The Terra Luna Classic community is gearing up for a major burn event on October 31st, aimed at slashing its enormous supply of 6 trillion LUNC tokens. However, the community’s sentiment is divided. While some are optimistic, others are questioning the true impact of burning 250 billion tokens, which would only reduce the total supply by about 4%.
A vocal group within the community suggests that burning USTC might be a more strategic move. They argue that, given USTC’s smaller market cap, reducing its supply could help stabilize LUNC’s value significantly, especially if USTC is successfully repegged. On the flip side, some skeptics highlight the astronomical market cap needed for $LUNC to reach the $1 mark, casting doubts on the realistic price potential.
Meanwhile, on the charts, a bullish hammer candle has appeared, signaling a potential reversal from a downtrend to an uptrend. This technical pattern, marked by a long lower wick, indicates that buyers have stepped in to defend a critical support level. Investors are taking this as a hopeful sign that the price may be poised for a strong upward movement.
The LUNC community is betting on this bullish sentiment to drive a sustained price rally. However, caution is advised, and close market monitoring is essential as the burn event unfolds.
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