As an analyst with a background in cryptocurrency and blockchain technology, I find the recent developments surrounding Terra Luna Classic (LUNC) concerning. The sudden surge in LUNC burns, amounting to over 6.5 billion tokens in the last 24 hours, is a significant shift in the market dynamics of this asset.
In the past 24 hours, approximately 6.5 billion units of Terra Luna Classic’s native token, LUNC, have been torched as large-scale investors disposed of their holdings. This action has triggered apprehension within the community due to the recent announcement from Terraform Labs CEO, Chris Amani, indicating their intent to offload both LUNC and USTC tokens stored in TFL and LFG wallets.
Almost 6.5 Billion Terra Classic (LUNC) Tokens Burned
As a researcher studying the Terra ecosystem, I’ve observed that substantial sales of LUNC from large wallets on centralized crypto exchanges have resulted in a significant burn count of over 6.5 billion tokens within the last 24 hours. Consequently, the total and circulating supply of LUNC have both decreased noticeably. Simultaneously, the amount of LUNC held in the community pool has seen a noteworthy increase due to this burn event.
Over the past 24 hours, trading activity for LUNC surged by over 600%, suggesting substantial buying and selling among traders and investors. This surge came following confirmation from Terraform Labs CEO Chris Amani that funds held in the TFL and LFG wallets containing LUNC and USTC would be burned. In response, the community proposed blacklisting and burning any identified wallets harboring these cryptocurrencies if Terraform Labs failed to do so themselves.
The full list of LFG wallets can be found here:
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— Terra Powered by LUNA (@terra_money) June 21, 2024
As a crypto investor, I’m excited to share that the community burn has surpassed the 123 million mark for LUNC tokens. Binance continues to lead the charge as the top burner with an impressive 60 billion LUNC tokens burned through their monthly mechanism.
According to some reports, these wallets could be connected to individuals associated with TFL (Terraform Labs) and Do Kwon. It has been disclosed through US court documents that Milojko Spajic, the Prime Minister of Montenegro, was an early investor in Terraform Labs.
LUNC and USTC Prices Tumble
In the Terra Luna Classic marketplace, the value of ecosystem tokens plummeted significantly as major investors and other market participants offloaded their LUNC holdings. Nevertheless, faithful members of the Terra Luna Classic community remain optimistic about LUNC’s price recovery, citing ongoing developments such as Tax2Gas implementation as potential catalysts for future growth.
Over the past 24 hours, LUNC‘s price took a significant dip of approximately 19%, now sitting at $0.00007486. The lowest and highest prices within this timeframe were $0.00007206 and $0.00009188, respectively. Furthermore, there’s been a substantial surge in trading activity, with a 630% increase in volume compared to the previous day. This heightened interest among traders could potentially influence the price trend moving forward.
The past 24 hours have seen a significant surge of approximately 50% in open interest for LUNC futures contracts on Binance and various other crypto exchanges. A considerable portion of this newfound interest has emerged within the last few hours.
Simultaneously, the value of USTC decreased by more than 7%, with indications of a revival becoming less evident as the significant USTC burn approached. At present, the coin is being exchanged for $0.01723. The trading activity has risen significantly by approximately 20%.
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2024-06-22 13:28