The value of Terra Classic (LUNC) has experienced a significant drop due to increased selling pressure, which has impacted ongoing efforts to rescue the token. 

In particular, by press time, LUNC was trading at $0.00015, with the price recording a slump of almost 13% over the last 24 hours. On the daily chart, the token had peaked at $0.00017. 

This sell-off has also resulted in a significant outflow of capital from the former original chain of the collapsed Terra (LUNA) ecosystem. The token’s market cap stands at $944.33 million, representing a loss of about $146 million in 24 hours, with the decline coming after LUNC reclaimed the $1 billion market cap on December 27 for the first time since December 14.

The drop in value coincides with a decision by crypto exchange Binance on the burning LUNC tokens to help reduce supply. In this line, the exchange announced that it would be burning 50% of the LUNC spot and margin trading fees instead of 100%.

(by Paul L.)