The Terra Luna Classic community has proposed a major initiative that plans to burn 18 billion LUNC and 68 million USTC. This move is seen as an important step in the community's strategy to restore value and stability.
Details and Mechanisms of the Incineration Plan
The tokens to be burned will mainly be drawn from Anchor bLuna rewards and Lido rewards distributor contracts. The fate of this proposal will be determined by an upcoming community vote. If accepted, these tokens will be permanently removed from circulation, resulting in a significant reduction in supply.
Possible Effects on Token Prices
Speculators and analysts in the crypto community think that this burn could push the LUNC price to $0.0001 in July. This forecast is supported by concurrent developments such as the implementation of Tax2Gas and aims to further stabilize the market and increase participation.
Current Market Performance
Currently, LUNC price has experienced a small decline of over 1% in the last 24 hours and is trading around $0.00008196. Trading volume decreased by 21%, reflecting a decline in market activity. During the same period, USTC price is trading at $0.01783, down 1.5%.
Broader Market Implications
While the short-term effects of incineration appear limited by available transaction data, broader consequences could begin the recovery process. Additional burns by Binance and Terraform Labs and the upcoming Tax2Gas implementation could trigger a broader revival in both LUNC and USTC prices.
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