The Terra Classic community is on the verge of a potential supply shock that could send $LUNC into a bullish frenzy! đĽ As part of a landmark $4.5 billion settlement with the SEC, Terraform Labs has been ordered to burn its LUNC tokensâsetting the stage for a major price move. đ
Court Orders LUNC Burn: Whatâs the Deal?
In this historic settlement, Terraform Labs must execute a significant LUNC burn before the monthâs end. Failure to do so will result in heavy fines. This burn includes destroying private keys linked to wallets holding massive amounts of LUNC. The clock is ticking, and the burn could happen this week! âł
Meanwhile, the Shuttle Bridgeâused to transfer assets across chainsâwill permanently close during this burn event. The community is urged to withdraw any assets from the bridge before itâs too late. â ď¸
Why This Matters for LUNC
This massive burn could be the catalyst LUNC needs to regain its former glory. By significantly reducing the circulating supply, the burn could create a deflationary effect, potentially driving the price higher. đ LUNCâs supporters are optimistic that this event could push the coin closer to its all-time high of $119.
Since the burn initiative kicked off in May 2022, 135.54 billion LUNC tokens have been burned, with 303.6 million burned in the last seven days alone. However, with 6.76 trillion LUNC still in circulation, thereâs a lot of work ahead. This burn is a critical step toward reviving the coin and restoring confidence.
The Communityâs Plan to Revive LUNC
The Terra Classic community isnât stopping at burns. Theyâre pushing forward with ambitious proposals, including one from OrbitLabs to remove outdated modules from the blockchain. This move is aimed at reducing maintenance costs and improving the blockchainâs efficiency, all while aligning it with the broader Cosmos ecosystem.
By cleaning up technical debt and streamlining the LUNC codebase, the community is positioning itself for long-term sustainability. đĄ
Will LUNC Rise Again?
At the time of writing, LUNC is trading at $0.0000925, slightly down by 2%. But with the burn looming and major upgrades in motion, this could be the calm before the storm. đŞď¸ Will LUNCâs price skyrocket after this massive supply reduction? Many believe this could be the turning point that propels the token back to prominence.
Get ready for what could be a defining moment for LUNCâkeep your eyes on Binance as this story unfolds! đ
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