Terra Luna Classic (LUNC) price shows signs of bottoming after crashing by over 90% from its all-time high.

LUNC is hitting a 406 billion token burn milestone. Data shows that the network incinerated over 280 million tokens in the last seven days

Terra Luna Classic (LUNC) token price dropped to a low of $0.000054 this month, a level at which it had failed to drop below since July and September last year. The coin also failed to move below the price throughout 2024.

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The last time LUNC’s price dropped below this level was in June 2022, when it dropped to a low of $0.00003440. However, this drop turned out to be a false breakdown, as the coin recovered sharply afterward to set a swing high at $0.0001797 by November last year.

At the time of writing, LUNC was trading at around $0.00005385. A drop below this level could open the door for another decline to $0.000034.

LUNC is hitting a 406 billion token burn milestone. Data shows that the network incinerated over 280 million tokens in the last seven days, bringing the total tokens burned to 406 billion.

Over 336.2 billion LUNC tokens have moved to the burn wallet, while almost 70 billion of these coins have been burned on-chain. Most of these burns were from Terraform Labs, which a U.S. bankruptcy court ordered.

Binance (NASDAQ:BNB), the biggest cryptocurrency exchange, has also been the most active LUNC burner in the industry. It has burned over 71 billion tokens in the past three years, and has consistently supported all of its upgrades.

Meanwhile, more LUNC holders are staking them, an optimistic sign that, perhaps, the token will bounce back. The LUNC staking ratio has risen to 15.85%. That’s its highest level since November 10, 2024.

A high staking ratio, especially when a coin is falling, is a highly bullish sign.