Luna classic (Lunc) showing bullish signs ahead CosmWasm upgrade

The infamous collapsed crypto token Luna Classic is going to travel a new journey with the CosmWasm upgrade.

Luna Classic is a top infamous crypto token, which collapsed badly in May of last year. Lunc coin was integrated with TerraUSD stablecoin, to maintain the price of TerraUSD stablecoin exactly equal to $1 but both of these two tokens collapsed badly. Now the core team working on the new Luna coin crypto project and Luna Classic is running under some crypto proponents & supporters.

On 22 May 2023, LuncBurnArmy, the project manager of the Joint L1 Task Force, announced on Twitter that CosmWasm upgrades v1.1.0 for Terra Classic (Lunc) has been officially scheduled for June 14.

This upgrade is going to bring a new utility case for Lunc coin. Upcoming upgrade signifies an important step forward in enhancing the functionality of the Cosmos SDK v0.45 by focusing on refining smart contracts within the Terra blockchain.

Lunc coin burn

In May 2022, when the Terra crypto empire collapsed badly, the supply of Lunc coin surged rapidly outside the crypto exchanges. Initially, Binance crypto exchange suspended Lunc coin trading, to keep investors safe from major losses.

But later on demand of the Lunc coin investors & other Binance customers, Binance listed the Lunc coin & also proposed ideas to burn the supply of Lunc coin.

#Binance completes the first $LUNC burn, burning all trading fees collected from LUNC spot and margin trading pairs.

For more details about the first burn and all future burns, please check the announcement linked below for weekly updates moving forward.https://t.co/Depz9nYDVO

— Binance (@binance) October 3, 2022

The current circulating supply of Lunc coin is 5,873.31 billion, while its total supply is 6.8 Trillion. So far 0.729% of the total supply has been burned. Alternatively, we can say Lunc coin supply saw 198.1 million LUNC coins per day.