🌖 LUNA And LUNC Prices To Rally?
The decision to burn a substantial amount of LUNA has fueled optimism among investors and the Terra community. Token burns typically reduce the circulating supply, which can create upward pressure on prices if demand remains constant or increases.
Having said that, many are speculating that #LUNA✅ and #LUNC✅ could experience a significant price rally following TFL’s latest announcement. Notably, 98.55% of the total votes were cast in favor of the proposal, with only 1.45% vote for Abstain.
Meanwhile, as TFL steps back, the Terra blockchain’s future will increasingly rely on community-led initiatives. The #Phoenix Directive, set to take over operational responsibilities, will play a crucial role in guiding the network’s evolution.
However, as of writing, $LUNC price was down nearly 5% to $0.00008412, with its trading volume declining 52.56% to $17.81 million over the last 24 hours. On the other hand, the $LUNA price was down 3.83% to $0.3707, after touching a high of $0.3889 in the last 24 hours.
Simultaneously, the LUNA Open Interest (OI) dropped over 7% to $4.96 million, while the LUNC OI plunged 11% to $7.57 million, #Coinglass data showed. Despite the recent downturn momentum, the community anticipates a rebound in the prices, given the optimism over the major token burn ahead.