**Terra Classic Plans To Burn Billion of USTC** ๐ฅ
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๐๐ก The Terra Luna Classic community plans to burn USTC and LUNC in the Terraform Labs (TFL) and Luna Foundation Guard (LFG) wallets. This action aims to reduce the circulating supply of these tokens amidst the Terra-Luna death spiral. ๐ฅ๐
โ๏ธ๐ผ As Terraform Labs and Do Kwon settled with the U.S. Securities and Exchange Commission (SEC) for $4.5 billion, the LUNC community is focused on burning the tokens. TFL CEO Chris Amani mentioned, โTFL was always intended to dissolve at some point.โ The company is winding down operations completely after filing for bankruptcy. ๐๐ธ
๐๐ Terra Luna Classic members have identified some TFL and LFG wallets that the community can burn as the company dissolves assets. However, some are curious about how the community will monitor and ensure USTC and LUNC burns are effective. ๐ค๐ฅ
๐๐ **LUNC and USTC Prices To Rally After Big Burn** ๐ต๐
๐ฎ๐ The Terra Classic community anticipates a significant rally in LUNC and USTC prices after the big burn. However, the burn isnโt likely to bring any significant price action immediately. ๐๐
๐๐ต LUNC price continues to move sideways, currently trading at $0.00009102. The 24-hour low and high are $0.00008956 and $0.00009237, respectively. Moreover, trading volume has decreased by 13% in the last 24 hours, indicating a lack of interest among traders in this downturn. ๐๐ป
๐๐ก Meanwhile, USTC price saw some signs of recovery as the community plans for the burn. The price is currently at $0.01864, with trading volume dropping by 15%.