LUNC Community Divided On Burning 250B Tokens
- LUNC community gears up for another burn event on October 31st, aiming to reduce the massive token supply.
- Mixed community reactions, with some favoring USTC burn and others questioning LUNCs price potential.
- Bullish hammer candle signals potential price reversal, sparking optimism among investors.
The Terra Luna Classic community is all set for another burn event on October 31st, aiming to reduce the massive 6 trillion LUNC tokens in supply. The community reaction is mixed with some being skeptical of the impact of burning 250 billion tokens, which seemed monumental but could only reduce the supply by a mere 4%.
A section of the community members argues that burning USTC would be a more effective strategy, as it has a smaller market cap and could potentially reduce the LUNC supply significantly once its repegged. Others point to the astronomical market cap required for LUNC to reach a price of $1, deeming it highly improbable.
On the price front, the bulls have gained momentum in the Terra Luna Classic market with a hammer candle forming on the daily chart. This technical pattern often signals a potential reversal from a downtrend to an uptrend.
Marked by a long lower wick and a small real body, the hammer candle indicates that buyers stepped in to defend the price at a support level. This suggests there is a bullish sentiment prevailing, and the price may be poised for a significant upward move.
All these have led the LUNC community to bet that this bullish signal will lead to a sustained price rally, potentially bringing significant gains to investors. However, its essential to remain cautious and monitor the market closely for any unexpected developments.
LUNC Community Efforts Continue: A Mixed Bag
In July, the LUNC community successfully burned over 726 million USTC through the Anchor Protocol contract migration. This move, approved by 27.23% of the community, is part of the broader effort to rebuild the ecosystem after the Terraform Labs collapse. However, a similar attempt to burn 46 million USTC through Mirror Protocol was unsuccessful.
While the community remains active and engaged, the effectiveness of the burn mechanism and its impact on the tokens price remains uncertain. As the October 31st burn approaches, the crypto community watches closely to see if this latest effort will be successful in boosting LUNCs value.
Read more: https://www.tronweekly.com/lunc-community-divided-on-burning-250b-tokens/
Text source: TronWeekly
