Why are Terra Luna Classic (LUNC), USTC prices plummeting amid a massive 6.5 billion LUNC burn!.
In recent times, the prices of Terra Luna Classic (LUNC) and USTC have dropped sharply after more than 6.5 billion LUNC tokens were burned. This has caused anxiety in the community. The main cause of this token burn was that large wallets withdrew from their positions, leading to large movements on centralized cryptocurrency exchanges.
CEO of Terraform Labs, Chris Amani, has confirmed that they will burn the LUNC and USTC they are holding in the TFL and LFG wallets. This is intended to reduce supply and increase community fund holdings. However, this token burn caused a sharp decrease in the total supply and circulating supply of LUNC, as well as an increase in the amount of LUNC in the community fund.
The price of LUNC has dropped more than 19% over the past 24 hours, currently trading at $0.00007689. Trading volume has increased by more than 630% during that time, showing interest among traders. Despite the sell-off, members of the Terra Luna Classic community appear confident about LUNC price increases in the future, especially with Tax2Gas being implemented.
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