Terra Classic community seeks ways and prepares to burn billions of USTC and LUNC sitting idle in the wallets linked to Terraform Labs (TFL). The move comes as TFL announced that it would burn tokens in the wallets, sparking bullish speculation for USTC price.

TFL CEO Chris Amani has confirmed that these tokens will also be burned with the planned burn for LUNA. The burn readiness will take place in the next few months.

Terra Classic Plans To Burn Billion of USTC

Terra Luna Classic community plans to burn USTC and LUNC in the Terraform Labs (TFL) and Luna Foundation Guard (LFG) wallets. It would help the community to reduce the circulating supply of both Terra Luna Classic ecosystem tokens during the Terra-Luna death spiral.

As Terraform Labs and Do Kwon settled with the U.S. Securities and Exchange Commission (SEC) for $4.5 billion, LUNC community focused on burning the tokens. TFL CEO Chris Amani said that “TFL was always intended to dissolve at some point.” The company is winding down operations completely after filing bankruptcy.

Terra Luna Classic members have uncovered some TFL and LFG wallets that the community can burn as the company dissolves assets. However, some are curious about how the community will monitor and ensure USTC and LUNC burn are viable.

Also Read: Terra Classic Highly Debated Proposal After TFL And SEC Settlement

LUNC and USTC Prices To Rally After Big Burn

Terra Classic community anticipates a massive rally in LUNC and USTC prices after the big burn. However, the burn isn’t likely to bring any significant price action.

LUNC price continues to move sideways, with the price currently trading at $0.00009102. The 24-hour low and high are $0.00008956 and $0.00009237, respectively. Moreover, trading volume has decreased by 13% in the last 24 hours, indicating a lack of interest among traders in this downturn.

Meanwhile, USTC price saw some signs of recovery as the community plans for the burn. The price is currently changing hands at $0.01864. The trading volume has dropped by 15%.

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The post Terraform Labs CEO Chris Amani Confirms Huge USTC, LUNC Burn appeared first on CoinGape.

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Filed under: News - @ June 21, 2024 4:24 pm