Why Terra Luna Classic (LUNC), USTC Prices Crashed Amid Massive 6.5 Bln LUNC Burn
Highlights
- Large wallets selling LUNC and wallet movements on centralized crypto exchanges led to 6.5 billion in LUNC burned.
- Total LUNC burned by the community reaches above 123 billion.
- LUNC and USTC prices dropped 19% and 7%.
Terra Luna Classic saw over 6.5 billion LUNC burned in the last 24 hours as large wallets are selling LUNC tokens, raising concerns in the community. The move comes after Terraform Labs CEO Chris Amani confirmed yesterday to burn LUNC and USTC they hold in their TFL and LFG wallets.
Almost 6.5 Billion Terra Classic (LUNC) Tokens Burned
Large wallets selling LUNC and wallet movements on centralized crypto exchanges caused LUNC burn count in the last 24 hours to rise above 6.5 billion. This has contributed to a massive drop in LUNC’s total supply and circulating supply, as well as an increase in LUNC in the community pool.
LUNC trading volumes increased by more than 600% over 24 hours, indicating buying and selling by many traders and investors. The selloff hours after Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned. He even agreed to blacklist and burn wallets that hold LUNC and USTC by the Terra Classic community if the firm somehow doesn’t have access to any wallet.
The full list of LFG wallets can be found here: https://t.co/OoYIq4OBui
More information ⤵️https://t.co/SxBuIdNkdD
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) June 21, 2024
With the latest burn, the total burn by the community has reached over 123 million LUNC. Binance holds the top burner position with 60 billion in LUNC burned so far through their monthly burn mechanism.
Some believe these wallets may belong to people linked to TFL and Do Kwon. US court filings revealed that Milojko Spajic, Prime Minister of Montenegro, was as an early investor in Terraform Labs.
Also Read: US SEC Leverages Ripple XRP Case in Binance Lawsuit
LUNC and USTC Prices Tumble
The Terra Luna Classic ecosystem tokens tumbled massively as whales and other investors sold LUNC. Despite the selloff, Terra Luna Classic members have expressed confidence in LUNC price increase in the future, with Tax2Gas implementation also under works.
LUNC price crashed over 19% in the past 24 hours, with the price currently trading at $0.00007486. The 24-hour low and high are $0.00007206 and $0.00009188, respectively. Moreover, trading volume has increased by 630% in the last 24 hours, indicating interest among traders.
LUNC futures open interest on Binance and other crypto exchanges has jumped over 50% in the last 24 hours, with major interest coming in the last few hours.
Meanwhile, USTC price also fell over 7% as signs of recovery faded despite the upcoming huge USTC burn. The price is currently changing hands at $0.01723. The trading volume has increased by 20%.
Also Read: Here’s Why Bitcoin Price Will Continue To Underperform US Stock Market In Coming Weeks
- 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
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- 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
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
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.
