As an analyst with a background in the cryptocurrency market and experience in following Terra Classic (LUNC) and its ecosystem, I believe that the community’s plan to burn billions of USTC and LUNC tokens could potentially spark some bullish sentiment in the market. However, it is essential to approach this situation with a critical perspective and consider the potential implications of the burn.
As a researcher studying the Terra Classic community, I’ve noticed that members are actively exploring methods to contribute to the burning of billions of idle USTC and LUNC tokens connected to Terraform Labs (TFL) wallets. This initiative arises in response to TFL’s recent announcement that they will be burning tokens from these wallets, which has fueled optimistic market speculation regarding the potential price increase for USTC.
As a crypto investor, I’m excited to hear that Chris Amani, the CEO of TFL, has confirmed that certain tokens will undergo burning alongside LUNA’s planned burn. This process is expected to commence within the upcoming few months.
Terra Classic Plans To Burn Billion of USTC
The Terra Luna Classic community intends to eliminate USTC and LUNC tokens from the Terraform Labs (TFL) and Luna Foundation Guard (LFG) hoards. This action aims to decrease the existing token supply within the Terra-Luna ecosystem, offering relief during the crisis known as the Terra-Luna death spiral.
With Terraform Labs (TFL) and Do Kwon reaching a $4.5 billion settlement with the U.S. Securities and Exchange Commission (SEC), attention shifted towards the LUNC community, who have been actively discussing token burning. TFL CEO Chris Amani stated that “TFL was destined to discontinue its operations at some point.” Following this declaration, the company has initiated the process of completely winding down after filing for bankruptcy.
Members of Terra Luna Classic have discovered certain TFL and LFG wallets, which the community can utilize to carry out the burn process as the company liquidates its assets. Nevertheless, there is growing interest within the community regarding how we will oversee and guarantee that the USTC and LUNC burn procedures are effective.
LUNC and USTC Prices To Rally After Big Burn
The Terra Classic community is optimistic about a major surge in the prices of LUNC and USTC following the upcoming big burn event. Nevertheless, it’s uncertain if this event will cause substantial price movements.
As a researcher studying the cryptocurrency market, I observe that LUNC’s price remains stagnant, hovering around $0.00009102. The price range over the past 24 hours has been quite narrow, with the low being recorded at $0.00008956 and the high reaching $0.00009237. Furthermore, I notice a substantial drop of approximately 13% in trading volume during this period. This decrease implies that there is waning enthusiasm among traders regarding LUNC’s current downturn.
Currently, USTC’s price is exhibiting some improvement as the community prepares for the burn event. At present, the price is being exchanged at $0.01864. Notably, there’s been a 15% decrease in trading volume.
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2024-06-21 19:30