Terra Classic (LUNC), recognized as what remains of the Terra project that experienced one of the biggest collapses in the crypto space to date, crashed and burned in its attempt to gain momentum.
It can be recalled that Binance implemented a “burn” mechanism to deal with the oversupply of the digital asset to help trigger an upward movement in its price.
The plan, however, failed to materialize and was underwhelming at best, only resulting in the destruction of 0.08% of the token’s total supply – about $1.8 million worth of LUNC.
As a result, the anticipated increase in Terra Classic’s trading price did not occur. As of this writing, tracking from Coingecko shows the asset trading at $0.00029027, losing 3.7% of its value in the last 24 hours.
It may be up 2.3% over the past seven days, but is down 24.1% over the past 30 days.
Terra Classic community supported by social domain
Even with this seemingly insurmountable obstacle threatening the project, the Terra Classic community remains optimistic as they pin their hopes on crypto’s recent social dominance.
After all, last month LUNC experienced a more than 136% increase in social engagement. It currently sits on a solid social dominance figure of over 150%.
Terra Classic’s community activity last September is truly impressive, garnering 2.12 million social mentions and 1.9 billion social engagements.
The LUNC faithful even think that this level of social dominance could overshadow the Do Kwon crisis.
They believe this positive community outlook emanating from social engagements and interactions will help the asset overcome the negative barrier created by the implosion of Project Terra that took about $60 billion off its market value.
A bull run for LUNC
Bull.BNB, a well-known Terra Classic investor, believes that the asset should turn bullish in the near future, as Binance already sent over 5 billion LUNC tokens to the designated recording address.
The crypto player relies on the fact that the price of the digital currency increased just after the plan for a burning mechanism to deal with its huge supply was announced.
This could prove difficult for the asset as it held the price of $0.000091 throughout the month of September.
It is currently trading at a slightly higher value, but has lost almost 100% from its all-time high of $119.18 reached on April 5, 2022.
LUNC market cap at $1.84 billion | Featured image from Bitcoin.com News, Chart: TradingView.com