Sign Up on MEXCTerra Luna Classic (LUNC) And USTC Prices Record Big Rally, Here’s Why
Terra Luna Classic (LUNC) and USTC prices jumped nearly 15% and 12% in a week, sparking a discussion in the LUNC community. The move comes as the total supply of USTC fell as part of an 800 million USTC burn planned by the community. However, some community members revealed that the proposal to burn USTC is still under governance voting, raising concerns about the supply reduction.
Terra Luna Classic And USTC Prices Rise
Terra Luna Classic emerged as a community-managed chain in the aftermath of the 2022 Terra-LUNA crisis. Earlier, the Terra classic community voted to burn a whopping 800 million USTC tokens, amounting to 9% of the total supply. The decision comes subsequently as an effort to revive the Terra Luna (LUNC) project.
The proposal encompassed blacklisting the Ozone protocol wallet, containing 800 USTC, concerning freezing assets rather than destroying them without authorization. The aftermath revolving around this proposal resulted in the majority of the community voting in favor of it.
Popular LUNC community member Vegas revealed that USTC supply has decreased by 800 million on CoinMarketCap and CoinGecko. The removal of $800 million $USTC from circulation attracted attention to Terra Classic community. It is pivotal in the revival of the LUNC and USTC prices.
LUNC and USTC prices are recovering from the recent selloff in the broader crypto market. The 800 million USTC burn is significant for the repeg and revival of LUNC.
LUNC price jumped 1% in the past 24 hours and 15% in a week, with the price currently trading at $0.000063. The 24-hour low and high are $0.0000612 and $0.0000671, respectively.
Meanwhile, USTC price trades at $0.012, up nearly 3% in the past 24 hours and 12% in a week. The 24-hour low and high are $0.0115 and $0.0137, respectively.
Also Read:
- Dogecoin Price Prediction As Pepe Coin Leads Meme Coins Rally, Can DOGE Hit $0.1?
- USDC Issuer Circle Partners BitoGroup And Taiwan FamilyMart In A Strategic Move
- Bitcoin To Hit $45K In 2023 And $125K By 2024-End: Matrixport
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
