- Terra Luna Classic (LUNC) and USTC tokens were removed from Luna Foundation Guard’s mistakenly counted in circulating supply. LUNC and USTC prices jump.
- The Terra Classic community saw 1.85 billion USTC and 222 million LUNC removed from circulating supply.
- LUNC and USTC held by Luna Foundation Guard were adjusted as it was miscounted in the circulating supply.
- USTC and LUNC prices jumped in response to a decline in supply.
Following a correction in the circulating supply of Terra Luna Classic (LUNC) and USTC tokens, prices for both cryptocurrencies have seen a significant increase.
Luna Foundation Guard’s LUNC and USTC Circulating Supply
1.85 billion USTC and 222 million LUNC tokens were taken out of Luna Foundation Guard’s wallet address. The move comes as the account has been dormant for almost 2 years. As a result, USTC circulating supply is now down to 7.1 billion. Crypto assets held by team, foundation, treasury, escrow funds are not counted in circulating supply. These numbers reflect adjustments and not actual removals from circulation. Some LFG funds were miscounted as belonging to circulating supply.
LUNC and USTC Prices Skyrocket
LUNC and USTC prices skyrocketed as the news sparked buying in the community due to a decrease in supply. But as the developments became clear to the community the prices started to pullback. The Terra Luna Classic community seeks to burn USTC and LUNC in the LFG wallet to reflect in total supply, but it was just adjustments and not actual removals from circulating supply. LUNC price is currently up 4% over the last 24 hours, with the price currently trading at $0.0001062. The 24-hour high and low are $0.0001020 and $0.0001129, respectively. Meanwhile, USTC price also jumped 7% in the last 24 hours, with the price currently trading at $0.0235. The 24-hour low and high are $0.0215 and $0.0251, respectively. Moreover, the trading volume has increased by 118% in the past 24 hours.
Conclusion
The removal of LUNC and USTC from Luna Foundation Guard’s circulating supply has led to a significant price increase for both cryptocurrencies. However, it is important to note that these were adjustments and not actual removals from the circulating supply. As the market adjusts to these changes, it will be interesting to see how the prices of LUNC and USTC evolve.
