The Terra Luna Classic community has taken a momentous step by initiating the burn process for 12 billion LUNC and 68 million USTC, including contracts with the Lido DAO reward provider. This action by the community is part of an ongoing process to restore the price of LUNC and USTC to their former glory and push them to $1.
Terra Luna Classic Burns 12 Billion LUNC
In a groundbreaking move, the Terra Luna Classic community has decided to permanently remove 12 billion LUNC and 68 million USTC from circulation. This marks the second-largest LUNC burn in history. According to reports, the removal of 12 billion LUNC will be carried out through Anchor bLuna rewards and Lido rewards dispatcher contracts. These changes have already been reflected on CoinMarketCap and CoinGecko.
An announcement from the Terra Classic Foundation stated that the community will also vote on the burn of the mentioned funds, which will have a significant impact on the future of LUNC. In addition to this, the developers of Terra Luna Classic are continuing with the burns, having already removed a total of 93 million LUNC and 87 million USTC from the Terra Shuttle Bridge (BSC) contract.
Will LUNC Reach $0.0001?
The price of LUNC has experienced a 1% drop in the last 24 hours and is currently trading at $0.00008072. The lowest and highest prices in the last 24 hours were $0.00008050 and $0.00008366, respectively. The trading volume of LUNC has also decreased by 36% during this period, falling to $13.4 million.
Burns are known to be crucial for LUNC’s future price. The LUNC burn by Binance, Terraform Labs’ LUNC and USTC burns, and the upcoming implementation of the Tax2Gas application in July could potentially raise the price of LUNC, leading the community to witness a price movement above $0.0001.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.