Terra Luna Classic (LUNC) and USTC Tokens Mistakenly Counted in Luna Foundation Guard’s Circulating Supply and Removed

Terra Luna Classic ecosystem tokens experienced a significant surge in price on Saturday after a substantial amount of USTC and LUNC tokens were removed from the circulating supply. The removal of 1.85 billion USTC tokens and 222 million LUNC tokens from the Luna Foundation Guard wallet address resulted in a price increase of more than 10% for LUNC and 18% for USTC in just a few hours. However, the prices soon fell back down after the initial spike. This move was reportedly made because the account holding these tokens had not been used for almost two years.

As a result of this removal, the circulating supply of USTC coins decreased to 7.1 billion. It is important to note that crypto assets owned by the team, fund, treasury, and escrow funds are not included in the circulating supply. CoinMarketCap considers assets that are locked via smart contracts or legal agreements, transferred to insiders like teams or private investors, or unable to be traded on the public market as being not tradable, regardless of whether they are unlocked.

It is worth mentioning that the adjustments made to the circulating supply were merely reflections and not actual removals from circulation. Some Luna Foundation Guard funds were mistakenly counted as part of the circulating supply, leading to temporary inflation in the figures. At the time of writing, LUNC is being traded at $0.000104, with a 24-hour high of $0.000102 and a low of $0.000112.

Overall, the sudden decrease in circulating supply for USTC and LUNC tokens led to a notable increase in their prices, showcasing the impact that supply adjustments can have on the cryptocurrency market. Investors and traders should be aware of such developments and stay informed about changes in circulating supply to make informed decisions about their investments. It will be interesting to see how the market reacts to future adjustments in the supply of Terra Luna Classic ecosystem tokens and whether similar price movements will occur.