• Terra Luna Classic’s price dropped 28% after an optimistic upwards rally.
• The team behind the token is doing everything in their power to get the token back to its previous glory, including partnering with Binance to reduce the circulating supply of the token.
• It is impossible for the token to rise to $1, which requires the total supply to be at 880 million, as opposed to the current 6 trillion.
The past few weeks have been tumultuous for Terra Luna Classic, with its price taking a sudden drop of 28% after an optimistic upwards rally just a few days prior. This has caused a wave of uncertainty and speculation among investors, with some believing the coin will make a comeback in the year to follow while others remain more bearish and conservative in their predictions.
In a bid to bring the token back to its earlier glory, the team behind the project has been doing everything in their power to recover. One of their strategies to achieve this has been to partner with Binance, one of the largest digital currency exchanges. Through this partnership, Binance has agreed to help reduce the circulating supply of the token. The exchange has a LUNC burn program where it was burning 100% of the spot and margin fees until Wednesday, with recent changes shifting this number to 50%.
However, despite their efforts, the current target of the team to get the token past $1 may be out of reach. This is because for the token to reach this price point, the total supply needs to be at 880 million, as opposed to the current 6 trillion. Therefore, the company will have to find other solutions that can help increase the burn rate.
The company has also been attempting to receive community support, and although Binance offering to work with Terra has instilled some confidence, it remains to be seen if this will be enough to bring the token back to its previous glory. It is also unclear how the team is planning to tackle the current supply problem, as the only current solution is to increase the burn rate, which is not a feasible option. Only time will tell how Terra Luna Classic will perform in the future.