In the Terra Luna Classic ecosystem, there was a significant price increase on Saturday after it was announced that 1.85 billion USTC tokens and 222 million LUNC tokens were removed from the circulating supply of the Luna Foundation Guard. This decision caused the price of LUNC to rise by more than 10%, and USTC jumped by 18% within a few hours, although the value later decreased.
The tokens were removed from the wallet address of the Luna Foundation Guard, which had not been used for almost two years. Following this step, the total number of USTC coins in circulation decreased to 7.1 billion. It is important to note that crypto assets belonging to the team, foundations, treasury, or escrow funds are usually not considered part of the circulating supply.
CoinMarketCap clarifies that locked assets, for example, through smart contracts or legal agreements, as well as those transferred to insiders or not available for sale on public markets, are generally not considered to be circulating, even if they are technically unlocked.
Previously, some LFG funds were mistakenly counted as part of the available circulating supply. This was corrected in the latest adjustments, which, however, does not represent an actual withdrawal of tokens from circulation. At the time of writing this article, LUNC is trading at a price of $0.000104, with a 24-hour high and low of $0.000112 and $0.000102, respectively.
