In recent news from Terra Luna Classic (LUNC), the community has successfully passed a proposal to burn 800 million USTC tokens. This decision has led to a significant 25% surge in the price of USTC.
The Terra Luna Classic community has approved a proposal to burn 800 million USTC tokens after extensive deliberation. This decision allows the community to move forward with the burn process. As a result, the price of USTC surged by 25% today. However, it has since slightly declined from its peak in the last few hours.
Successful Proposal for 800 Million USTC Burn
Proposal 12073, titled “Burn 800M USTC through Contract Migration,” has achieved the required pass threshold, signaling the approval to burn 800 million USTC tokens. This amounts to nearly $32 million from the Risk Harbor (formerly Ozone Protocol) multisig wallet.
The proposal garnered significant attention from the Terra Classic community, with a notable voter turnout. Supporters believe it offers the best approach to blacklist and burn 800 million USTC, aligning with previous proposals (11832, 11660, and 11710). Among the 58 validators involved in the voting process, 42 voted in favor, 11 abstained, with 1% against and 4% opposing with veto rights. Top validator Allnodes chose to abstain, paving the way for the community’s decision to proceed with the 800 million USTC burn.
The approved code will facilitate the migration of 800 million tokens from the multisig contract or wallet of Risk Harbor to a new code version through a contract migration proposal. A migration handler will manage the transaction to execute the burn, ensuring compliance with tax requirements. Fragwuerdig, a former Joint L1 Task Force (L1TF) developer, assures that this methodology will maintain the blockchain’s state unchanged.
Price Movement in USTC and LUNC Tokens
The USTC token experienced a significant rally, climbing from a 24-hour low of $0.0320 to $0.0410, marking a remarkable 25% increase within the past day. Currently, the price sits at $0.0368 after trimming some gains. This recent surge has instilled confidence in the possibility of reclaiming December’s $0.060 level.
Meanwhile, the price of LUNC has seen a 2% jump over the past 24 hours, reaching $0.000124. During this period, the token’s price fluctuated between a low of $0.000122 and a high of $0.000133. Notably, trading volume surged by 200% in the last 24 hours, driven by new long positions initiated by traders.
For LUNC, maintaining a position above the green support band holds significance as it empowers bulls to dominate the market. Further upside momentum in LUNC is contingent on breaching the resistance at $0.00014, paving the way for potential gains towards $0.0002.
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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