The Terra Classic community is actively seeking methods to burn billions of USTC and LUNC tokens held in wallets linked to Terraform Labs (TFL). This effort comes after TFL announced its intention to burn tokens from these wallets, sparking positive speculation about the future price of USTC.
TFL CEO Chris Amani has confirmed that these tokens, along with LUNA, will be part of an upcoming burn event scheduled to take place within the next few months.
Terra Luna Classic Community Plans Token Burn Amid TFL Dissolution
The Terra Luna Classic community is strategizing to burn USTC and LUNC tokens held in wallets associated with Terraform Labs (TFL) and Luna Foundation Guard (LFG). This initiative aims to decrease the circulating supply of these tokens within the Terra Luna Classic ecosystem during what some are calling the Terra-Luna death spiral.
Following Terraform Labs’ settlement of $4.5 billion with the U.S. Securities and Exchange Commission (SEC), the LUNC community has intensified its focus on burning tokens. TFL CEO Chris Amani acknowledged that TFL’s closure was anticipated, stating, “TFL was always intended to dissolve at some point.” The company is now in the process of winding down operations after filing for bankruptcy.
Members of the Terra Luna Classic community have identified several TFL and LFG wallets that could potentially be burned as part of the asset dissolution process. However, there are concerns within the community regarding the monitoring and assurance of the viability of the USTC and LUNC token burns.
Price Analysis of LUNC and USTC Tokens
The Terra Classic community is hopeful for a significant rally in LUNC and USTC prices following a planned token burn. However, experts suggest that the burn may not lead to substantial price movements.
As of now, LUNC’s price remains relatively stable, with current trading around $0.00009102. Over the past 24 hours, LUNC has traded between lows of $0.00008956 and highs of $0.00009237. Despite these fluctuations, trading volume has decreased by 13%, indicating a subdued interest among traders during this period of market downturn.
Meanwhile, USTC has shown some signs of recovery amid community discussions about the upcoming burn. The current price of USTC stands at $0.01864, with a 15% decrease in trading volume observed over the last 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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