Terra Luna Classic (LUNC) has seen a significant drop in its price and trading volume following a massive sell-off of LUNC tokens. Over 6.5 billion LUNC tokens were burned in the last 24 hours, with large wallets selling tokens and movements on centralized exchanges contributing to the burn count. This move comes after Terraform Labs CEO Chris Amani confirmed that LUNC and USTC tokens held by the company will be burned.

The burn has led to a substantial decrease in LUNC's total supply and circulating supply, as well as an increase in LUNC in the community pool. The community pool now holds over 123 billion LUNC tokens. Binance holds the top burner position with 60 billion LUNC tokens burned so far through their monthly burn mechanism.

The price of LUNC crashed by 19% in the past 24 hours, with the current trading price at $0.00007486. Trading volume has increased by 630% in the last 24 hours, indicating interest among traders. LUNC futures open interest on Binance and other exchanges has jumped over 50% in the last 24 hours, with major interest coming in the last few hours.

USTC, another token in the Terra Luna Classic ecosystem, also fell by 7% as signs of recovery faded. The price is currently trading at $0.01723, with trading volume increasing by 20%.

Despite the selloff, Terra Luna Classic members remain confident in the future price increase of LUNC, with Tax2Gas implementation also underway. The community continues to support the project, with many believing that the recent burn will ultimately benefit the token's long-term value.