LUNA Classic Burn: Will LUNC Burn Its Supply?

Last updated:2023/11/06
Why Trust BTCC
BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

LUNA Classic burn is seen as a potential recovery plan for the crashed Terra ecosystem.

 

Terra Luna burning of its supply is one proposal to help Luna recover, but can it still happen?

 

With the Luna crypto crash seeing the Luna circulating supply skyrocket to over 6.5 trillion coins, several holders wanted to see a Terra Luna burn to decrease this supply and potentially increase its value.

 

Much like the success of Shiba Inu burns among the SHIB community, will holders be successful at implementing Luna burns?

 

Will LUNA Classic (LUNC) Burn Its Supply?

The Terra recovery plan launched Luna 2.0, meaning a Luna burn was not chosen as the way to save Luna. It did, technically, have the same effect as a burn could in reducing the supply, although deciding to restart the chain was a more nuclear approach. This new chain will launch with 1 billion Luna, a huge decrease from 6.5 trillion.

 

By burning the Luna, holders hoped this will increase the scarcity of their coins, pushing the price back towards $1. With the supply increasing 1700% in a few days, a major burn would be needed to restore this price.

 

This initially seemed to be the method favoured by Binance CEO CZ. He remained in close contact with the Luna team ever since the partial Luna delisting on Binance. However, with the Binance Luna 2.0 support, it seems Binance will not contribute to this burn.

 

Despite the Terra Luna vote approving a new chain, much of the Luna community seemed in favour of a burn. The #BurnLuna hashtag trended on Twitter throughout the voting process.

 

Not everyone in the cryptocurrency community was in favour of a Luna burn. With some Luna holders calling for TerraForm Labs or the Luna Foundation Guard to buy and burn the supply, users have questioned where these places would get the money to do such huge burns from.

 

In fact, Do Kwon has come out and said TerraForm Labs does not have the money or coins for Luna classic burn of its circulating supply. “Once again, we don’t have that kind of money,” he explained.

 


 

Read More:

Luna Classic Price Prediction: Will Luna Classic Reach $1?

Terra LUNA 2.0 vs. Luna Classic (LUNC): What Are the Differences?

How to Stake LUNC: Everything You Need to Know

ChatGPT: A Huge Threat to the Cybersecurity Industry?

Bonk Airdrop: Where to buy Bonk crypto

When Will Pi Coin Launch: Pi Network Phase 4 Release Date

Is Pi Network Legit Or Scam: Pi Coin Real Or Fake?

Pi Coin Price Prediction: Will Pi Coin Be Worth Anything?

ADA Cardano Price Prediction 2025, 2030

HBAR Price Prediction 2025, 2030

Wild Cash App by Hooked Protocol: Answer Quiz to Earn $HOOK

Gasoline Price Prediction: What Will It Be In Five Years?

Ethereum Price Prediction 2025-2030

XLM Price Prediction 2030: Is XLM a Good Investment?

Moon Bitcoin Review – Your Best Chance to Get Free Bitcoins

Metamask Airdrop – To Get $MASK Token for Free?

Best Crypto Casino USA Online in 2023

Leverage in Crypto Trading: Something You Need to Know

Best Crypto Leverage Trading Platform for 2023

BTCC Crypto Futures Trading Guide

Register now to begin your crypto journey

Download the BTCC app via App Store or Google Play

Follow us

Scan to download

Comments

View more

Leave a comment

Your email address will not be published. Required fields are marked with an asterisk (*).

Comment*

Name*

Email address*

Submit