Terra Luna Classic Blazes Back into Top 100 Amidst USTC Burn

LUNC price movement points to brief propulsion after community votes 55% in favor of key USTC burn proposal.

by . Fact checked by: Ciaran Lawler, Editor: Stefan Trapp
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  • Terra Classic gathers 3.5% gains after passing a key burning proposal.
  • Community votes to freeze the blacklisted wallet with 800M USTC coins.
  • Pro crypto trader points to a golden cross if the LUNC price breaks 300 MA.

The altcoin Terra Luna Classic (LUNC) rose back up in the crypto charts by global market cap, even though the struggling token still trades below the crucial support zone of $0.00006, last seen on October 1st, 2023—currently, LUNC trades at $0.00005781 with a slight uptrend.

Several crypto traders, including WallStreet Rocko and Derek, spotted the brief momentum. The 3.5% weekly gains are built on the foundation of LUNC’s price crossing the 100 Moving Average (MA) and 200 MA barriers, now contesting the 300 Moving Average (MA). For LUNC to assemble a golden cross, its price has to settle above 300 MA in the daily charts.

800M USTC in Question: Blacklist to Speed Up Burns?

Meanwhile, Terra Classic’s community members voted in the majority to suspend a cryptocurrency wallet on the blockchain, which holds 800 million USTC tokens. This malfunctioning Terra Classic USD (USTC) is now worth $9,283,200. The funds could contribute to the Terra Classic burns, collectively done by community members.

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The LUNC community had already passed a proposal to burn the 800M USTC, but the wallet owner couldn’t be persuaded to transfer the funds. Hence, Terra members penned another proposal to blacklist the wallet on-chain and burn the frozen $800 million, which initially belonged to the Terra Classic community pool.

On the Flipside

  • The Terra Classic community is unsure if blacklisting the aforementioned crypto wallet will speed up the 800 USTC burning process.
  • As a result, many top Terra Classic chain validators abstained, including SolidVote, LUNCGoblins, and LUNCLive.

Why This Matters

Cryptocurrency burning is an efficient way to maintain the coin’s long-term market value.

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      This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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      Tadas Klimasevskis
      Tadas Klimasevskis

      Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.