The Terra Luna Classic community has made a groundbreaking move by initiating the burning of 12 billion LUNC and 68 million USTC, along with contracts involving the Lido DAO reward provider. This community action forms part of an ongoing effort to restore the value of LUNC and USTC, aiming to propel them to $1.
**Terra Luna Classic Burns 12 Billion LUNC**
In a significant development led by the Terra Luna Classic community, a total of 12 billion LUNC and 68 million USTC will be permanently removed from circulation. This marks the second-largest burn of LUNC in its history.
According to reports, the removal of 12 billion LUNC will occur through Anchor bLuna rewards and Lido rewards dispatcher contracts. These updates have already been reflected on CoinMarketCap and CoinGecko.
An announcement from Terra Classic Foundation, released through an account named X, stated that the community will also vote on burning the aforementioned funds, emphasizing its pivotal role in shaping LUNC’s future. Developers of Terra Luna Classic are continuing with their burn initiatives, effectively reducing the circulating supplies of both LUNC and USTC. Additionally, the community has eliminated a combined total of 93 million LUNC and 87 million USTC from the Terra Shuttle Bridge (BSC) contract.
**Will LUNC Reach $0.0001?**
Over the past 24 hours, the price of LUNC has experienced a slight decrease of 1%, currently trading at $0.00008072. During this period, its price fluctuated between $0.00008050 and $0.00008366. Trading volume for LUNC also saw a decline of 36%, amounting to $13.4 million.
Burns are widely recognized as critical factors influencing the future price movements of LUNC. The recent burns conducted by Binance, a major supporter of this process, alongside Terraform Labs’ initiatives with LUNC and USTC, and the anticipated implementation of Tax2Gas in July, are expected to potentially elevate the price of LUNC. If successful, the community could witness a surge pushing LUNC’s value above $0.0001.
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**Disclaimer:**
The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility associated with cryptocurrencies, which entails risks, and should conduct their own thorough research before making any investment decisions.
