Terra Luna Classic Validator To Burn Billions Of LUNC Tokens, Price To Rally?
Terra Luna Classic validator Classy’s Sphere of popular community member ClassyCrypto aims to burn billions of LUNC tokens in an effort to bring back validator burns and revive LUNC price to $1.
ClassyCrypto announced that he will burn 100% of the commissions of its validator until the end of the year. The move caused the community members to redelegate their LUNC staking with Classy’s Sphere validator.
Terra Luna Classic Validator Brings Back Validator Burns
ClassyCrypto announced that validator Classy’s Crypto will burn 100% of commissions as validators have stopped contributing to the LUNC burn campaign to reduce the circulating supply. He aims to bring back LUNC $1 burn narrative in the Terra Luna Classic community.
The community supported and started redelegating their staked LUNC with Classy’s Sphere. Total LUNC staked with Classy’s Sphere jumped from 8.81 billion to 9.86 billion LUNC tokens, increasing the voting power to 0.96%.
ClassyCrypto burned 13 million Terra Luna Classic (LUNC) tokens through its Classy’s Sphere validator in December last year. He expects to burn billions in LUNC tokens, with initial burns of millions. The minimum validator commission was changed to 5% for all validators as part of a proposal passed recently.
Meanwhile, the Terra Luna Classic community looks to burn trillions of LUNC tokens through the USTC repeg initiative. Until now, the community has burned over 68 billion LUNC tokens and staked over 1.022 LUNC tokens. In addition, the Joint L1 Task Force aims to focus on reducing LUNC and USTC supply in Q3 and assist the Quant team in the USTC repeg.
Also Read: Crypto Bull Cathie Wood’s Ark Invest Offloads Coinbase (COIN) Shares Worth Millions
LUNC Price Moving Sideways
Terra Luna Classic community looks to revive LUNC to $1 and hopes to see a rally in the next bull market. However, the LUNC price continues to move sideways this week.
LUNC price currently trading at $0.000083, up just 0.5% in the past 24 hours. The 24-hour low and high are $0.0000819 and $0.0000838, respectively. Traders currently await a breakout above the descending channel pattern.
Also Read: Bitcoin (BTC) Set For $35000, Ethereum (ETH) Above $2000 As US CPI Inflation Falls
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
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.
