believes the asset is due for a bullish run in the near future as Binance already sent over 5 billion LUNC tokens to the designated burn address.
The crypto player is banking on the fact that the digital currency’s price increased right after the plan for a burning mechanism to deal with its huge supply was announced.
This could prove to be difficult for the asset though, as it maintained the $0.000091 price for the entire month of September.
It is trading at a slightly higher value as of this time, but has lost almost 100% of its all-time high of $119.18 attained in April 5, 2022.
LUNC market cap at $1.84 billion | Featured image from Bitcoin.com News, Chart: TradingView.com