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

In an effort to reinstate validator burns and raise the price of the Terra Luna Classic token to $1, ClassyCrypto, a well-known community member, plans to burn billions of LUNC tokens.
ClassyCrypto declared that he would burn all of the validator’s commissions till the end of the year. The action forced the community members to switch who was in charge of staking their LUNC with Classy’s Sphere validator.

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As validators have ceased participating to the LUNC burn effort to lower the available supply, Terra Luna Classic Validator Brings Back Validator Burns ClassyCrypto declared that validator Classy’s Crypto will burn 100% of commissions. In the Terra Luna Classic community, he wants to revive the $1 burn narrative for LUNC.

With the help of Classy’s Sphere, the community began redelegating its staked LUNC. With Classy’s Sphere, the total amount of LUNC invested increased from 8.81 billion to 9.86 billion LUNC tokens, boosting the voting power to 0.96%.

In December of last year, ClassyCrypto burnt 13 million Terra Luna Classic (LUNC) tokens using their Classy’s Sphere validator. With initial burns of millions, he anticipates burning billions of LUNC tokens. In a recently approved proposal, the minimum validator commission was raised to 5% for all validators.

Through the USTC repeg campaign, the Terra Luna Classic community intends to burn billions of LUNC tokens in the interim. The community has so far staked over 1.022 LUNC coins and burned over 68 billion LUNC tokens. The Joint L1 Task Force also intends to support the Quant team with the USTC repeg in Q3 while concentrating on lowering LUNC and USTC supplies.

The Terra Luna Classic group wants to get LUNC back to $1 and anticipates a surge during the upcoming bull market. However, this week’s LUNC price movement has been sideways.

The price of LUNC is currently $0.000083, up just 0.5% over the previous day. The low and high values for the past 24 hours are $0.0000819 and $0.0000838, respectively. Traders are currently watching for a breakout above the pattern of the descending channel.