Traders Burnin’ for Crypto Terra Luna Classic as New Supply Rule Sparks Hope
– In May, the Terra blockchain’s multibillion-dollar implosion led to the insolvency of multiple crypto lenders and investment firms.
– The network’s algorithmic stablecoin, terraUSD (formerly UST), lost its peg to the dollar, and sent LUNC (formerly LUNA), which was supposed to stabilize the stablecoin, into hyperinflation.
– The current supply of LUNC is nearly 7 trillion tokens, and even taking into account the new burn it won’t significantly change the coin’s fundamentals.
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