The burn rate of Terra Classic has been quite active in the past few days, especially on November 6. Burn rate increases are usually considered to be good as it means that the number of tokens in circulation is decreasing, which is often associated with the price increase.
More than 16 million $LUNC
tokens were burned in the last 24 hours alone. This continuous decrease in the circulating supply of LUNC has caught the attention of the market. Crypto analyst Javon Marks noted on X (formerly Twitter) that the recent price action of LUNC may indicate that the asset is entering a bullish trend. Marks noted that the current +momentum is the “major strength”, which may indicate that the token is preparing for a long-term rally.
Another analyst also expressed the same view, saying that the community-driven efforts may propel LUNC to achieve further milestones with the ultimate target of $1.
