Lunc Crypto News – Terra Classic Community Plans to Burn Billions of USTC and LUNC Tokens

Lunc Crypto News – Terra Classic Community Plans to Burn Billions of USTC and LUNC Tokens

Lunc Crypto News – The Terra Classic community is gearing up to burn billions of USTC and LUNC tokens currently idle in wallets associated with Terraform Labs (TFL). This initiative follows an announcement from TFL, revealing their intention to burn these tokens, which has sparked bullish speculation regarding USTC prices.

Chris Amani, CEO of TFL, has confirmed that these tokens will be included in the upcoming planned burn for LUNA. The burn preparation is set to take place in the coming months.

Terra Classic’s Strategy for Token Reduction

The Terra Luna Classic community aims to burn USTC and LUNC tokens held in TFL and Luna Foundation Guard (LFG) wallets. This strategy is intended to reduce the circulating supply of both tokens within the Terra Luna Classic ecosystem, especially in the aftermath of the Terra-Luna death spiral.

Following a $4.5 billion settlement between Terraform Labs, Do Kwon, and the U.S. Securities and Exchange Commission (SEC), the LUNC community has concentrated on the token burn. According to CEO Chris Amani, “TFL was always intended to dissolve at some point.” The company is now in the process of winding down operations completely after filing for bankruptcy.

Community members have identified several TFL and LFG wallets that could be targeted for the burn as the company dissolves its assets. However, there are concerns about how the community will oversee and ensure the viability of the USTC and LUNC burns.

Anticipated Impact on LUNC and USTC Prices

The Terra Classic community expects a significant rally in the prices of LUNC and USTC following the large-scale burn. Despite this optimism, the burn is unlikely to result in substantial price action.

Currently, the price of LUNC is trading at $0.00009102, with a 24-hour low of $0.00008956 and a high of $0.00009237. Trading volume has decreased by 13% over the last 24 hours, reflecting a lack of trader interest amid the ongoing downturn.