Terra Luna Classic (LUNC) And USTC Tokens Were Removed From Luna Foundation Guard’s Mistakenly Counted In Circulating Supply
Terra Luna Classic ecosystem tokens saw huge price increases on Saturday when 1.85 billion USTC and 222 million LUNC tokens in Luna Foundation Guard were removed from the circulating supply. The price of LUNC soared by more than 10% and the price of USTC rose by 18% in a few hours, but soon fell back. 1.85 billion USTC tokens and 222 million LUNC tokens were removed from the Luna Foundation Guard wallet address terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw. This move is due to the fact that the account has not been used for almost 2 years.
As a result, the number of USTC coins in circulation dropped to 7.1 billion. Crypto assets owned by the team, fund, treasury, escrow funds are not counted in the circulating supply. According to CoinMarketCap, assets that are locked (via smart contracts or legal contracts), transferred to insiders (such as teams or private investors), or cannot be traded on the public market are generally not considered tradable, regardless of whether they are unlocked.
These numbers reflect adjustments and not actual removals from circulation. Some LFG funds were miscounted as belonging to circulating supply. At the time of writing, LUNC is trading at $0.000104. The 24-hour high and low are $0.000102 and $0.000112 respectively.
Image: CryptoRank
