LUNC Jumps 14% Amid Volume Surge as USTC Burning Proposal Reignites Investor Interest in Terra Classic Ecosystem

The Terra Luna Classic [LUNC] community recently introduced a new USTC burning proposal. This proposal targets the burning of 46.55 million USTC through contract migration.

The Terra Luna Classic (LUNC) community has recently introduced a new USTC burning proposal, aiming to reignite investor interest in both LUNA and LUNC tokens. While past burning efforts had shown minimal impact on pricing, both assets have seen some correlation with this initiative.

According to data from CoinGecko, LUNA has seen a steady rise in price, reaching $0.4317 at press time with a 24-hour trading volume of $203,145,216. This represents a 1.6% increase in the last 24 hours and a 14.44% rise over the past week.

However, LUNC has shown a more significant price increase, trading at $0.00009694 with a 24-hour trading volume of $172,117,904. Over the last 24 hours, LUNC has risen by 3.13%, with a 14.50% rise in seven days.

Coinglass data showed that trading activity has surged for both assets, with LUNA experiencing a 295.94% jump in volume and a 14.22% increase in open interest.

Meanwhile, LUNC saw a 275.11% increase in volume and a 21.61% rise in open interest. Liquidation data also indicates bullish market pressure, with both assets facing higher long liquidations.

This initiative, targeting the burning of 46.55 million USTC through contract migration, primarily aims to benefit Terra Classic assets.

However, the impact on LUNC’s price has been noticeable, with the burning proposal likely contributing to the renewed investor interest in both LUNA and LUNC tokens.

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