invezz.com
The Terra Luna Classic community will vote to destroy 12 billion LUNC tokens and 68 million USTC assets.
Voting on burning assets locked in Terra Classic Lido Contracts will take place soon on Terra Station.
— Crypto News Portal (@TerraNewsEN) June 29, 2024
In this context; It is planned to burn 12 billion #LUNCs and 68 million #USTCs.
▶️ Lido Contracts in the Terra Classic chain are no longer usable as they have already been… pic.twitter.com/7aV0SehYlq
The project will burn the coins from the Lido DAO dispatcher and Anchor bLuna contracts.
The move is part of an ongoing initiative to remove USTC and LUNC from the circulating supply, with the $1 price mark as the primary objective.
Terra Luna Classic’s massive token burn
The project will remove 12 billion LUNC and 68M USTC from circulation. It’s the second-largest token burn after the latest 7 billion LUNC removal.
The Terra Luna Classic (LUNC) community has seen significant activity in token burning and staking.
— Rajeev Anand (@rajeevanandspur) June 27, 2024
Over 7 billion LUNC tokens have been burned in the past week, with a total burn of 123,759,567,142 LUNC.
Additionally, over 1 trillion LUNC tokens are staked, indicating strong…
The 12 billion in LUNC burn will be from Lido rewards dispatcher and Anchor bLuna rewards contracts.
The Terra Classic community owns the contracts, as the owner invalidated himself.
The voting on the planned burn will start soon for the community to approve the asset removal.
LUNC price forecast
The altcoin’s price mimicked the broad market, losing 1.70% over the past day to trade at $0.00008146.
LUNC’s daily trading volume is $14.86 million, reflecting a nearly 30% decline within the previous 24 hours.
Despite the bearish outlook, the altcoin’s future, especially in July, remains lucrative.
Binance burn program, expected removals of billions of tokens from circulation, and Tax2Gas implementation offer the needed catalysts to propel LUNC in the coming month.
Analysts remained bullish on the approved Tax2Gas initiative, aiming to heighten the blockchain’s sustainability and functionality.
YouTube crypto analyst Bleeves Crypto believes the Tax2Gas opens the path for LUNC price to explode to $1.
Watch here: https://www.youtube.com/embed/kB6kZBatyFg?feature=oembed
Meanwhile, an attainable target for LUNC price in July is the $0.001 mark.
USTC also displayed a downward stance during this publication. It lost 1.20% of its value within the last 24 hours to trade at $0.01771.
USTC’s 24-hour trading volume plunged 25% to $6.78 million.
A LUNC recovery to $0.001 would also mean bullish moves for USTC. The latter could hit $0.081 in July if it follows LUNC’s trajectory in the coming 30 days.
While broad market influence remains, the proposed token burn by the Terra Luna Classic community will likely dominate trends.
A massive token supply reduction bolsters demand and ensures a sustainable ecosystem.
While enthusiasts await the governance vote outcome, LUNC and USTC seem to have what it takes to flourish in the upcoming month.
The post LUNC in July: 12B token burn, Tax2Gas implementation sets price target at $0.0001 appeared first on Invezz