The Terra Luna Classic community has made a historic move 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
Following a move by the Terra Luna Classic community, 12 billion LUNC and 68 million USTC will be permanently removed from circulation. This is considered the second-largest LUNC burn in history.
According to the information, 12 billion LUNC will be removed from circulation through Anchor bLuna rewards and Lido rewards dispatcher contracts. Additionally, these changes have been reflected on CoinMarketCap and CoinGecko.
An announcement from an X account named Terra Classic Foundation stated:
Since Lido DAO accepted a proposal on June 22, 2022, to make all Lido contracts on Terra Classic unupgradable and nullify their ownership, these funds have been locked.
On the other hand, the community will vote on the burn of the mentioned funds, which will play a significant role in the future of LUNC. Terra Luna Classic developers continue with the burns. LUNC and USTC are being removed from circulation. The community also removed a total of 93 million LUNC and 87 million USTC from the Terra Shuttle Bridge (BSC) contract.
Will LUNC Reach $0.0001?
LUNC price has dropped over 1% in the last 24 hours and is trading at $0.00008072 at the time of writing. The lowest and highest prices in the last 24 hours were $0.00008050 and $0.00008366, respectively. LUNC’s trading volume also dropped by 36% during this period, falling to $13.4 million.
Burns are known to be crucial for LUNC’s price future. The LUNC burn by Binance, one of the biggest supporters of the process, Terraform Labs’ LUNC and USTC burns, and the Tax2Gas application to be implemented in July could raise the LUNC price, and the community might witness a price movement above $0.0001.
