Luna Classic, Remnant of Terra Collapse, Drops After Underwhelming Binance Burn Mechanism Data

LUNC is the native token of the Terra Classic blockchain, which imploded this May, wiping out $60 billion in market value; the project’s algorithmic stablecoin lost its peg to the dollar, and LUNC, the token that was supposed to be its stabilizer, fell into hyperinflation. While most crypto developers and projects left the blockchain, some community members attempted to bring new life to the network by introducing a scheme that reduces the bloated supply of the token.