Chat analysis suggests the Terra LUNA Classic bears are very much in control of the market right now.
The 21DMA has acted as strong resistance going all the way back to late March. And the Terra LUNA Classic price has subsequently formed a clear downtrend.
The March low, which LUNC broke below in mid-April, also acted as strong resistance earlier this week.
These are all strong signs that lower prices are coming for LUNC. A retest of April lows just above $0.00007 is likely in the coming weeks, a 30% drop from current levels.
Please open Telegram to view this post
VIEW IN TELEGRAM
Can LUNC Reach $100?
If the LUNC community was able to burn enough tokens, then technically yes, LUNC could reach $100.
Assuming LUNC maintains its current $600 million market cap, LUNC at $100 would imply a 6 million token supply.
But LUNC’s current token supply is over 5.8 trillion. To get to a 6 million token supply, 99.99999% of the supply needs to be burnt.
Market cap expansion could help reduce how many token burns would be required to get LUNC to $100.
But LUNC lost all its utility when the Terra ecosystem collapsed back in May 2022.
LUNC is basically just a speculative shitcoin at this point. Sure, it could see random 2-3x pumps as risk appetite surges.
But it’s unlikely to become a multi-billion dollar crypto in the long run.
Whilst its possible, it remains highly unlikely LUNC will ever reach $100.
If the LUNC community was able to burn enough tokens, then technically yes, LUNC could reach $100.
Assuming LUNC maintains its current $600 million market cap, LUNC at $100 would imply a 6 million token supply.
But LUNC’s current token supply is over 5.8 trillion. To get to a 6 million token supply, 99.99999% of the supply needs to be burnt.
Market cap expansion could help reduce how many token burns would be required to get LUNC to $100.
But LUNC lost all its utility when the Terra ecosystem collapsed back in May 2022.
LUNC is basically just a speculative shitcoin at this point. Sure, it could see random 2-3x pumps as risk appetite surges.
But it’s unlikely to become a multi-billion dollar crypto in the long run.
Whilst its possible, it remains highly unlikely LUNC will ever reach $100.
Coin exchange rate
$BTC 57628.632 USD (+0.39%) 🟢$LUNC 0.00009878 USD (+4.34%) 🟢$LUNA 0.55470238 USD (+5.85%) 🟢LUNC Alternative to Consider – Mega Dice Casino (DICE)
For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart web3 projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a one-of-a-kind crypto application/platform.
The team at Cryptonews.com spends a lot of time searching through presale projects to help out investors.
One such project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
DICE holders get big cashback benefits on their wagers and can also generate passive income via DICE staking.
The crypto casino is also running a series of exciting airdrops to reward early presale investors.
The project is already close to having raised $550,000. And potential investors better move quickly, as when the $1 million milestone is hit, the DICE price will rise.
For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart web3 projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a one-of-a-kind crypto application/platform.
The team at Cryptonews.com spends a lot of time searching through presale projects to help out investors.
One such project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
DICE holders get big cashback benefits on their wagers and can also generate passive income via DICE staking.
The crypto casino is also running a series of exciting airdrops to reward early presale investors.
The project is already close to having raised $550,000. And potential investors better move quickly, as when the $1 million milestone is hit, the DICE price will rise.
🔥 Binance Burns 1.4 Billion Terra Luna Classic (LUNC) Tokens
The world’s largest crypto exchange Binance on Wednesday burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 57 billion. The burn numbers came in line with CoinGape estimates of LUNC burn between 1 billion to 1.5 billion.
Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 112 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.
The world’s largest crypto exchange Binance on Wednesday burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 57 billion. The burn numbers came in line with CoinGape estimates of LUNC burn between 1 billion to 1.5 billion.
Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 112 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.
Coin exchange rate
$BTC 59179.002 USD (+2.69%) 🟢$LUNC 0.00010245 USD (+3.71%) 🟢$LUNA 0.57264084 USD (+3.23%) 🟢Binance’s Terra Luna Classic (LUNC) Burn Declines to 1.4 Billion
Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on May 1. The crypto exchange is the top contributor to LUNC burn, accounting for 52% of the total LUNC burned by the community.
Notably, the 21st batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between March 31 to April 29. Binance has now burned nearly 57.66 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
The decline in trading volumes is due to fall in daily LUNC trading volume in April amid the market-wide drop in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion to under $600 million in a month.
In the 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens. The exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.
Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on May 1. The crypto exchange is the top contributor to LUNC burn, accounting for 52% of the total LUNC burned by the community.
Notably, the 21st batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between March 31 to April 29. Binance has now burned nearly 57.66 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
The decline in trading volumes is due to fall in daily LUNC trading volume in April amid the market-wide drop in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion to under $600 million in a month.
In the 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens. The exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.
LUNC and USTC Prices Tumble on Market-Wide Selloff
Traders reacted immediately to the LUNC burn by Binance, bringing a welcome rebound in the Terra Luna Classic ecosystem prices.
LUNC price fell 5% in a day as Bitcoin price corrected over 10%. The price is currently trading at $0.00009531. The 24-hour high and low are $0.0001001 and $0.00009272, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Moreover, LUNC and 1000LUNC futures open interest showed buying activity in derivatives traders, likely due to Binance LUNC burn. Open interests has increased over 1-3% on Binance and Bybit in the last few hours, as per Coinglass.
Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.01724. The 24-hour low and high are $0.01638 and $0.01789, respectively. Trading volume has jumped by 37% in the past 24 hours.
Traders reacted immediately to the LUNC burn by Binance, bringing a welcome rebound in the Terra Luna Classic ecosystem prices.
LUNC price fell 5% in a day as Bitcoin price corrected over 10%. The price is currently trading at $0.00009531. The 24-hour high and low are $0.0001001 and $0.00009272, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Moreover, LUNC and 1000LUNC futures open interest showed buying activity in derivatives traders, likely due to Binance LUNC burn. Open interests has increased over 1-3% on Binance and Bybit in the last few hours, as per Coinglass.
Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.01724. The 24-hour low and high are $0.01638 and $0.01789, respectively. Trading volume has jumped by 37% in the past 24 hours.
Coin exchange rate
$BTC 62985.27 USD (+6.43%) 🟢$LUNC 0.00010740 USD (+4.83%) 🟢$LUNA 0.59510381 USD (+3.92%) 🟢The Terra Luna Classic network has completed another upgrade, which has further improved the efficiency and robustness of the system. The rebel-2 update runs on terrad-v3.0.1-rc.1 currently. This upgrade consists of several key elements: SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix are all mostly aimed at enhancing the operation and performance of networks.
This upgrade is seamless, according to developer Fragwuerdig of Terra Luna Classic, with minor fixes in the Oracle feeder handled by key developers such as ColeStrathclyde. After the successful upgrade, developers anticipate that RAM will be in higher demand due to the approaching mainnet upgrade. This strategic enhancement is expected to facilitate the growth of the network’s throughput, making it more scalable.
Please open Telegram to view this post
VIEW IN TELEGRAM
After the upgrade was executed successfully, Terra Luna Classic (LUNC) bullish momentum was reignited. At press time, LUNC price was trading at $0.0001029 with a 24-hour trading volume of $25,407,803. The cryptocurrency has, as a result, appreciated by 7% over the last 24 hours and now has a market capitalization of $582,245,216.
The positive trend is LUNC’s market value implies the trust that investors and community participants have in the ongoing LUNCL growth and Terra Luna Classic network development. The updates do not only bring technical improvements but also add to the image and attractiveness of LUNC as a secure investment opportunity in the fluctuating cryptocurrency market.
Please open Telegram to view this post
VIEW IN TELEGRAM
Coin exchange rate
$BTC 63762.277 USD (+1.23%) 🟢$LUNC 0.00010742 USD (+0.02%) 🟢$LUNA 0.59382755 USD (-0.21%) 🔴In addition to the recent upgrades, Terra Luna Classic is tailoring itself for future developments that may continue to affect its ecosystem. One of the worthy endeavors is the scheduled 800 million USTC burn that will cut the stablecoin’s circulating volume. This initiative suggests the migration of the contract and will need community consent before it is put into action.
Furthermore, the Terra Luna Classic community is still an active participant in the testing purposes and further development of the system. The new Mantlemint test is simply another milestone in trying to verify the network’s capability to support broader applications and enhanced transaction traffic. Such endeavors stress on the community’s dedication to ensuring a strong and effective blockchain infrastructure.
Concurrently, the Terra Luna Classic project continues to enjoy strong support from major industry players, including Binance, which has played a role in the LUNC burn mechanisms. As earlier reported by Coingape, Binance revealed a burn of 1.4 billion LUNC tokens, which significantly contributes to the exchange’s total of over 57.66 billion LUNC tokens burned.
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
Please open Telegram to view this post
VIEW IN TELEGRAM
Latest Update in SEC’s $5 Billion Lawsuit Against Terra (LUNA): Key Developments & Implications for Crypto Investors
The SEC and Terraform Labs are locked in a legal battle over alleged fraudulent activities, with the SEC demanding a hefty $5.3 billion fine. This article delves into the details of the case and its implications for the crypto industry.
SEC’s Accusations Against Terraform Labs and Do Kwon
The SEC has countered this claim, arguing that Terraform Labs “targeted US investors” and therefore should pay a heavy penalty of $5.3 billion, most of which is compensation. However, Terraform’s lawyers have objected to this, stating, “… the SEC has not presented any evidence that the Defendants’ limited activities in the US directly led to any losses, losses in the US are far below the billions of dollars the SEC is demanding.”
Previous Allegations and Legal Proceedings
The SEC had previously accused Terraform Labs and its co-founder Do Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST). This accusation came after UST dramatically crashed a year ago. Last month, a jury found both Terraform Labs and Kwon guilty of misleading investors, holding them legally responsible for fraud.
The Impact on Algorithmic Stablecoins
Algorithmic stablecoins like UST use market incentives through algorithms to maintain a stable price. Terra was linked to Luna, a governance token used to balance prices. However, UST crashed in May 2022, resulting in a loss of more than $50 billion. The ongoing legal battle between Terraform Labs and the SEC continues, maintaining uncertainty about the future of the company and cryptocurrencies.
Conclusion
The legal tussle between Terraform Labs and the SEC is a significant development in the crypto space, highlighting the regulatory challenges that crypto companies face. The outcome of this case could set a precedent for future legal actions against crypto companies, particularly those dealing with stablecoins.
The SEC and Terraform Labs are locked in a legal battle over alleged fraudulent activities, with the SEC demanding a hefty $5.3 billion fine. This article delves into the details of the case and its implications for the crypto industry.
SEC’s Accusations Against Terraform Labs and Do Kwon
The SEC has countered this claim, arguing that Terraform Labs “targeted US investors” and therefore should pay a heavy penalty of $5.3 billion, most of which is compensation. However, Terraform’s lawyers have objected to this, stating, “… the SEC has not presented any evidence that the Defendants’ limited activities in the US directly led to any losses, losses in the US are far below the billions of dollars the SEC is demanding.”
Previous Allegations and Legal Proceedings
The SEC had previously accused Terraform Labs and its co-founder Do Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST). This accusation came after UST dramatically crashed a year ago. Last month, a jury found both Terraform Labs and Kwon guilty of misleading investors, holding them legally responsible for fraud.
The Impact on Algorithmic Stablecoins
Algorithmic stablecoins like UST use market incentives through algorithms to maintain a stable price. Terra was linked to Luna, a governance token used to balance prices. However, UST crashed in May 2022, resulting in a loss of more than $50 billion. The ongoing legal battle between Terraform Labs and the SEC continues, maintaining uncertainty about the future of the company and cryptocurrencies.
Conclusion
The legal tussle between Terraform Labs and the SEC is a significant development in the crypto space, highlighting the regulatory challenges that crypto companies face. The outcome of this case could set a precedent for future legal actions against crypto companies, particularly those dealing with stablecoins.
Coin exchange rate
$BTC 64512.588 USD (+1.18%) 🟢$LUNC 0.00011599 USD (+7.98%) 🟢$LUNA 0.63858537 USD (+7.54%) 🟢LUNC technical analysis: Bears rally post bullish surge
The Terra Luna Classic price prediction for 2024 factors in the asset's performance over the past year, influenced by developments, market volatility, and overall trends in the cryptocurrency landscape.
As the period of analysis began, LUNC was seen slightly above the pivotal mark of $0.000110. However, this position was short-lived, as bearish tendencies took the reins by mid-April. Furthermore, this pushed the altcoin’s value to settle just above the $0.000087 threshold.
June saw LUNC's price stabilize at this level, with an evident power struggle between buyers wanting to push prices up and sellers aiming to drive them down. This balance persisted until mid-July, after which sellers dominated the market, driving LUNC down to its lowest support level at $0.000056 by mid-September.
The narrative began to shift as October's market winds blew favorably for the bulls, catalyzing a vigorous rally that saw LUNC ascend to a peak resistance level of $0.000200 by November. The exuberance of this rally waned come December, ushering in a downtrend that saw LUNC descend past the critical support level of $0.000110 by January.
Undeterred by this setback, buyers rallied once again, elevating LUNC's price back to the $0.000200 benchmark by March. Yet, this resurgence was met with resistance, culminating in a price correction that morphed into a downtrend, effectively pulling prices down past the once steadfast $0.000110 level in April.
At the close of the analysis period, LUNC was being traded at $0.000098. The token’s current market sentiments signify a bearish dominance. According to CoinMarketCap, LUNC witnessed a 27% depreciation in price over the past month, with its trading volume plunging by 22% over the past 24 hours.
The crypto’s native community has rejected the proposal to form a core team and govern new developmental changes. Furthermore, a report by AMBCrypto stated that Terraform Labs’ co-founder.
The Terra Luna Classic price prediction for 2024 factors in the asset's performance over the past year, influenced by developments, market volatility, and overall trends in the cryptocurrency landscape.
As the period of analysis began, LUNC was seen slightly above the pivotal mark of $0.000110. However, this position was short-lived, as bearish tendencies took the reins by mid-April. Furthermore, this pushed the altcoin’s value to settle just above the $0.000087 threshold.
June saw LUNC's price stabilize at this level, with an evident power struggle between buyers wanting to push prices up and sellers aiming to drive them down. This balance persisted until mid-July, after which sellers dominated the market, driving LUNC down to its lowest support level at $0.000056 by mid-September.
The narrative began to shift as October's market winds blew favorably for the bulls, catalyzing a vigorous rally that saw LUNC ascend to a peak resistance level of $0.000200 by November. The exuberance of this rally waned come December, ushering in a downtrend that saw LUNC descend past the critical support level of $0.000110 by January.
Undeterred by this setback, buyers rallied once again, elevating LUNC's price back to the $0.000200 benchmark by March. Yet, this resurgence was met with resistance, culminating in a price correction that morphed into a downtrend, effectively pulling prices down past the once steadfast $0.000110 level in April.
At the close of the analysis period, LUNC was being traded at $0.000098. The token’s current market sentiments signify a bearish dominance. According to CoinMarketCap, LUNC witnessed a 27% depreciation in price over the past month, with its trading volume plunging by 22% over the past 24 hours.
The crypto’s native community has rejected the proposal to form a core team and govern new developmental changes. Furthermore, a report by AMBCrypto stated that Terraform Labs’ co-founder.
Coin exchange rate
$BTC 63701.361 USD (-1.2%) 🔴$LUNC 0.00010569 USD (-9.08%) 🔴$LUNA 0.60284760 USD (-5.69%) 🔴Terra Luna Classic community has rejected a crucial proposal on preventing validators from running multiple nodes on the chain. The proposal received some votes in favor from validators, but top validator Allnodes voted “No” citing “No enforceable rules should not be created on permissionless blockchains” as the reason.
Terra Luna Classic Proposal Rejected
Proposal 12101 “Rules to prevent double & network validating” has failed to pass governance vote. The proposal aimed ar tackling the emergence of validators running multiple nodes on the chain, posing a risk to the decentralization and security of the network.
The proposal received nearly 38% “Yes” votes, along with 37% “No”, 21% “No with veto” and 4% “Abstain” votes. The proposal has not received support from validators and delegators. Out of 45 validators who participated in the voting, only 20 validators including Interstellar Lounge, HappyCattyCrypto, TerrCVita, LBUN Project, and StakeBin voted in favor of the proposal.
As CoinGape reported earlier, this measure addresses concerns about potential risks to the network’s security and decentralization. Validators currently operating multiple nodes would need to revert to a single-node operation. Non-custodial providers must enforce these restrictions rigorously. The proposal seeks to diminish the likelihood of Sybil attacks, where one entity controls multiple nodes, thus compromising the network’s integrity.
Please open Telegram to view this post
VIEW IN TELEGRAM
LUNC price jumped 5% in a day amid market-wide buying. The price is currently trading at $0.0001096. The 24-hour high and low are $0.0001047 and $0.0001097, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Meanwhile, USTC price climbed 1% in the last 24 hours, with the price currently trading at $0.01981. The 24-hour low and high are $0.01941 and $0.01992, respectively.
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Please open Telegram to view this post
VIEW IN TELEGRAM
Coin exchange rate
$BTC 62184.89 USD (-2.09%) 🔴$LUNC 0.00010709 USD (+1.33%) 🟢$LUNA 0.64692332 USD (+7.27%) 🟢In Terra (LUNA) v. SEC, attorneys representing Terraform Labs are fighting the U.S. Securities and Exchange Commission (SEC) after the agency sought billions of dollars in fines. The firm’s legal team argues that the token sales occurred “almost entirely outside the United States,” according to a brief filed Wednesday.
The SEC disputed this claim, arguing that Terraform Labs “targeted US investors” and therefore should pay a hefty $5.3 billion penalty, mostly in damages. However, Terraform’s lawyers disputed this, stating, “…the SEC has presented no evidence that Defendants’ limited activities in the United States directly caused any losses, losses in the United States far below the billions of dollars requested by the SEC.” said.
The SEC had previously charged Terraform Labs and its co-founder Do Kwon over the algorithmic stablecoin Terra USD (UST) in February 2023. This accusation followed the dramatic collapse of the IHR a year ago. Last month, a jury found both Terraform Labs and Kwon guilty of misleading investors and held them liable for civil fraud.
Algorithmic stablecoins like UST use market incentives through algorithms to maintain a stable price. Terra was linked to Luna, a governance token used to stabilize prices. However, the IHR collapsed in May 2022, resulting in a loss of more than $50 billion. The ongoing legal battle between Terraform Labs and the SEC continues as the future of the company and its cryptocurrencies remains uncertain.
Please open Telegram to view this post
VIEW IN TELEGRAM