USTC Price Jumps as Terra Luna Community Approves 800M Token Burn

A community-led governance initiative has voted to burn a total of 800m USTC tokens in a bid to revive Terra Luna (LUNC). LUNC (formerly LUNA) lost 99.99% of its value in May 2022, at a time where its value had just reached its all-time high of $116.

The recent decision to burn a significant portion of USTC’s circulating supply marks a continued effort from the community to recover the loss of value seen during the Terra crisis of 2022.

In total, more than 8% of USTC’s circulating supply will be burned. The announcement caused bullish price action, leading to an 11.8% price rise for USTC on 20th August 2023.

Since the collapse of the Terra ecosystem in 2022, the community has banded together in an attempt to revive the project. LUNA was rebranded to LUNC, and more than 68 billion tokens have been removed from circulation as of July 2023 thanks to the Luna Classic burn initiative.

asset remains static or improves. If supply is reduced and demand remains the same, then the value for each individual token will rise based on its scarcity.

LUNC’s burn initiative has reduced the circulating supply to 5.8 trillion tokens; however, the token continues to lose value based on declining levels of demand. In May 2022, even after the collapse, there were more than $100 million worth of LUNC tokens being traded on a daily basis. Now, the daily trading volume is regularly below $20 million.

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