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Terra Luna Classic (LUNC) community has approved the proposal to burn approximately 32 million dollars worth of 800 million USTC from the Risk Harbor (formerly Ozone Protocol) multisig wallet. This approval follows Proposal No. 12073, which received significant support from the community after ongoing discussions.
Proposal Gains 41% Support from Voting Participants
The Terra Luna Classic community approved the proposal to burn 800 million USTC with 41% “Yes” votes, 33% “Abstain”, 18% “No”, and 8% “Veto with No”. With 42 out of 58 validators, including the top validator Allnodes, voting in favor, the community has given the green light to the USTC burn.
The approved proposal titled “Burning 800 Million USTC Through Contract Carriage” aims to transfer 800 million USTC from the Risk Harbor multisig contract through a contract carriage proposal to a new code version. This process will be automatically executed by a transition handler, which, as indicated by former Joint L1 Task Force (L1TF) developer Fragwuerdig, allows the token burn to be carried out without changing the state of the Blockchain network.
Following the announcement of the proposal’s approval, USTC’s price saw a significant rise, recording a notable 25% increase. The trading volume also surged by over 400%. The Altcoin‘s price rose from the lowest level of $0.0320 in the last 24 hours to $0.0410 before stabilizing at $0.0368 without losing any of its gains. This rally renewed confidence among investors about reclaiming the December level of $0.060.
LUNC’s Trading Volume Increases by Over 200%
On the other hand, the price of Terra Luna Classic’s native asset, LUNC, also recorded a modest 2% increase during the same period. The trading volume for LUNC has risen by 200% in the last 24 hours, influenced by traders taking new long positions.
Analysts suggest that if the altcoin maintains its position above the support band, LUNC could continue its upward momentum and rise to a key level by breaking the $0.00014 resistance, potentially reaching up to $0.0002 for more upside potential.
