Terra 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
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
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.
