Luna Foundation Guards LUNC and USTC Tokens Removed from Circulating Supply
- A total of 222M LUNC tokens and 1.85B USTC were removed from circulating supply..
- Coins in circulation do not include those in escrow, the teams or foundations possession.
Saturday saw a tremendous increase in the price of Terra Luna Classic ecosystem tokens due to the removal of 1.85 billion USTC and 222 million LUNC tokens from circulation in the Luna Foundation Guard (LFG).
In only a few hours, the price of LUNC surged by more than 10% and the price of USTC by 18%; however, they quickly reduced their gains. A total of 222,000,000 LUNC tokens and 1.85 billion USTC were removed from the circulating supply. The decision is based on the fact that the account has not been used for over two years.
Removed from Circulation Supply
Consequently, there are now 7.1 billion USTC in circulation. Coins in circulation do not include those in escrow, the teams or foundations possession. According to CMC, assets that are not publicly tradable, have been locked (via smart contracts or legal contracts), or are assigned to insiders (such as teams or private investors) are not considered to be in circulation, even if they have been unlocked.
These figures do not represent real withdrawals from circulation but rather adjustments. It was mistakenly determined that certain LFG funds were part of the circulating supply. As word spread, community members began purchasing LUNC and USTC at a dizzying rate, driving up prices. Nevertheless, prices began to decline after the news spread across the community.
The goal of the Terra Luna Classic community is to reduce the overall supply by burning USTC and LUNC in the LFG wallet, however so far, this has only resulted in tweaks rather than real deletions from circulation.
Highlighted Crypto News Today:
ARK Invest and 21Shares Drop Staking from Proposed Ether ETF
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
