Terra Luna Classic (LUNC) and USTC have seen remarkable price surges of approximately 15% and 12% over the course of a week, a development that even caught the LUNC community by surprise. This surge in value coincides with a reduction in the total supply of USTC, resulting from an 800 million USTC token burn that was proposed by the community. However, it's worth noting that the proposal for the USTC burn is still awaiting approval through a governance voting process.

The emergence of Terra Luna Classic is a direct response to the Terra-LUNA crisis of 2022, and it is now managed by the community. Earlier, the Terra classic community voted in favor of burning a substantial 800 million USTC tokens, which amounts to 9% of the total USTC supply. This decision was made in an effort to breathe new life into the Terra Luna (LUNC) project.

The proposal involved blacklisting the Ozone protocol wallet, which contained 800 USTC tokens, essentially freezing these assets instead of destroying them without proper authorization. The aftermath of this proposal saw a majority of the community showing their support for it.

Prominent LUNC community member Vegas pointed out that the USTC supply has indeed decreased by 800 million tokens, a change reflected on CoinMarketCap and CoinGecko. The removal of $800 million worth of USTC from circulation has brought considerable attention to the Terra Classic community, and it holds great significance in the efforts to revive both LUNC and USTC prices.

The recent price upticks in LUNC and USTC follow a period of selling pressure in the broader cryptocurrency market. The 800 million USTC burn is a significant step towards stabilizing and reviving LUNC.

As of now, LUNC's price has risen by 1% in the last 24 hours and an impressive 15% in the past week, with its current trading price standing at $0.000063. The 24-hour price range for LUNC is between $0.0000612 and $0.0000671.

In the case of USTC, its price is currently at $0.012, marking a nearly 3% increase in the last 24 hours and a 12% increase over the past week. The 24-hour trading range for USTC is from $0.0115 to $0.0137.

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