Terra Luna Classic Validator To Burn Billions Of LUNC Tokens, Price To Rally?

Terra Luna Classic validator Classy’s Sphere of popular community member ClassyCrypto aims to burn billions of LUNC tokens in an effort to bring back validator burns and revive LUNC price to $1.

ClassyCrypto announced that he will burn 100% of the commissions of its validator until the end of the year. The move caused the community members to redelegate their LUNC staking with Classy’s Sphere validator.

Terra Luna Classic Validator Brings Back Validator Burns

ClassyCrypto announced that validator Classy’s Crypto will burn 100% of commissions as validators have stopped contributing to the LUNC burn campaign to reduce the circulating supply. He aims to bring back LUNC $1 burn narrative in the Terra Luna Classic community.

The community supported and started redelegating their staked LUNC with Classy’s Sphere. Total LUNC staked with Classy’s Sphere jumped from 8.81 billion to 9.86 billion LUNC tokens, increasing the voting power to 0.96%.

ClassyCrypto burned 13 million Terra Luna Classic (LUNC) tokens through its Classy’s Sphere validator in December last year. He expects to burn billions in LUNC tokens, with initial burns of millions. The minimum validator commission was changed to 5% for all validators as part of a proposal passed recently.

Meanwhile, the Terra Luna Classic community looks to burn trillions of LUNC tokens through the USTC repeg initiative. Until now, the community has burned over 68 billion LUNC tokens and staked over 1.022 LUNC tokens. In addition, the Joint L1 Task Force aims to focus on reducing LUNC and USTC supply in Q3 and assist the Quant team in the USTC repeg.

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LUNC Price Moving Sideways

Terra Luna Classic community looks to revive LUNC to $1 and hopes to see a rally in the next bull market. However, the LUNC price continues to move sideways this week.

LUNC price currently trading at $0.000083, up just 0.5% in the past 24 hours. The 24-hour low and high are $0.0000819 and $0.0000838, respectively. Traders currently await a breakout above the descending channel pattern.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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