Terra Classic and USTC Prices React to 6.5B LUNA Burn by Terraform Labs

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The Terra Luna Classic ecosystem experienced a major price decline after Terraform Labs burned over 6.5 billion LUNC tokens in just 24 hours.

This sharp decrease in supply has sparked heightened trader interest, leading to a notable 600% surge in trading volumes during the same period.

The recent token burn event in the Terra Luna Classic ecosystem, initiated by Terraform Labs CEO Chris Amani and confirmed on social media, has caused a significant decrease in both total and circulating supply of LUNC tokens. This reduction has resulted in a notable decline in LUNC’s price, exacerbated by large wallets selling tokens on centralized crypto exchanges.

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