Why Terra Luna Classic (LUNC), USTC Prices Crashed Amid Massive 6.5 Bln LUNC Burn

Terra Luna Classic saw over 6 billion LUNC burned as whales and other investors sell tokens after Terraform Labs CEO confirmed huge LUNC and USTC burn.

HIGHLIGHTS

Large wallets selling LUNC and wallet movements on centralized crypto exchanges led to 6.5 billion in LUNC burned.

Total LUNC burned by the community reaches above 123 billion.

LUNC and USTC prices dropped 19% and 7%.

Terra Luna Classic saw over 6.5 billion LUNC burned in the last 24 hours as large wallets are selling LUNC tokens, raising concerns in the community. The move comes after Terraform Labs CEO Chris Amani confirmed yesterday to burn LUNC and USTC they hold in their TFL and LFG wallets.

Almost 6.5 Billion Terra Classic (LUNC) Tokens Burned

Large wallets selling LUNC and wallet movements on centralized crypto exchanges caused LUNC burn count in the last 24 hours to rise above 6.5 billion. This has contributed to a massive drop in LUNC’s total supply and circulating supply, as well as an increase in LUNC in the community pool.

LUNC trading volumes increased by more than 600% over 24 hours, indicating buying and selling by many traders and investors. The selloff hours after Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned. He even agreed to blacklist and burn wallets that hold LUNC and USTC by the Terra Classic community if the firm somehow doesn’t have access to any wallet.

With the latest burn, the total burn by the community has reached over 123 million LUNC. Binance holds the top burner position with 60 billion in LUNC burned so far through their monthly burn mechanism.

Some believe these wallets may belong to people linked to TFL and Do Kwon. US court filings revealed that Milojko Spajic, Prime Minister of Montenegro, was as an early investor in Terraform Labs.