Terra Luna Classic (LUNC) And USTC Prices Rally Nearly 15%, Here’s Why
Terra Luna Classic (LUNC) and USTC prices jumped nearly 15% and 12% in a week, surprising even the LUNC community. The move comes as the total supply of USTC fell as part of an 800 million USTC burn planned by the community. However, some community members revealed that the proposal to burn USTC is still under governance voting.
Terra Luna Classic And USTC Prices Rise
Terra Luna Classic emerged as a community-managed chain in the aftermath of the 2022 Terra-LUNA crisis. Earlier, the Terra classic community voted to burn a whopping 800 million USTC tokens, amounting to 9% of the total supply. The decision comes subsequently as an effort to revive the Terra Luna (LUNC) project.
The proposal encompassed blacklisting the Ozone protocol wallet, containing 800 USTC, concerning freezing assets rather than destroying them without authorization. The aftermath revolving around this proposal resulted in the majority of the community voting in favor of it.
Popular LUNC community member Vegas revealed that USTC supply has decreased by 800 million on CoinMarketCap and CoinGecko. The removal of $800 million $USTC from circulation attracted attention to Terra Classic community. It is pivotal in the revival of the LUNC and USTC prices.
LUNC and USTC prices are recovering from the recent selloff in the broader crypto market. The 800 million USTC burn is significant for the repeg and revival of LUNC.
LUNC price jumped 1% in the past 24 hours and 15% in a week, with the price currently trading at $0.000063. The 24-hour low and high are $0.0000612 and $0.0000671, respectively.
Meanwhile, USTC price trades at $0.012, up nearly 3% in the past 24 hours and 12% in a week. The 24-hour low and high are $0.0115 and $0.0137, respectively.
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