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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

LUNC: Unveiling Terra Classic NFTs That Could Spark A Price Resurgence

Christian Encila
Christian Encila
2 years ago
3 mins read
LUNC

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Terra Classic is a community-run revival of the Terra Luna ecosystem that collapsed in a spectacular fashion in 2022. Since then, LUNC, the ecosystem’s native token, has been subjected to burns to reduce the supply and drive the price upwards. However, the upward momentum hasn’t quite materialized as expected.

According to CoinGecko, the token is down more than a percent in the past 24 hours. However, long-term investors are still trading at a loss as the token has been down nearly 100% since last year. Nonetheless, developments are made to increase the burn rate of the token.

NFTs Might Help With LUNC Burn

Cremation Coin, a protocol specifically built for burning cryptos with astronomical supply numbers, is considering the use of NFTs to help the burn rate of the LUNC token. According to one of their recent Tweets, the development team of the protocol is considering the development of an NFT collection named “Bad Abstract Art that Burns LUNC” or BAABL. 

We are very strongly considering launching a “test” NFT project at some point over the next day or two.

The test project would consist of ten pieces of “Bad Abstract Art” at various price points launched on the ETH chain.

This will be the birth of “Bad Abstract 🧵

— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) April 5, 2023

According to them, half of the NFT selling price would be used to burn LUNC. 

“We are very strongly considering launching a “test” NFT project at some point over the next day or two. The test project would consist of ten pieces of Bad Abstract Art at various price points launched on the ETH chain.” the team said in the first tweet in the thread. 

If they push through with this, they will release the collection on other blockchains.

As of writing, 53.08 billion LUNC has been burnt since May 18, 2022, with 1.8 billion LUNC burned today. Despite these impressive figures, LUNC still has 5.89 trillion tokens in circulation. It will take some time before the burning becomes a massive influence on LUNC’s price action. 

This Crucial Support Should Be Monitored By Bulls

$0.00012 is the token’s crucial support. Looking at the bigger picture, the token has not made any upward price actions in the past few months. If the bears break through this support, investors will experience a bigger downside in the long term. 

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For now, LUNC bulls should defend this support level before targeting any resistance in the future. However, the LUNC market has been dominated by bears. According to CoinGlass, short sellers outnumber long buyers in all major exchanges. 

The general market movement will also affect the token’s price movement. As of writing, the total market cap of crypto is down 2% today. Monitoring the token’s correlation with the major cryptos would ensure better decision-making in the future. 

– Featured image from Criptokio

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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