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

The post Why Terra Luna Classic (LUNC), USTC Prices Crashed Amid Massive 6.5 Bln LUNC Burn appeared first on CoinGape.

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Filed under: News - @ June 22, 2024 10:17 am