1. SEC Mandates $LUNC and $USTC Burn:
The SEC has ordered a large-scale burn of $LUNC and $USTC as part of a $4.5 billion settlement with TerraForm Labs (TFL).
2. One-Third of to be LUNC Burned:
One-third of all $LUNC tokens, totaling 275 billion, will be burned within the next 10 days, with the deadline set for October 31, 2024. If TFL fails, they will face significant fines.
3. Wallet Burn Details:
The burn involves destroying private keys to wallets containing LUNC, UST, MIR, and LUNA tokens, making this one of the largest burns in crypto history.
4. Price Update:
Despite Bitcoin and Ethereum gains, LUNC remains under critical resistance at $0.000095. Traders are closely watching for a potential breakout or downturn.
5. Shuttle Bridge Closure Warning:
Users of the Shuttle Bridge are urged to withdraw their assets immediately, as the bridge will be permanently closed due to TFL’s shutdown.
6. Market Activity:
Spot trading volumes have slowed, but derivatives trading has surged by 88%. Long positions on Binance have doubled over shorts, reflecting renewed interest in the market.
7. Impact on $LUNC’s Future:
The upcoming massive burn raises questions about its potential effect on $LUNC's future. Investors are advised to conduct thorough research (DYOR).
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