Terra Luna Classic Validator Announces Token Burn Strategy to Boost LUNC Price
In an effort to revitalize the value of LUNC tokens, the Terra Luna Classic validator has revealed plans to burn billions of LUNC tokens. The objective behind this token burn is to reintroduce validator burns and potentially drive the price of LUNC tokens towards the target of $1.
ClassyCrypto, a prominent member of the Terra Luna Classic community, is spearheading an initiative to burn billions of LUNC tokens. The primary objective of this token burn is to reintroduce validator burns and stimulate a resurgence in the price of LUNC tokens, with the aim of reaching the $1 mark.
In a significant announcement, ClassyCrypto revealed plans to burn 100% of the commissions earned by its validator until the end of the year. This move resonated with the community, leading many LUNC stakeholders to redelegate their staking to Classy’s Sphere validator in response.
Terra Luna Classic Validator Revives Validator Burns:
In an effort to reignite the LUNC $1 burn narrative within the Terra Luna Classic community, ClassyCrypto has announced that their Crypto Validator will burn 100% of the commissions earned. This strategic move comes as other validators have ceased their contributions to the LUNC burn campaign, with the goal of reducing the circulating supply of LUNC tokens.
Following the announcement, the community wholeheartedly supported Classy’s Sphere and began redelegating their staked LUNC tokens. The total LUNC tokens staked with Classy’s Sphere witnessed a significant surge, jumping from 8.81 billion to 9.86 billion LUNC tokens. This substantial increase in staked tokens bolstered the voting power to 0.96%, reflecting the community’s strong backing of Classy’s Sphere validator.
Source: StakeBin
ClassyCrypto’s Classy’s Sphere Validator Burns 13 Million LUNC Tokens:
In December of the previous year, ClassyCrypto successfully burned 13 million Terra Luna Classic (LUNC) tokens through the Classy’s Sphere validator. This initial burn was a significant step towards the goal of burning billions of LUNC tokens. In a recent proposal, the minimum validator commission for all validators was adjusted to 5%.
The Terra Luna Classic community has set its sights on burning trillions of LUNC tokens through the USTC repeg initiative. Remarkably, the community has already burned over 68 billion LUNC tokens and staked over 1.022 LUNC tokens. Additionally, the Joint L1 Task Force is dedicated to reducing the supply of both LUNC and USTC in the third quarter. Their collaborative efforts also involve assisting the Quant team in the USTC repeg process.
LUNC Price Exhibiting Sideways Movement:
The Terra Luna Classic community is determined to revive the LUNC token’s value and anticipates a potential rally during the next bull market. However, as of this week, the LUNC price has been experiencing a period of sideways movement, with limited fluctuations.
The current trading price of LUNC stands at $0.000083, showing a modest 0.5% increase over the past 24 hours. Throughout this period, the lowest recorded price was $0.0000819, while the highest reached $0.0000838. Traders are now eagerly anticipating a potential breakout above the descending channel pattern.
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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