Terra Classic (LUNC) has also been affected by the recent market downturn caused by the SEC’s enforcement actions. Similar to other altcoins like Cardano (ADA) and Shiba Inu (SHIB), LUNC has entered a bearish cycle in the past few days as a result of the SEC’s complaints.

Despite the prevalent selling pressure in the market, the Terra Classic network achieved a significant milestone by surpassing the highly sought-after milestone of one trillion staked LUNC tokens on its blockchain.

Luna Classic HQ, a community-driven account by the Terra Classic, recently shared the exciting development with its members, considering it a significant milestone that the community had been eagerly anticipating.

Previously, the anticipation and excitement within the LUNC community as the number of staked tokens approached 970 billion. The community was actively engaged in various initiatives with the goal of surpassing the significant milestone of 1 trillion staked tokens.

StakeBin has reported that a total of 1,003,120,789,034 (1 trillion) LUNC coins, equivalent to approximately $90 million, have been staked. This significant amount represents a remarkable 14% of the total supply of the LUNC asset.

The achievement represents a significant milestone for the Terra community, signifying a notable advancement despite the network’s previous challenges. It demonstrates an increasing level of interest from the cryptocurrency community, indicating users’ trust and confidence in Terra Classic by actively staking their LUNC tokens on the blockchain to participate in earning rewards.

Related article: On the Path to $1: Terra Classic Community Passes Landmark Proposal for USTC Re-Peg

More Than 60 Billion Terra Classic (LUNC) Burned 

As the number of staked LUNC coins continues to rise, the Terra Classic ecosystem has been implementing strategies to decrease its token supply and drive the price of LUNC towards $1. A significant amount of 60.39 billion LUNC coins have been burned, resulting in a reduced circulating supply of 5.8 trillion coins.

Binance has emerged as one of the prominent contributors to the LUNC burning initiative, accounting for over 50% of the total tokens burned. Binance’s efforts have resulted in burning a substantial 32 billion LUNC tokens. Despite these burning efforts, the current price of LUNC stands at $0.00009707, and its 24-hour trading volume is approximately $71.81 million. The token has experienced a significant increase of around 10.75% in its price over the past 24 hours.