Breaking News: Terra Classic (LUNC) Investors to Receive Refund – Dev. Edward Kim Confirms!
The Terra Luna Classic (LUNC) ecosystem has put in place measures to reimburse community members that were affected by the network failure between September 21 and 28, according to core developer Edward Kim. Notably, the Terra Luna Classic network failure caused tax to be incurred on transactions that did not happen. As such, about 295 million LUNC was levied as a tax on transactions that did not go through.
However, the proposal noted that wallets with 10 LUNC and below in incurred fees will lot be reimbursed due to the underlying cost transactions and tax levied. Consequently, LUNC wallets that lost between 5 million and 10 coins amounting to 2,214 addresses will be reimbursed accordingly.
“We are requesting the total amount of incorrect taxes charged be reimbursed via a community pool spend to the users that lost funds during this time; the total reimbursement is 295M LUNC,” Kim noted in the proposal.
Reportedly, most of the affected wallets were identified as CEX wallets including coinspot, and crypto.com 2, among others. Popular LUNC validator, through the Twitter comments section, commended the proposal but requested the reimbursement to take place before the next quarter.
The rebranded Terra Luna ecosystem takes pride in a market capitalization of approximately 1,084,795,839 and a 24-hour trading volume of about $144,256,324. However, the controversial failure of the original network has prevented the global adoption of the rebranded network. Moreover, investors who lost capital during the UST collapse may never be made whole again.
Nonetheless, the new Terra LUNA Classic ecosystem has received tremendous support from several centralized exchanges like Binance through listings. As a result, LUNC price has gained approximately 18090 percent since hitting rock bottom last year.
What Can We Expect from the TerraClassic (LUNC) Price in 2023? Is a Bull Run Above $0.0003 Possible?
The bearish cartel has successfully dragged the TerraClassic (LUNC) price lower and may also reach the levels, it traded during the beginning of 2023. The price was on its way to completing the parabolic recovery that it began after experiencing rejection at $0.000185 during the last few days of 2022. However, the fresh price crash that began on 03 January 2023, squeezed the bulls to a large extent, compelling the price to drop below $0.00015 levels.
While the bearish clouds have outspread over the TerraClassic (LUNC) price rally, the possibilities of a bullish breakout appear fewer but cannot be completely eliminated. However, the current trade setup indicates the scope for an extended consolidation along the support levels as the price may struggle to hold above $0.0001.
- The LUNC price has been trading within a bearish triangle and almost reached the apex of the consolidation where-in the possibility of a bearish breakout appears to be imminent
- After experiencing a bearish breakout, the price tries to hold at the lower support zone, failing to which it may head toward the crucial level $0.000086.
- Else, the price after reaching the peak, may extend the consolidation indefinitely and hover just below the important resistance levels at $0.000163 until it receives a significant buying volume to rise high
- Both cases indicate an extended consolidation for another couple of weeks, where-in the volatility may deplete while the volume may maintain decent levels
However, the crypto markets are believed to mark the bottoms of the current bear market somewhere in the mid of Q1 2023, post to which a firm recovery phase may begin. This is when one can expect a notable upswing for the TerraClassic (LUNC) price.
What’s Driving Terra Classic (LUNC) Price Higher? Is It the Right Time To Buy?
The Terra Classic community has approved Proposal 11111, which will reverse Proposal 10983 and support Binance, the crypto exchange that has contributed the most LUNC to burn. The proposal seeks to overturn Proposal 10983, which substituted 10% for on-chain development for additional revenue for the community pool at a rate of 50% of the 0.2% burn tax.
Instead of 50% remint, the plan would contribute 10% remint to the community pool from the 0.2% burn tax. Edward Kim, a core developer for Terra Classic, rejected Proposal 10983 because it would stop Binance’s LUNC burn mechanism. With roughly 82% in favor and 2% in opposition, proposition 11111 has received enough votes to pass the threshold.
The proposal has received support from over 39 validators, while only 3 are opposed. On December 26, All nodes tweeted their support for Proposal 11111. Furthermore, the validator thinks the community should reignite the 1.2% burn tax because the volume has not increased after the burning tax was reduced from 1.2% to 0.2%.
Why is Terra Classic’s price rising?
Ahead of the Christmas season, Terra Classic price got a push last week as the price saw a significant increase. The price of LUNC has increased by about 10% over the past 24 hours, and is currently trading at $0.0001575. The speculation that Coinbase would list LUNC has also helped the market surge. In the past 24 hours, the trade volume has increased by more than 110%.
Furthermore, the recent rise of LUNC might have been influenced by the proposal made public by the new Terra Classic Layer 1 team. The “Joint L1 Task Force” of the Terra Classic team published a proposal describing its work for the following three months. The team announced that it will be hired to complete the necessary changes during this time. The most well-known members of the new squad are Edward Kim and Zaradar.
Can LUNC Price Surge To $0.001? Will December Be a Game Changer? Here’s What’s in Store
The community is now predicting an increase in the price of LUNC since the Terra Classic network is due to reopen an essential part of its ecosystem on December 6. Amid the bear market, a popular cryptocurrency influencer has predicted an incoming bullish wave for LUNC. Classy Crypto has said that the coin may rise to $0.001, but the details of when, why, and how were not shared by him.
However, looking at the improvements and modifications, the price of Terra Classic is projected to experience a significant surge in December. The v23 upgrade, which includes the CosmWasm upgrade, will be implemented by the developers. Additionally, on December 5 at block 10,542,500, they will re-enable inter-blockchain communication (IBC) with Cosmos blockchains.
Terra’s Burn Mechanism a Boon or Bane
The Terra Classic community wants to burn massive LUNC tokens to cut down on the supply in circulation and raise the price to higher levels. After Terra Rebels increased the burn rate by deploying the v22 update, which eventually resulted in the introduction of staking and the 1.2% burn tax, the community burned about 29 billion LUNC tokens in the last few months.
In October, Binance burned about 13.712 billion LUNC tokens as a result of trading commissions on LUNC spot and margin trading pairs. On October 31, the cryptocurrency exchange burnt 1.26 billion Terra Classic (LUNC) tokens in the fifth batch and more than 5.5 billion Terra Classic (LUNC) tokens in the first.
Following the community’s adoption of Proposal 5234, which cut the LUNC burn tax to 0.2% and redirected 10% to support ecosystem development and contributors in Terra Classic, the burn rate decreased. Developers are against modifying the tax burn parameter once again because it might have an effect on restoring utility to the chain.
Alert ! Terra Rebels Warns LUNC Investors Against Malicious Token
Terra Rebels, a developer group focused on retrieving Terra Classic network has alerted the community that there is suspicious token in the market. This was revealed via Tweet that said a dubbed coin, Interchain DAO Coin (IDC) has illegally acquired its logo. Terra Rebels also said that IDC is misleading investors to believe that Terra Rebels are the one who is leading IDC.
As per Terra Rebels, the token is moving around Cosmos network and other markets and Terra Rebels has denied its involvement in IDC via Tweet. On the other hand, a renowned admin at Terra Rebels, ReXx has claimed the token as rug in making.
Luna Classic Price Analysis: Bears Still Continue to tear LUNC Price
Terra luna classic is now trading at 0.00023 with a 3% decrease in price over the past 24 hours. A severe downswing appears to be largely imminent as the bears appear to have tightened their grasp and try to tear LUNC price down. Since yesterday, the price has moved in a downward direction and has continued to do so today.
The one-day analysis shows strengthening bearish momentum. The continual downflow has caused the price to decline to $0.00023. For cryptocurrency, the last few days have been rather depressing due to a strong downward trend.
The past 24 hours have also seen reports of similar tendencies. Additionally, the price has fallen below the moving average (MA) value, which is at $0.00023.
The Bollinger bands are pushing towards each other a significant sign that LUNC is currently bearish. The signal line has already crossed over the MACD line to clearly show that the LUNA classic is bearish at the moment. The RSI is heading towards the overbought level as it stands at 41.
The LUNC’s bullish tendency has been throughout the previous month. If this pattern holds, LUNC might cross over its resistance level at $0.00027 by moving with the bulls.
As a result, if investors start to lose interest in cryptocurrencies, the price of LUNC could rapidly decline to approximately $0.00001, sending a bearish signal.
From the 4-hour chart above, LUNC is still on the bearish momentum at the time of writing with a 3.20% decrease. The price has been steadily falling as the cryptocurrency’s trend has been downward.
In the past four hours, there has been a decline in price, and the price level has fallen to $0.00023. Moving on, the moving average indicator currently displays a value of $0.00024.
Since the start of the October trade, TerraClassic price movements have been on a sharp downward trend. The asset experienced a strong rise as Binance validators burned almost 1.5 billion LUNC tokens, however, this upswing was futile as bears swiftly pulled the price lower. This might be the key reason for Terra Lunc decline.
conclusion
A downturn has been present for the previous several hours, according to the one-day and four-hour price analyses. The price levels have dropped to $0.23 as a result of the bears currently controlling the game.
Given that the bears have been in charge for the previous several hours as well, a further decline is to be anticipated. The price has been steadily declining, therefore the chances of an improvement for the bulls are still rather slim.
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TerraClassic Loses All 24-Hour Gains! Why Did Binance Burn Lead a Short-Lived LUNC Price Rally?
TerraClassic prices have been trading in a steep descending trend ever since the beginning of the October trade. Meanwhile, the asset underwent a significant upswing as Binance validators burned over 1.5 billion LUNC tokens, which all went in vain as bears dragged the price lower quickly.
The Binance, the world’s most popular crypto exchange, has burnt over 1.2B LUNC tokens amid the 5th batch of the Binance burn mechanism on trading fees. It was the first burn after the tax reduction proposal from 1.2% to 0.2% was implemented. The platform has sent over 1.26 billion Terra Classic to the LUNC burn address, including a fee of 2.51 million LUNC.
The LUNC price had surged notably by more than 16% to reach $0.00027496 during the previous trading day. Meanwhile, the Binance burn of 1.25B LUNC failed to induce a significant bullish momentum and hence the price remained heavily deflated.
The LUNC price has maintained a notable lower trend line for more than a week, and hence the prices may consolidate for a while initially. Therefore, a significant plunge may be imminent as the bears appear to be well-positioned. However, a drop to the lower support may further trigger an upswing as a result of a catapult action after testing these levels.
Meanwhile, the burning mechanism does not appear to have induced significant bullish momentum over the asset. As of today, Binance has already burned more than 5.5 billion LUNC, which dropped below 3 billion due to a drop in the tax burn policy, while the price remained largely stagnant.
Hence, the TerraClassic price may continue to trade under bearish captivity for a long which may compel the price to drop to the lower support shortly.
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200M LUNC Gets Minted On Terra Classic (LUNC) Chain
The Terra network’s new chain Terra Classic (LUNC) has been facing a severe pump and dump pattern for a few days. There was some calmness achieved on the last day but LUNC couldn’t hold onto it for long. Today, the currency has yet again slipped.
At the time of reporting, Terra Classic (LUNC) is trading at $0.000242 after a drop of 2.98% over the last 24hrs. LUNC’s immediate resistance is positioned at $0.000250 while the support is seen at $0.000235.
Meanwhile, LUNC traders were taken on a surprise ride after there was green candle formation on StakeBin website through which the public can track LUNC supply.
0.2% LUNC Tax Burn Mints 200M LUNC
As per the candle, 200 million LUNC has been minted which has awestruck the community.
Later, it was Terra Classic’s independent developers team who had to pop in to confirm that this minting figure was the result of proposal 5234 which was recently approved by the community. Also, Tobias Andersen who is also known as Zaradar, Terra Classic’s core developer shared an article by another core developer Edward Kim. The article mentions that the community should not be surprised if the chart flashes green.
The proposal 5234 is the one which was recently approved by the community to reduce the on-chain tax burn of 1.2% to 0.2%. The proposal also claims to give away 10% of the burn to the community pool in order to fund development activities. This give away will be done approximately every seven days. The same is confirmed in Kim’s blog post.
On the other hand, some members are of the opinion that Binance burn and other independent burns conducted by the community members and its supporters should be moved out.
In reply to the concern raised, one of the members of Terra Rebels, reXx suggests that the community can remove the difference from the community pool and then transfer it to the burn address.
Well, will have to wait for the community to make any further decisions.
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Capital Outflows Surge Massively! Is This The End Of Terra Classic (LUNC)?
Last week, while the crypto market succumbed to bearish momentum, Terra Classic (LUNC), which was created after Terra network’s original chain Terra (LUNA) collapsed along with its stablecoin UST in May 2022, was enjoying a bullish trend.
However, LUNC’s bull run, which started in August, has now lost momentum as the network is witnessing capital outflow due to investors doubting the currency’s stability.
As of October 25, LUNC’s capitalization is positioned at $1.53 billion after it plunged from October 18’s $1.63 billion. However, today, October 26, the market capitalization has surged by 3.78% over the last 24 hrs and is now positioned at 1.59 billion.
The Future Of Terra Classic
While insanely hyped a few weeks ago, it’s clear that the interest in Terra Classic (LUNC) has dropped significantly due to a community short squeeze. LUNC investors withdrew their profits; thus, the currency has lost demand.
On the other hand, the ongoing investigation on Do Kwon by the South Korean authorities has affected the currency’s price action too. A red notice has been issued against the Terra Labs founder by Interpol- which is globally applicable- as the country’s authority has accused him of being on the run since Terra collapsed in May and refusing to cooperate in the ongoing investigations.
Interestingly, after Terra Classic was created, there were many speculations that the currency would not withstand for long and would collapse like Terra (LUNA). However, LUNC continues to perform well and has amassed a large group of supporters.
At the time of publication, Terra Classic (LUNC) is trading at $0.000244 after an upswing of 6.35% over the last 24hrs and a loss of 1.38% over the last seven days.
In conclusion, although the LUNC price has witnessed immense bullish momentum and continues to do so, its future remains bleak.
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EX-Congressional Participant Prefers XRP, LUNC Over Bitcoin
While the overall crypto market is facing an increased bear movement for the weekend, Ripple is celebrating its victory in Ripple vs SEC. Today, the SEC has finally agreed to handover Hinamn documents. The Hinman document is the one that contains the speech of SEC’s former Director Hinman which was delivered in 2018 where he had claimed that XRP is not a security.
However, Ripple’s native currency XRP has failed to show any positive trend as the currency is trading on a red note. At the time of writing, XRP has lost 4.78% over the last 24hrs and is trading at $0.439.
XRP Is More Preferable Over Bitcoin
Apparently, David Gokhshtein, former US Congressional candidate and Gokhshtein Media founder opts to dump Bitcoin and move towards XRP. This move from Gokhshtein comes after Ripple’s victory in the Ripple vs SEC case today.
He is of the opinion that if Ripple finds its final victory in the XRP lawsuit, then XRP price will see a massive spike. It’s just not XRP, Gokhshtein even portrays a positive outlook towards Shiba Inu (SHIB), Dogecoin (DOGE) along with Terra Classic (LUNC).
David Gokhshtein confirmed his stance towards XRP via Twitter post.
David Gokhshtein’s support for Terra Classic came as a surprise due to his earlier opposition. Now, he believes Terra Classic community is doing great towards building LUNC and its stablecoin TerraClassicUSD (USTC).
After today’s victory, Ripple CEO Brad Garlinghouse claimed to be confident in terms of Ripple’s victory in the ongoing XRP lawsuit. Brad Garlinghouse’s claim was supported by Tesla CEO Elon Musk.
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This is How Terra Plans to Revive the Ecosystem, Will LUNC, LUNA & USTC Price Regain Lost Levels?
Terra Ecosystem has been closely monitored ever since the crypto markets collapsed due to the native tokens of the network. The fall was historical, which created a domino impact on the other platforms as well. More significantly, the impact continues to coil up as the investors still remain aloof and are not willing to go long on the tokens.
However, to gain back the confidence and the strength of the rally, Terra’s Governance Team made up of LUNC & LUNA has proposed a new expansion strategy. This strategy aims to restore the entire ecosystem after the tragic event.
The program is basically a revision of the Developer Mining Program & Developer Alignment Program which were initially defined during the launch of the Terra blockchain. The revision mainly aims to better align the incentives across the ecosystems & attract the developers. Along with this, the plan also focuses on onboarding users & promoting deep liquidity.
The main aspects of the revision are:
- The initial 100 million LUNA allocation will be now slashed to 95 million with 80% of this will be rewarded to the developers as mining rewards
- Secondly, the mining rewards will be dropped from 80 million LUNA to 20 million LUNA
- Additionally, 50 million LUNA will be reallocated as liquidity mining rewards to develop the decentralized exchanges on the Terra ecosystem
- Lastly, another 20 million LUNA would be distributed annually among the developers in form of grants & 5 million to be distributed to the community as an incentive for growth
While the TVL of LUNA has plunged heavily and so as the native tokens LUNA & LUNC. Moreover, the tokens forecast the possibilities of a continued descending trend over some time. Also, the recently launch 1.2% tax burn proposal which was widely implemented, failed to uplift the prices accordingly.
In such a case, it is unclear whether the revival plans will restore the ecosystem to its former glory.
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Terra Classic (LUNC) Tax Burn To Be Reduced To 0.2%!
The Terra Classic (LUNC) community has been adopting several strategies to revive the stability within the network.
In the latest attempt, they passed Proposal 5234 after a week-long debate and vote. This was confirmed via Tweet by Akujiro, a community member
Alex Forshaw, a LUNC developer, presented the voting details and disclosed that 83% of the members had participated in the decision.
Proposal 5234 is a draft that indicates that the community should reduce the 1.2% tax burn to 0.2%, and 10% of the tax should be dedicated toward the network’s development activities. Through this, the community plans to increase the on-chain volume while burning LUNC. However, it’s worth noting that since the time the 1.2% tax went live, LUNC’s on-chain volume has dropped by 90%. Meanwhile, till today, Binance has burnt more than 6.5 billion LUNC from 1.2% tax.
Initially, the proposal did face resistance from a few supporters as they felt it was too early for such a move. However, in accordance with the community’s wishes, the new 0.2% tax burn is expected to go live on October 19 around 12:50 pm.
Terra’s Revival Plan
After the Terra network collapsed in May, a revival plan was drafted, which said that around 10% of the LUNA supply will be allocated to the network and 80% of the funds will be used for developer mining rewards.
However, a Terra staff member later claimed that there are not many projects with total locked value, and mining revenue cannot be allocated without competition.
Now, there is a new proposal which claims that the mining rewards will be reduced from 80 million to 20 million LUNA. In addition, nearly 5 million LUNA will be given to the users to increase engagement.
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Binance Burns 2.5B Terra Classic (LUNC) in 3rd Week ! Here’s How LUNC Price Reacts
Binance has burned an extra 2.5B Terra Classic (LUNC) tokens in its third round of weekly off-chain burns despite the low trade volume that Binance had announced to implement a Terra classic (LUNC) burn mechanism to burn all trading fees for Terra Luna Classic (LUNC) tokens.
In keeping with its commitment to the Terra community, Binance has continued to deploy off-chain LUNC burning by forgoing fees from LUNC spot and margin trades. The largest exchange in the world has made another huge burn totaling $659M+ after two weeks of continuous burning.
The trading fees that Binance had accrued from the trading of LUNC between September 21 and October 1 have all been burned.
This amounts to nearly $1.8 million in LUNC, which at the current price of the alternative currency, is comparable to burning 5.8 billion LUNC. The market seems to have interpreted such widespread devastation as a hint that Binance is prepared to assist in restoring the price of LUNC, which infamously crashed in May after Terra released billions of new LUNC (then known as LUNA) in an effort to maintain the price of stablecoin UST.
LUNC Price Analysis
At the time of writing LUNC is currently trading at $0.0002645 which is a 2.52% price increase. In the last 24 hrs, it has traded as low as:$0.0002571 and as high as $0.0002702. The trading volume is $226,891,523 while the market capitalization is $1,827,902,586. The are 6,151.07B LUNC circulating in the market.
The Bollinger bands have formed a narrow pattern as a result of the bullish movement while other indicators like MACD and RSI are also showing bullish momentum. The RSI is currently at 45 and seems to be heading toward the overbought region.
Meanwhile, investors are advised to approach the market with caution since cryptomarket is highly volatile.
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Terra Classic Community Appeals Robinhood To List LUNC
It’s been almost four months since Terra network’s LUNA collapsed along with its stablecoin, USTD, which was dipping against the US dollar. However, it didn’t take too long for the network to bounce back. Within a month, the network introduced a new chain known as Terra Classic (LUNC) and, sometime later, its stablecoin TerraClassicUSTC.
The victims of the Terra collapse are looking for every possible way to retain Terra Classic (LUNC) and TerraClassicUSTC (USTC). One such method is a 1.2% tax burn for all LUNC on-chain transactions, which is being supported by major crypto exchanges, like Binance.
Now, the Terra Classic community has come forward with a proposal of listing LUNC on Robinhood, a no-commission investing platform. This happened after a petition was put forth via Change.org asking Robinhood to list LUNC on its trading platform.
LUNC On Robinhood?
The appeal was submitted by a Terra Classic supporter, known as QDS Land, in the month of September. The petition requires at least 5,000 signatures but as of now, it has just received 3,725 signatures.
He believes that if LUNC is listed on Robinhood it will be beneficial to the trading firms, LUNC holders and the Robinhood platform as well. This is because currently there are nearly 1.5 million LUNC holders who trade billions of dollars volume trading every day.
He has also stated that around 300,000 wallets were created before he submitted the petition; hence, he asserts that with these numbers, even Robinhood would benefit immensely.
However, Robinhood has not yet responded to the petition, nor has the petition garnered enough signatures. Even if it does, the final decision about the listing lies with the platform.
Earlier, the same platform, Change.org, was used by the Shiba Inu community to file a request for listing SHIB on the Robinhood platform. Within a short period of time, the petition gained 559,737 signatures and Shiba Inu was finally listed on the platform.
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Terra Classic (LUNC) 1.2% Tax Burn To Be Reduced, Here Is Why
The Terra Classic (LUNA) community is striving to get the attention that the currency deserves and one such move is the 1.2% tax burn. This initiative is currently supported by Binance, world’s largest crypto exchange.
The latest update comes from Terra Classic core developer, Edward Kim where he disclosed about him giving a thumbs up to proposal 5234 which is dedicated to reduce the tax to 0.2%. While 10% of it is distributed to the community pool which the community might use to boost the network’s development. This statement was revealed in a new blog post which was shared by Edward via Twitter.
Terra Classic’s 0.2% Tax Burn Proposal
The blog post mentions how Edward has simplified the proposal into two categories to give out his decision. Firstly, he talked about channeling 10% of the tax to community pools. He has then explained in post that this will mean burning 100% of tax that is received at the end the said period which is 7 days for LUNC chain. Then he says this will also include mining 10% of it during the start of the new phase.
“A community pool can be used for emergency funds, attracting dApps and projects back to the chain, and paying developers to improve the chain,” wrote Kim. “I vote yes for the 0.9 parameter change.”
Next, the developer analyzes how the move from 1.2% tax to 0.2% is effective. Here firstly he claims that there is no guarantee if there will be any return of on-chain volume if the tax limitation is reduced. He also says that as per the analysis the on-chain volume will not see any upward move anytime soon with the current tax burn limit.
However, finally he notes that there is no guarantee for any results as it’s neither too early to change the tax limitation nor it is too late. Hence, he leaves it on time and gives a yes to the proposal.
“After weighing all the data, reflecting on what I know and recognizing what I don’t know, I voted yes to proposition 5234,”
It is also important to note that Edward Kim was the one who proposed the now 1.2% tax burn initiative for Terra Classic (LUNC)
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Here Is How Terra Rebels Plan To Burn Terra Classic (LUNC) More Efficiently
While most of the cryptocurrencies were facing a downtrend, there was one currency that was enjoying the price rise in backdrop. Terra’s new chain Terra Classic (LUNC) is the one which is having its heydays with an increased bullish moment.
At the time of writing, Terra Classic (LUNC) has gained 6.32% in the last 24hrs and is trading at $0.0002806. The immediate resistance for the currency lies at $0.0003000 and the support is positioned at $0.0002500.
More Terra Classic (LUNC) Burn Methods
Meanwhile, a developer group known by the name of Terra Rebels has stated that the Terra Classic (LUNC) burn mechanism should be implemented more effectively. As per the Twitter post, the group claimed to have had a discussion with one of their associates. The associate who is dedicatedly working towards LUNC said that there is a need to inculcate more effective ways of burning Terra Classic.
As per the statement, Terra Rebel and the associate had a discussion for about four hours and this was the major focus of discussion. Further, the developer group claimed that if utilities are created for LUNC then other decentralized applications (dApps) will come forward to burn more Luna Classic.
Though the present 1.2% tax burn is on the process, Terra Rebels is not with a thought of just depending one one such process, instead they are looking forward to implementing more initiative.
Until now, 18 billion of Terra Classic (LUNC) supply has been burnt and till today it’s only Binance, the world’s largest cryptocurrency, is supporting LUNC burning by burning LUNC trading fees received by the platform. LUNC has a total supply of nearly 6.9 trillion and due to this huge number most market participants believe its difficult to burn all with just 1.2% tax burn.
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Terra Classic (LUNC) Network Responds Quickly To Cosmos Chain Vulnerability
The post Terra Classic (LUNC) Network Responds Quickly To Cosmos Chain Vulnerability appeared first on Coinpedia Fintech News
In a tweet today, The @TerraRebels praised the work of validators and developers in securing the Terra Classic chain.
Notably, a major vulnerability regarding the cosmo chain was uncovered and patched yesterday. The remarks come after developers and validators worked quickly to secure the chain from a Cosmos chain vulnerability.
According to a post on the Cosmos Hub Forum, the Cosmos and Osmosis team audited the Inter Blockchain Communication (IBC) protocol, which allows Cosmos chains to connect in the event of a BNB chain breach.
Terra Classic Due To Ugly Crash! LUNC Price To Retest Low Levels
A wild year unfolded for Terra Luna Classic (LUNC). After reaching $119 in April, it dropped to $0 on May 12 when it collapsed. The token began to regain strength and during the past several months, it had a 180% increase. But Terra Luna was the subject of yet another controversy when an arrest warrant was issued against Do Kwon, the founder of Terraform Labs, by the South Korean authorities.
The LUNC price fell by 2.60% on the previous day as of the time of writing, to $ 0.0002765. The scenario will change, according to several analysts, especially after Binance launched its LUNC burn program.
A 4-hour LUNC trading chart was shared in a tweet today by IncomeSharks, who stated the opinion that the token is trying to recoup prior price lows as it continues to fluctuate below the previous upward trendline. The data also shows that the token’s on-balance volume is continuing to drop.
It’s important to note that LUNC owners were thrilled to see their investments increase by over 300% in the beginning of September, despite the crypto market being in free fall. A 1.2% tax burn plan by Terra Classic core creator Edward Kim, who vowed to reduce the supply of LUNC to 10 billion, paved the way for the spectacular rise.
Volumes have, however, significantly decreased with the adoption of tax parameter modification. On-chain volumes have decreased since, according to Alex Forshaw, a Terra developer who opposes the 1.2% tax, by as much as 90%. Consequently, the tax has only so far burned through around 5.5 billion LUNC.
Since then, the price has lost more than 40% of the gains earned in early September, while recently stabilizing at the $0.0003 price level. Notably, Santiment Feed noted in September that LUNC’s price fluctuations resembled DOGE’s from the previous year in many ways, warning that a significant bull run might come after a consolidation following the 300% surge.
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What Comes Next for TerraClassic (LUNC) and TerraUSTC (USTC) Following Significant Gains?
Terra Classic (LUNC) Price
Despite a significant upswing, TerraClassic remains in bearish captivity as it consistently fails to reach the pivotal resistance at $0.00033. The platform introduced a 1.2% LUNC burn, which was anticipated to revive a bullish trend, but the bears comfortably restricted the price below $0.0003 even after the burn. However, the asset is yet again attempting to rise and regain its levels, but the slashed volume is hampering the rally at the moment.
Ever since the LUNC price rose above $0.00036, the bears compelled it to trade within a descending parallel channel. However, after the recent rebound, the asset is closer to testing the upper resistance. If the buying volume hinders the price’s progress, then it may face rejection as it did before, or else an upswing may result in a price rise toward the immediate resistance at $0.00033.
TerraUSTC (USTC) Price
In the last few days, TerraUSTC showed a fine upswing, which caused it to soar by more than 120%. However, the bulls appear to have lost their momentum, and as a result, the price has recently experienced a startling 28% pullback. Presently, the price may continue to decline until it reaches the crucial demand area of around $0.043.
Unfortunately, the price of USTC is currently trading inside of a massive rising wedge, which raises the possibility of a significant drop. Price may rise marginally to reach the nearby resistance at $0.06217 as prices are currently attempting to recover from the lower support. If the bulls are unable to push the price higher than these levels, the market could experience a sharp decline that tests the support at about $0.04343.
Prices for TerraClassic(LUNC) and TerraUSTC(USTC) collectively are getting closer to experiencing a noticeable upswing. But over time, USTC might encounter a significant backdrop, while the price of LUNC might test the upper targets.
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Terra Classic Community Urge Coinbase To List LUNC – Will LUNC Price Hit $1?
The previous week saw a spike in the LUNC community’s pleas for Coinbase to include the cryptocurrency. It coincides with requests for Robinhood, another trading site, to include the token in its offering. This was the same strategy used successfully by the Shiba Inu community to have the meme coin listed on major exchanges.
Members of the LUNC community have started a petition requesting that the cryptocurrency exchange added support for the token, just like the SHIB community did previously. There are just under 3,000 people who have signed the petition as of this writing.
Binance, the largest cryptocurrency exchange in the world, continues to support LUNC and has pledged to burn all fees realized from the trade every Monday.
However, the community is now seeking out Coinbase’s support too.
The demand for Coinbase to list the digital asset is, however, motivated by the need to support the value of the asset. The increased demand from such a listing has been shown to result in a sharp increase in the value of certain digital assets, and the community looks forward to such numbers for LUNC too.
LUNC Price to Hit $1?
The LUNC community is aiming for “LUNC to $1.” They believe this price can be achieved if LUNC is listed on a popular cryptocurrency exchange like Coinbase.
However, approaching this from a realistic perspective, this pricing for LUNC is highly unlikely based on historical data.
Whether or not the digital asset’s value will reach $1 depends on how many are in circulation. After the Terra Classic system failed, many more tokens were created and put into circulation. 6.15 trillion LUNC are in circulation at present. A $1 price target would put LUNC’s market cap at almost $6 trillion, which is implausible given that the all-time high for the cryptocurrency market is only $3 trillion.
Before breaking the $1 threshold, the supply would have to be halved. The Binance burn and the existing 1.2% tax burn on all transactions do not come close to slashing the LUNC supply by at least 70% and allowing the digital asset to reach $1.
If the burns keep increasing and a significant exchange starts trading the cryptocurrency, the digital asset will likely lose another zero. With a total supply of $6 trillion, however, a price of $1 is impossible to achieve.
In conclusion, for Terra Luna Classic to reach $1, it would need to increase in price by 300,000% from its current price. Consequently, that kind of increase appears unlikely to occur in the next 12 months. Moreover, given LUNC’s limited practical use, it is more susceptible to price swings and speculative trading, with pump and dump cycles as investors seek to realize profits quickly.
It will be fascinating to see how the coin does over the next month, especially in light of the current unrest in the terra globe.
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How is The Terra Classic Burn Affecting the LUNC Price?
The post How is The Terra Classic Burn Affecting the LUNC Price? appeared first on Coinpedia Fintech News
To maintain a positive user trading experience, the LUNC community requested to burn the trading charges. By delivering them to the LUNC burn address, Binance will burn all trading fees associated with LUNC spot and margin trading pairs. A suitable mechanism will be constructed to accomplish this.
The exact amount of LUNC to be burned, its USDT equivalent, and the on-chain transaction ID shall be updated weekly.
- LUNC prices spiked by 28% at the beginning of this month but declined quickly due to bearish dominance.
- The prices dropped by 23% and immediately rebounded reaching their highs at $0.000305. As a result, the Terra Classic prices entered the ascending parallel channel.
- The bears pushed the LUNC prices by 7% to the lower trend line of the parallel channel at $0.000281.
- The bulls attempted a rally and tested the average level of the parallel channel at $0.000301 but failed to surpass it.
- As a result, the Terra Classic token consolidated between the average level and the lower trend line of the parallel channel for two days.
- The prices rebounded, surpassing the average level but declined at the same. The bulls did not give up and the LUNC prices surpassed the upper trend line of the parallel channel.
- This move rose the Terra Classic price to reach its high at the current price of $0.000314. The bulls trying hard to push the prices beyond this level.
- The LUNC prices could potentially rise to the immediate resistance around $0.000322.
- The prices may fail to surpass the barrier of $0.000322 and drop to the upper trend line of the parallel channel. However, it may not enter the channel again.
Terra Classic At Risk Of Major Correction! LUNC Price May Crash To This Level Next Week
LUNC is not showing investors the expected price level since its launch in May with a plan for Terra’s ecosystem revival. LUNC continues to bring bearish woes as it has lost nearly 20% of its value in the last month. LUNC price is poised to drop by 51% due to the upcoming Binance’s LUNC burn announcement today at 00:00 UTC.
Binance LUNC Burn!
LUNC price may initiate a downtrend today following Binance’s LUNC burn, as it has been trading in a range-bound area with less volatility. Several altcoins managed a 66% pump following Binance’s LUNC burn mechanism on 26 September. LUNA Classic token surged over 68% on the day of the announcement from Binance, doubling its price just in a week and reaching $0.00037 on 2 October.
However, it now seems that the bull run is going to an end as the burned LUNC tokens are not impressive enough to garner buying pressure. Binance burnt nearly 5.6 billion tokens out of a total circulating supply of 6.1 trillion.
Due to this unsatisfactory amount, LUNC price dropped by 24% in the last week. Luna Foundation Group’s (LFG) lack of appropriate and meaningful decisions to improve Terra’s ecosystem may snatch the interest of investors from investing in the token. According to local news, the bearish trend could spice up as Do Kwon’s passport is going to be suspended on 19 October.
LUNC Bulls Become Silent
LUNC price has been consolidating between a range of $0.000341 and 0.00029. LUNC is floating above a point of control (POC) at $0.000293 after it attempted to break its resistance level at $0.00037. LUNC bulls are in a silent mode as the LUNC price has made a retracement of 22.3% from $0.00037 on 2 October with five red candles on the daily chart.
According to CoinMarketCap, Terra LUNA (LUNC) is currently trading at $0.000316 with a market cap of $1.8 billion. Our LUNC price technical analysis says that $0.00037 will act as the first area of its resistance region, and above this level, LUNC token can eliminate its bearish trend and surge to $0.00043, with a bounce back of nearly 40%.
Conversely, we can see a sharp fall downside if LUNC makes a breakout at its fundamental support level near $0.00029. Below this level, LUNC coin can drop to $0.000148 with a downtrend of 51%.
The RSI-14 is trading near the 50-level, indicating a healthy session for LUNC’s future price. SMA 14 is moving at 60, and EMA-20 and EMA-50 indicate a positive trend for LUNC. However, there are several macro factors that can act as a catalyst to bring LUNC down to the bottom line in the price chart.
LUNC price has surged more than 185% since 26 August and given an ROI of 419% in September. If Binance burns an overwhelming amount of LUNC tokens during the announcement, it can create enough liquidity and buying opportunities to push LUNC to the North.
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Do Kwon To Support Terra Classic (LUNC) Burn Proposal ?
Terraform Labs founder Do Kwon has been facing legal challenges since the time Terra’s original chain LUNA collapsed along with its stablecoin, USTD losing its peg against dollar in May 2022.
Recently the Interpol has issued a Red Notice, an arrest warrant that is applicable worldwide against Do Kwon. In reply to the Red Notice, Do Kwon shared a screenshot from the agency’s website and claimed that the list doesn’t contain his name.
Also, the Terra founder has denied using Kucoin and OkEX platforms and also said that no funds have been frozen. There are allegations that the authorities have frozen $39.6M for which he has denied any such action.
Meanwhile, after the collapse of LUNA, the Terra community is trying their best to regain the lost trust and one such is the burn proposal. Through this proposal they can reduce LUNA’s circulating supply and make the token scarce.
Do Kwon Lacks LUNC Holdings
Hence, one of LUNC proponent requested Do Kwon to support the network by burning his LUNC tokens. The proponent requested Do Kwon via Twitter post asking him to support the move.
Do Kwon replied to the request saying his LUNC was just a worth of any candy bar now, which means the founder doesn’t own enough LUNC to burn. Hence, it’s clear that the community will not see any support from Do Kwon.
However, even though the network fails to gain support from its founder the community’s struggle to regain the network’s position in the market will still be continued.
Binance, one of the largest crypto exchanges, has recently disclosed that a total of 5.5 billion LUNC tokens worth $1.8M have been burnt in one transaction.
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Binance Burns Nearly $2 Million LUNC, But That’s Not Enough
The most distressed network, the Terra network, is trying hard to bring back its trust after the network’s original chain LUNA collapsed in May along with its stablecoin, USTD losing its peg against dollar.
Recently, the community had proposed for a 1.2% tax burn and Binance, one of the largest crypto exchanges, had agreed to support the move for Terra Classic (LUNC) and TerraClassicUSTC (USTC).
However, Binance exchange flipped the approach and claimed to implement the burning of all trading fees on LUNC spot and margin trading against BUSD and USDT by transferring them to the LUNC burn address.
Binance Burn $1.8 Million Worth Of LUNC
Now, with the latest announcement by Binance, the firm could burn nearly $1.8 million worth of LUNC tokens on October 2. Meanwhile there is also an increased trading volume and this burning activity of LUNC on Binance is most likely one of the highest burning events of LUNC.
However, the burning was not as per the expectation and the main reason was due to LUNC’s deflationary effect. Just after Binance’s announcement, LUNC’s market capitalization surged nearly $1 billion which is equivalent to $2 million of burned tokens.
At the time of writing, Terra Classic (LUNC) is selling at $0.000315 with a drop of 2.11% over the last 24hrs.
Though LUNC is currently on a downward movement, investors have experienced some decent profits as a few investors have gained nearly 70% profit. These investors are the one holding the asset amidst the negative price action.
This positive approach by Terra community is the one that has stood as a hope for the network’s chain.
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Here’s How LUNC Price Could Be Following The Footsteps Of The SHIB Price
Terra Classic’s price today is $ 0.000322 with a 24-hour trading volume of $ 1.03B, a market cap of $ 1.98B, and market dominance of 0.21%. The LUNC price has decreased -2.44% in the last 24 hours.
Terra Classic reached its highest price on Apr 5, 2022, when it was trading at $119.01.
However, Bitcoin and Ethereum outperform it when it comes to the risk factor.
This price action prompted David Gokhstein, the founder of Gokhstein media, to compare its price with SHIB. Today, he took to Twitter while anticipating the same energy from the LUNC community. He emphasized the utility of the commodity while comparing it to the early days of the memecoin.
“LUNC reminds me a bit of the SHIB — in a sense of how crazy the community was when they first popped on the scene,” wrote Gokhstein. “But utility is key.”
At first, Gokhstein did not take the token seriously and actually referred to it as a “lottery ticket”. He had also said that LUNC didn’t have any utility. However, just after the release of the Terra Rebels roadmap, the entrepreneur displayed his excitement about the project.
Nowadays, due to the active community and leading search trends on data tracking platforms and dominant volumes, LUNC is seen to be dominating the crypto market. It is worth noting that Shiba Inu was the most popular crypto of 2021 as well.
In September, LUNC showed trade volumes and price actions similar to Dogecoin and Shiba Inu before they went parabolic. LUNC also became one of the top 10 assets by 24-hour volumes, showing trading volumes equal to Ethereum.
Previously, Gokhshtein asked the community to stop mentioning the asset in his feed. He argued that the LUNC project has no solid backing or foundation. “It’s like musical chairs except the last person is holding the bag,” he added.
SHIB is one of the favourite tokens of Gokhstein. The comparison of LUNC with SHIB showed how much the Gokhstein media’s interest is into this token.
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Terra Luna Classic (LUNC) and OAX Price Prediction As New Presale Moons
Bitcoin’s recent move to $19,000 is received positively, with some of the crypto majors like Ethereum (ETH), Cardano (ADA), and Ripple (XRP) all trading in the green zone.
But the positive momentum does not extend to pump-and-dump tokens led by Terra Luna Classic (LUNC) and OAX (OAX), which fell during the day.
Investors, already recognizing this could lead to irreversible losses, focus on The Hideaways (HDWY) – a new crypto project the market is loving lately.
Terra Luna Classic (LUNC) Falls as Sentiment Bottoms
Investor appetite for Terra Luna Classic (LUNC) has shifted to other trending coins like Ripple (XRP) and Algorand (ALGO). This left the token’s price gasping in anticipation of the next market hype.
At press time, LUNC is trading with a 1.15% decline to $0.00027. The week has not played out well for the token, sending its price to a 5.19% discount in the last 7 days.
On the upside, the token’s price is up 169% in the 30-day charts, which means investors who entered the same period last month are enjoying triple-digit gains.
Analysts advise investors to turn to projects with real-world use cases like The Hideaways (HDWY) if they are looking into coins that would give them LUNC-like gains.
At least, these cryptocurrencies have a better long-term chance than Terra Luna Classic (LUNC) which functions no more than a defunct crypto project after the de-pegging of UST.
OAX (OAX) Falls Big as Last Week’s Adrenaline Falls
After making a nearly 50% gain on Saturday, OAX (OAX) is back to base. The token shed 24.74% to $0.28 in the latest charts.
Price started falling after reaching an all-time high of $0.38 on September 22. Bulls could no longer push further as buying exhaustion began to take hold.
Analysts expect sellers to take the lead for now as positive sentiment continues to wane off.
Technical indicators show OAX (OAX) had officially descended from the overbought territory – Relative Strength Index settled at 67.0 during the session.
The Hideaways (HDWY) is a Stable Investment
The Hideaways (HDWY) gives real-world utility not found in Terra Luna Classic (LUNC) and OAX (OAX).
What do The Hideaways offer you?
- Invest in real luxury property for as little as $100
- Get a minimum of 20% passive income
- Let The Hideaways do all the work with rental management and extra income from memorable events like weddings
This may sound obvious, but investors nowadays are buying into cryptos that are backed by real-world usage rather than those with imagined use cases.
And investors should have confidence in The Hideaways ($HDWY) as:
- Team tokens are locked for 2 years, so they have to work long before seeing any benefits compared to the $HDWY community.
- Liquidity locked forever protects your money and means that no ‘rug pull’ can happen.
- Smart contract audit already passed by the security firm SolidProof. Again, make sure that no malicious code can hurt you.
Compared to LUNC and OAX, at $0.03, The Hideaways seems like a no-brainer investment to us. We expect it to finish the presale at around $0.15, only if it keeps up its fantastic pace.
Check them out:
Website: https://www.thehideaways.io
Presale: https://ticket.thehideaways.io/register
Telegram: https://t.me/thehideawayscrypto
Twitter: https://twitter.com/hdwycrypto
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Altcoins Like LUNC, LINK, LTC, MATIC & AVAX To Show Diverse Action Soon!
Crypto markets remained heavily consolidated during the past weekend as Bitcoin price continues to trade along the same support zone. The star cryptocurrency closed the previous week at around $19,000 with low volatility and low volume. The markets barely moved, flashing strong signs of exhaustion as the indices kept on falling. Therefore, in such a scenario where the volatility period extends heavily, a big move may be speculated on in the next couple of weeks.
With a slight change in the market sentiment, some of the major altcoins may also rise with huge bullish momentum.
Chainlink (LINK)
Chainlink prices have been displaying significant strength since the beginning of September, and after a minor bounce, it may begin with a firm upswing soon. However, considering the present price action, the LINK price is expected to accumulate some strength. As the volume has been slashed, the price may witness a slight pullback. Further, a gigantic upswing may bring the price close to $10 if it manages to sustain above $7.65.
Terra Classic (LUNC)
Terra Classic‘s price leapt long during the past weekend and attempted to reclaim the crucial resistance at $0.00036. However, it displayed a significant strength as it managed to trade above $0.00032. If the price manages to sustain within the resistance zone without flipping, then a notable upswing may make its way out. Otherwise, the price may continue to trade around $0.0003 for a longer time. On the brighter side, a breakout beyond $0.00036 may pave the way for a significant upswing beyond $0.00045.
Litecoin (LTC)
After a gigantic rally, Litecoin prices are currently consolidating heavily and plunging down towards the lower crucial zone. However, despite a notable pullback, the prices are required to hold the lower crucial levels between $43 and $46. If the price HODLs at these levels, then a notable upswing towards a 3-digit level could be imminent only after it tests and clears the pivotal zones at $81.
Polygon (MATIC)
Despite a bearish month-end, the Polygon(MATIC) price is displaying acute strength as it sustains firmly above $0.75 after reclaiming the pivotal area around $0.72. The assets usually turn highly volatile as they surpassed $0.72 levels and hence also carry the possibility of a retest to $0.65 levels. If it manages to hold above $0.75, the price levels may rise beyond $0.80 very soon.
Avalanche (AVAX)
Avalanche‘s price displays a contrast rally compared to all the above altcoins, as the asset appears to be primed for another 10% drop in the coming days. Moreover, the platform lags volume & volatility which may drag the price close to $16 or even below these levels. If the price holds at these levels, then an upswing may rise the price close to $18. In contrast, a failure may lead the price to drop hard to $15.75 initially and later to $14.
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Binance to Announce TerraClassic Burn Results Today , What’s In Store For LUNC Price ?
On Sunday, Luna Classic, or LUNC, reached $0.000365 as traders awaited the final token burn figures from Binance. This represents more than 70% gains for the week and more than 44% for the month. This is a lot compared to the other cryptocurrencies, which did not garner impressive gains.
The largest cryptocurrency exchange in the world, Binance, revealed its plans to reduce the token’s supply on Monday. The exchange stated: “Binance will put in place a mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.”
Sending a token to an anonymous cryptocurrency address is referred to as “burning” it. This reduces the number of coins in circulation, which quickens price movement.
According to CoinGecko, LUNC price surged by more than 55% within a day after the news, from $0.00018 to $0.00032. TerraClassic is now trading at $0.0003254 with a market capitalization of $2,241,752,951 and a trading volume of $865,002,926. In the last 24 hours, 6,151.07B LUNC have been in supply, according to Coinmarketcap.
If LUNC manages to break the resistance at $ 0.0003500, it will rally the price to almost $ 0.0004000. If it fails, it may find support at $ 0.0003000
Will The Kwon Crisis Impact LUNC Price?
With the start of the new month, the price had another significant increase and is currently at $0.0003254, and the trading scenario appears optimistic. It is estimated that around 10-25 Billion tokens were burnt.
While the price upsurges give hope to individuals who lost millions of dollars in the Terra Luna bankruptcy, these profits are of little solace. The international law enforcement organization Interpol has also issued a “red notice” for Do Kwon’s capture, despite the co-founder of Terraform Labs’ insistence that he is not on the run.
According to South Korean officials, the Terra project and Do Kwon are allegedly connected, and they seized $62 million worth of Bitcoin holdings belonging to Kwon on Wednesday.
However, this news about the founder has not impacted the price of the asset.
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Terra Classic (LUNC) Price Could Surge by 32% Soon! Does This Point Towards the Resurgence of Bulls?
After being in an extremely bearish market for about a month, Terra Classic (LUNC) raised significantly, forming an upward parallel channel, indicating a bullish price trend. The crucial question is whether the price consolidation inside the parallel channel will sustain the bullish trend or not.
The LUNC price is currently trading at $0.0003183 after dropping massively in the last month, resulting in a wedge formation where the prices consolidated for approximately two weeks. The prices quickly surpassed the top trend line and rose 79% in the final weeks of September, reaching the parallel channel’s resistance level at $0.00038.
The LUNC soon dropped below the average level of $0.00034, consolidated between the average level and the support level of $0.00029 for a couple of days, and quickly rebounded, breaking the average level. After breaching the average level, the Terra Classic prices stabilized for a day between the resistance level ($0.00038), before falling to $0.00031.
The Terra Classic (LUNC) prices are anticipated to fall at the support level, immediately bounce back and surpass the average level, and then hit the resistance level with a predicted price increase of 32% in the near future.