Terra Classic (LUNC) has experienced a substantial burn of over 6 billion LUNC tokens, following major sell-offs by large investors. This activity arose after Terraform Labs CEO Chris Amani confirmed the impending burn of LUNC and USTC from TFL and LFG wallets.
In the past 48 hours, the LUNC burn count has exceeded 6.5 billion, driven by large wallets selling LUNC and significant movements on centralized exchanges. Following a massive 5 billion token burn shared on X by Mr. Diamondhandz1 (@MrDiamondhandz1), more burns followed, raising the total to over 6.5 billion.
This has driven the 7-day burn metric shown on Luncmetrics to an astonishing 6.93 billion tokens, resulting in a notable decrease in supply, while the community pool has seen an increase.
LUNC trading volumes have surged by more than 600% within 24 hours, reflecting heightened trading activity. This spike follows CEO Chris Amani’s assurance to the Terra Classic community that LUNC and USTC in TFL and LFG wallets would be burned. Amani also committed to blacklisting and burning wallets holding LUNC and USTC if the firm cannot access them.
The latest burn has brought the total LUNC burned to over 123.5 billion, with Binance leading the effort, having burned 60.42 billion LUNC (48.9% of total burns) through its monthly burn mechanism.
LUNC and USTC Prices Decline
The Terra Luna Classic ecosystem tokens have seen significant price declines as whales and other investors offloaded LUNC. LUNC is trading at $0.00007525, down 2.98% over the past week. LUNC has failed to meet investor expectations, dropping 28.12% over the past week and 31.87 over the past month.
USTC has not fared significantly better, showing a 3.04% decrease over the past 24 hours and trading at $0.0171. LUNC has also dropped 18.67% over the past weeks and 24.37% over the past month.
This poor performance has caused negative reactions from community members. A prominent crypto proponent recently called LUNC a meme coin because of its abysmal performance.
However, he received backlash from some in the community, as many are confident that LUNC’s poor performance is just short-term volatility. Another prominent figure also weighed in on the closure of Terraform Labs, pointing out how this potentially negative outcome can benefit LUNC. Despite the bearish trend, LUNC still has a recovery potential, and many analysts believe it is coming soon.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
