Terra Luna Classic (LUNC) Burns 251B Tokens, But Will It Reach $1?

Terraform Labs (TFL) has executed a large-scale token burn of 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation.

Terraform Labs (TFL) has burned 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation as part of a settlement with the U.S. Securities and Exchange Commission (SEC).

The burn was carried out to dispose of specific assets held in TFL’s Shuttle Bridge wallets, which were ordered to be destroyed by the SEC.

This move has sparked discussions in the crypto community about the possibility of LUNC reaching the $1 mark, given its potential to benefit from reduced circulating supply.

However, market experts believe that this burn may not be sufficient to propel LUNC to $1 due to the lack of enough demand.

Both LUNC and USTC prices saw a modest increase following the burn, with LUNC rising by 3% and USTC climbing by 1.70%, according to CoinMarketCap data.

This could be attributed to the overall large supply of these tokens, as the recent burn represents only a fraction of the total amount in circulation.

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