Terraform Labs CEO Chris Amani Confirms Huge USTC, LUNC Burn

Terra Classic Community Prepares for Major LUNC and USTC Burn with Support from TFL CEO Chris Amani. On June 21, the Terra Classic community got exciting news about a plan to burn a large number of LUNC and USTC tokens. Chris Amani, the CEO of Terraform Labs (TFL), confirmed that these tokens, along with LUNA, will be burned in the next few months. This move has created a lot of positive speculation about the future price of USTC.

Big Plans for Burning Idle Tokens

The Terra Classic community is eager to burn billions of USTC and LUNC tokens that are currently idle in wallets linked to TFL. TFL’s announcement about burning these tokens has sparked bullish hopes among the community members. Chris Amani assured that the burn plan for LUNA will include USTC and LUNC tokens as well. The preparations for this burn will be completed in the coming months.

Reducing the Supply of Terra Luna Classic Tokens

The Terra Luna Classic community has a detailed plan to burn USTC and LUNC tokens from the wallets of Terraform Labs and Luna Foundation Guard (LFG). This effort aims to reduce the circulating supply of these tokens, which is crucial during the Terra-Luna death spiral. Following the settlement of $4.5 billion with the U.S. Securities and Exchange Commission (SEC), TFL is focusing on burning the tokens. Chris Amani mentioned that TFL was always meant to dissolve eventually, and the company is now winding down operations after filing for bankruptcy.

Uncovering Burnable Wallets

Members of the Terra Luna Classic community have identified some wallets owned by TFL and LFG that can be used for the token burn. There is some curiosity about how the community will track and ensure the effectiveness of the USTC and LUNC burns. Despite this, the community is hopeful for a significant price rally in LUNC and USTC following the burn. However, it is important to note that the burn alone might not lead to substantial price movements.

Current Market Situation for LUNC and USTC

As of now, the price of LUNC is trading sideways at $0.00009102. The 24-hour low and high are $0.00008956 and $0.00009237, respectively. Additionally, the trading volume has dropped by 13% in the last 24 hours, showing a lack of interest among traders during this downturn.

On the other hand, the price of USTC has shown some recovery signs as the community gears up for the burn. USTC is currently priced at $0.01864. However, the trading volume has also decreased by 15%, indicating a cautious market sentiment.

Conclusion

The Terra Classic community is eagerly anticipating the planned burn of LUNC and USTC tokens. With support from TFL CEO Chris Amani, this move is expected to reduce the circulating supply and potentially boost the prices of these tokens. While the market is currently quiet, the community remains optimistic about the positive impact of the upcoming burns.

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