The Terra Luna Classic ecosystem experienced a significant price surge on Saturday after the Luna Foundation Guard removed 1.85 billion USTC and 222 million LUNC tokens from circulation. This action caused the price of LUNC to jump over 10% and USTC to rise by 18% within a few hours, though both tokens later saw a reduction in their initial gains.
1.85 billion USTC and 222 million LUNC tokens were taken out of Luna Foundation Guard’s wallet address terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw. The move comes as the account has been dormant for almost 2 years.
As a result, USTC circulating supply is now down to 7.1 billion. Crypto assets held by team, foundation, treasury, escrow funds are not counted in circulating supply. “Assets that are locked (via smart contracts or legal contracts), allocated to insiders (e.g. teams or private investors), or not sellable on the public market are generally not regarded as circulating, regardless of whether they are unlocked,” as per CoinMarketCap.
These numbers reflect adjustments and not actual removals from circulation. Some LFG funds were miscounted as belonging to circulating supply.
Also Read: Terra Luna Classic Developer Announces Key Upgrade, LUNC Price To $0.0002?
LUNC and USTC prices skyrocketed as the news sparked buying in the community due to a decrease in supply. But as the developments became clear to the community the prices started to pullback.
The Terra Luna Classic community seeks to burn USTC and LUNC in the LFG wallet to reflect in total supply, but it was just adjustments and not actual removals from circulating supply.
LUNC price is currently up 4%% over the last 24 hours, with the price currently trading at $0.0001062. The 24-hour high and low are $0.0001020 and $0.0001129, respectively.
Meanwhile, USTC price also jumped 7% in the last 24 hours, with the price currently trading at $0.0235. The 24-hour low and high are $0.0215 and $0.0251, respectively. Moreover, the trading volume has increased by 118% in the past 24 hours.
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