Terra Luna Classic (LUNC), USTC Removed From Luna Foundation Guard
The Terra Luna Classic ecosystem experienced a significant price surge on Saturday after the Luna Foundation Guard removed 1.85 billion USTC and 222 million LUNC tokens from circulation. This action caused the price of LUNC to jump over 10% and USTC to rise by 18% within a few hours, though both tokens later saw a reduction in their initial gains.
The Terra Luna Classic ecosystem experienced a significant price surge on Saturday after the Luna Foundation Guard removed 1.85 billion USTC and 222 million LUNC tokens from circulation. This action caused the price of LUNC to jump over 10% and USTC to rise by 18% within a few hours, though both tokens later saw a reduction in their initial gains.
Luna Foundation Guard’s LUNC and USTC Circulating Supply
1.85 billion USTC and 222 million LUNC tokens were taken out of Luna Foundation Guard’s wallet address terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw. The move comes as the account has been dormant for almost 2 years.
As a result, USTC circulating supply is now down to 7.1 billion. Crypto assets held by team, foundation, treasury, escrow funds are not counted in circulating supply. “Assets that are locked (via smart contracts or legal contracts), allocated to insiders (e.g. teams or private investors), or not sellable on the public market are generally not regarded as circulating, regardless of whether they are unlocked,” as per CoinMarketCap.
These numbers reflect adjustments and not actual removals from circulation. Some LFG funds were miscounted as belonging to circulating supply.
1.85 billion USTC and 222 million LUNC tokens were taken out of Luna Foundation Guard’s wallet address terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw. The move comes as the account has been dormant for almost 2 years.
As a result, USTC circulating supply is now down to 7.1 billion. Crypto assets held by team, foundation, treasury, escrow funds are not counted in circulating supply. “Assets that are locked (via smart contracts or legal contracts), allocated to insiders (e.g. teams or private investors), or not sellable on the public market are generally not regarded as circulating, regardless of whether they are unlocked,” as per CoinMarketCap.
These numbers reflect adjustments and not actual removals from circulation. Some LFG funds were miscounted as belonging to circulating supply.
LUNC and USTC Prices Skyrocket
LUNC and USTC prices skyrocketed as the news sparked buying in the community due to a decrease in supply. But as the developments became clear to the community the prices started to pullback.
The Terra Luna Classic community seeks to burn USTC and LUNC in the LFG wallet to reflect in total supply, but it was just adjustments and not actual removals from circulating supply.
LUNC price is currently up 4%% over the last 24 hours, with the price currently trading at $0.0001062. The 24-hour high and low are $0.0001020 and $0.0001129, respectively.
Meanwhile, USTC price also jumped 7% in the last 24 hours, with the price currently trading at $0.0235. The 24-hour low and high are $0.0215 and $0.0251, respectively. Moreover, the trading volume has increased by 118% in the past 24 hours.
LUNC and USTC prices skyrocketed as the news sparked buying in the community due to a decrease in supply. But as the developments became clear to the community the prices started to pullback.
The Terra Luna Classic community seeks to burn USTC and LUNC in the LFG wallet to reflect in total supply, but it was just adjustments and not actual removals from circulating supply.
LUNC price is currently up 4%% over the last 24 hours, with the price currently trading at $0.0001062. The 24-hour high and low are $0.0001020 and $0.0001129, respectively.
Meanwhile, USTC price also jumped 7% in the last 24 hours, with the price currently trading at $0.0235. The 24-hour low and high are $0.0215 and $0.0251, respectively. Moreover, the trading volume has increased by 118% in the past 24 hours.
Terra Classic Community Makes Crucial Move With Allnodes
LUNC News: Terra Luna Classic community started voting on a key proposal to bring an official organization to be in charge of hosting the endpoint providing the correct circulating supply data for Terra Luna Classic. Top validator Allnodes will manage the endpoint to protect against single individuals making unauthorized changes to the supply without approval.
LUNC News: Terra Luna Classic community started voting on a key proposal to bring an official organization to be in charge of hosting the endpoint providing the correct circulating supply data for Terra Luna Classic. Top validator Allnodes will manage the endpoint to protect against single individuals making unauthorized changes to the supply without approval.
Terra Classic Brings Allnodes For Endpoint Management
Proposal 12103 “Change official CS API endpoint to Allnodes FCD” is currently under voting on the Station wallet, with the voting to end on May 18.
The proposal aims to secure an official organization to host the endpoint providing the correct circulating supply data for Luna Classic. It recommends top validator Allnodes for the role of providing the endpoint. Furthermore, it seeks to get a consensus about the method of calculating the circulating supply.
Allnodes will be required to update to the latest FCD version and implement the following calculation of circulating supply: Circulating Supply = Total Supply – unvested Tokens – Community Pool Holdings – Staked and bonded tokens.
This will help any third-party website to refer Allnodes FCD API as the official information source for Terra Luna Classic circulating supply of LUNC, USTC, and other native tokens. This also lowers the risk of individuals changing circulating supply or total supply, without appropriate discussion and input.
The proposal has received 56% “Yes” votes, along with 3% “No”, 41% “No with veto”, and 1% “Abstain” votes. Majority of validators including Community First LUNC, Hexxagon, LUNC Development Fund, and others has voted in favor of the proposal, but top validators are yet to vote.
Proposal 12103 “Change official CS API endpoint to Allnodes FCD” is currently under voting on the Station wallet, with the voting to end on May 18.
The proposal aims to secure an official organization to host the endpoint providing the correct circulating supply data for Luna Classic. It recommends top validator Allnodes for the role of providing the endpoint. Furthermore, it seeks to get a consensus about the method of calculating the circulating supply.
Allnodes will be required to update to the latest FCD version and implement the following calculation of circulating supply: Circulating Supply = Total Supply – unvested Tokens – Community Pool Holdings – Staked and bonded tokens.
This will help any third-party website to refer Allnodes FCD API as the official information source for Terra Luna Classic circulating supply of LUNC, USTC, and other native tokens. This also lowers the risk of individuals changing circulating supply or total supply, without appropriate discussion and input.
The proposal has received 56% “Yes” votes, along with 3% “No”, 41% “No with veto”, and 1% “Abstain” votes. Majority of validators including Community First LUNC, Hexxagon, LUNC Development Fund, and others has voted in favor of the proposal, but top validators are yet to vote.
LUNC and USTC Nears Upside Breakout
LUNC and USTC prices skyrocketed recently after the news of decline in circulating supply. This has also restored burn and destroy narrative in the Terra Luna Classic community. The community also seeks to burn USTC and LUNC in the LFG wallet to reflect in total supply.
LUNC price is currently up 1% over the last 24 hours, with the price currently trading at $0.0001052. The 24-hour high and low are $0.0001007 and $0.0001062, respectively. Moreover, the trading volume has increased further by 28% in the past 24 hours, indicating buying by trades. An analysis by CoinGape Markets predicts a target price of $0.0005.
Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.0227. The 24-hour low and high are $0.02233 and $0.02389, respectively.
LUNC and USTC prices skyrocketed recently after the news of decline in circulating supply. This has also restored burn and destroy narrative in the Terra Luna Classic community. The community also seeks to burn USTC and LUNC in the LFG wallet to reflect in total supply.
LUNC price is currently up 1% over the last 24 hours, with the price currently trading at $0.0001052. The 24-hour high and low are $0.0001007 and $0.0001062, respectively. Moreover, the trading volume has increased further by 28% in the past 24 hours, indicating buying by trades. An analysis by CoinGape Markets predicts a target price of $0.0005.
Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.0227. The 24-hour low and high are $0.02233 and $0.02389, respectively.
Terra Luna Classic community has approved a proposal appointing Allnodes to provide accurate LUNC circulating supply data. The proposal aimed at changing the circulating supply API endpoint to Allnodes FCD, while developer Raider warned about the need to persuade Binance and CoinMarketCap to use a totally different API for total supply and circulating supply.
Allnodes To Handle Terra Luna Classic Circulating Supply Endpoint
Proposal 12103 “Change official CS API endpoint to Allnodes FCD” was passed by the Terra Luna Classic community, with only 57% voter turnout.
The proposal has received 53% “Yes” votes, along with 2% “No”, 12% “No with veto”, and 32% “Abstain” votes. Majority of validators including Interstellar Lounge, HappyCattyCrypto, Hexxagon, and StakeBin have voted in favor of the proposal, Allnodes and a few others voted “Abstain”.
Top validator Allnodes will provide the endpoint. Furthermore, the proposal also seeks to get a consensus about the method of calculating the circulating supply.
Allnodes will be required to update to the latest FCD version and implement the following calculation of circulating supply: Circulating Supply = Total Supply – unvested Tokens – Community Pool Holdings – Staked and bonded tokens.
This will help any third-party website to refer Allnodes FCD API as the official information source for Terra Luna Classic circulating supply of LUNC, USTC, and other native tokens. This also lowers the risk of individuals changing circulating supply or total supply, without appropriate discussion and input.
However, Raider revealed that the official LCD and FCD endpoints for supply calculation were rejected by CoinMarketCap and Binance asked to create an API consistent with the circulating supply definition of CoinMarketCap.
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LUNC Price to Rally?
LUNC price analysis by CoinGape Markets revealed a triangle breakout is likely to set Terra Classic on a path to 26% recovery. However, if support at $0.0001 weakens, declines may extend to $0.000088 in May.
The community expects LUNC price to cross $0.0002 again amid development activity and staking. LUNC price trading sideways after an upswing this week. The 24-hour high is $0.0001061, with trading volume rising slightly in the past 24 hours. However, derivatives trading data by CoinGlass revealed a buying activity in the last few hours.
USTC price also moved sideways amid low trading volumes in the last few days, especially last week. The price is trading at $0.02141, with a 24-hour low and high of $0.02091 and $0.02161, respectively. Trading volume has decreased by 15%, indicating a lack of interest among traders.
LUNC price analysis by CoinGape Markets revealed a triangle breakout is likely to set Terra Classic on a path to 26% recovery. However, if support at $0.0001 weakens, declines may extend to $0.000088 in May.
The community expects LUNC price to cross $0.0002 again amid development activity and staking. LUNC price trading sideways after an upswing this week. The 24-hour high is $0.0001061, with trading volume rising slightly in the past 24 hours. However, derivatives trading data by CoinGlass revealed a buying activity in the last few hours.
USTC price also moved sideways amid low trading volumes in the last few days, especially last week. The price is trading at $0.02141, with a 24-hour low and high of $0.02091 and $0.02161, respectively. Trading volume has decreased by 15%, indicating a lack of interest among traders.
Terra Luna Classic IBC Proposal Officially Passed, LUNC Price Jumps 8%
Terra Luna Classic community unanimously voted in favor of the proposal to enable interblockchain communication (IBC) with the Osmosis protocol. The transfers between Terra Luna Classic and Osmosis will be restored as Client ID 07-tendermint-12 on columbus-5 referencing Osmosis validator set will be restored.
LUNC and USTC prices saw massive buying activity as trading volumes skyrocketed 200% in the last 24 hours.
Terra Luna Classic community unanimously voted in favor of the proposal to enable interblockchain communication (IBC) with the Osmosis protocol. The transfers between Terra Luna Classic and Osmosis will be restored as Client ID 07-tendermint-12 on columbus-5 referencing Osmosis validator set will be restored.
LUNC and USTC prices saw massive buying activity as trading volumes skyrocketed 200% in the last 24 hours.
Terra Classic Osmosis IBC Reactivation Proposal Passed
Proposal 12104 “Reactivate Osmosis IBC” has surpassed the pass threshold in the governance voting on the Station wallet by developer Fragwuerdig, a former member of the core developer team. The proposal aims to reactivate Osmosis-Terra Luna Classic IBC.
The proposal has been received 85% votes in favor, with the deadline for voting on May 25. Along with votes in favor, the proposal received 15% “No with veto” votes. Among 40 validators who participated in the voting, 38 validators voted in favor of the proposal. These are LuncGoblins, Moon Rabbit Validator, MoonRunners, and others. Allnodes is yet to voted on the proposal.
Terra Classic member and validator Vegas revealed that Osmosis IBC client needs an update for seamless operation of the IBC relay, facilitating interchain transfers between LUNC and Osmosis. He recommended an upgrade from 07-tendermint-12 to 07-tendermint-250.
“We propose upgrading from version 07-tendermint-12 to 07-tendermint-250.” This update is critical for the seamless operation of the IBC.
Proposal 12104 “Reactivate Osmosis IBC” has surpassed the pass threshold in the governance voting on the Station wallet by developer Fragwuerdig, a former member of the core developer team. The proposal aims to reactivate Osmosis-Terra Luna Classic IBC.
The proposal has been received 85% votes in favor, with the deadline for voting on May 25. Along with votes in favor, the proposal received 15% “No with veto” votes. Among 40 validators who participated in the voting, 38 validators voted in favor of the proposal. These are LuncGoblins, Moon Rabbit Validator, MoonRunners, and others. Allnodes is yet to voted on the proposal.
Terra Classic member and validator Vegas revealed that Osmosis IBC client needs an update for seamless operation of the IBC relay, facilitating interchain transfers between LUNC and Osmosis. He recommended an upgrade from 07-tendermint-12 to 07-tendermint-250.
“We propose upgrading from version 07-tendermint-12 to 07-tendermint-250.” This update is critical for the seamless operation of the IBC.
LUNC and USTC Price Jumps Higher
Terra Luna Classic ecosystem tokens saw massive trading volumes of more 200% in the last 24 hours. Analyst Javon Marks predicts a quick move of LUNC price to $0.00021439. He added that LUNC is displaying major strength after breakouts that can imply another 70% upside move.
LUNC price jumped 8% in the last 24 hours, but pared some gains in the last few hours. The 24-hour low and high are $0.0001089 and $0.0001263, respectively. Furthermore, trading volume has increased massively by 231% in the past 24 hours.
Meanwhile, USTC price climbed 5% over the lat 24 hours, but fell due to profit booking by traders. The price is trading at $0.02346, with a 24-hour low and high of $0.02229 and $0.02513, respectively.
Terra Luna Classic ecosystem tokens saw massive trading volumes of more 200% in the last 24 hours. Analyst Javon Marks predicts a quick move of LUNC price to $0.00021439. He added that LUNC is displaying major strength after breakouts that can imply another 70% upside move.
LUNC price jumped 8% in the last 24 hours, but pared some gains in the last few hours. The 24-hour low and high are $0.0001089 and $0.0001263, respectively. Furthermore, trading volume has increased massively by 231% in the past 24 hours.
Meanwhile, USTC price climbed 5% over the lat 24 hours, but fell due to profit booking by traders. The price is trading at $0.02346, with a 24-hour low and high of $0.02229 and $0.02513, respectively.
🥀 Kabosu, the dog behind the 'doge' internet meme, has died
Kabosu, the shiba inu dog whose quizzical expression starred in an array of "doge" internet memes, has died, its owner said Friday.
A picture of Kabosu with a slight side-eyed look went viral around 2013 on Tumblr and various online chatrooms, before it became known as "doge," one of the most iconic and recognized images of the social web era.
The dog’s owner, Atsuko Sato, 62, a kindergarten teacher from the city of Sakura in Chiba Prefecture, Japan, confirmed the news in a poignant poem on her blog on Friday.
Kabosu, the shiba inu dog whose quizzical expression starred in an array of "doge" internet memes, has died, its owner said Friday.
A picture of Kabosu with a slight side-eyed look went viral around 2013 on Tumblr and various online chatrooms, before it became known as "doge," one of the most iconic and recognized images of the social web era.
The dog’s owner, Atsuko Sato, 62, a kindergarten teacher from the city of Sakura in Chiba Prefecture, Japan, confirmed the news in a poignant poem on her blog on Friday.
Coin exchange rate
$BTC 68734.327 USD (+2.38%) 🟢$LUNC 0.00011458 USD (+3.06%) 🟢$LUNA 0.60930311 USD (+2.89%) 🟢Binance Burns Over $59B Terra Luna Classic (LUNC) Tokens
The largest cryptocurrency exchange globally, confirmed an extra burn of Terra Luna Classic (LUNC) tokens, surpassing 59 billion tokens, as reported by LUNC Burn Tracker on May 23.
Binance regularly burns LUNC tokens, separate from its monthly mechanism. In early May, they burned 1.4 billion tokens, now totaling 59.07 billion, which is 51.9% of the community’s total burned tokens at 113.71 billion.
The broader crypto market saw a selloff, affecting LUNC and USTC prices. LUNC dropped 2.45% in 24 hours to $0.0001134, while USTC fell 3.66% to $0.02274. Trading volumes also fluctuated, notably increasing by 231% recently.
Investors responded to market shifts, mirroring past selloffs after SEC approvals, highlighting Binance’s continuous backing of Terra Luna Classic since 2022 as a sign of its commitment to community resurgence.
The largest cryptocurrency exchange globally, confirmed an extra burn of Terra Luna Classic (LUNC) tokens, surpassing 59 billion tokens, as reported by LUNC Burn Tracker on May 23.
Binance regularly burns LUNC tokens, separate from its monthly mechanism. In early May, they burned 1.4 billion tokens, now totaling 59.07 billion, which is 51.9% of the community’s total burned tokens at 113.71 billion.
The broader crypto market saw a selloff, affecting LUNC and USTC prices. LUNC dropped 2.45% in 24 hours to $0.0001134, while USTC fell 3.66% to $0.02274. Trading volumes also fluctuated, notably increasing by 231% recently.
Investors responded to market shifts, mirroring past selloffs after SEC approvals, highlighting Binance’s continuous backing of Terra Luna Classic since 2022 as a sign of its commitment to community resurgence.
LUNC Price Soars 8% as Terra Luna Classic Passes IBC Proposal
The Terra Luna Classic community has successfully passed Proposal 12104 to reactivate interblockchain communication (IBC) with the Osmosis protocol. This decision marks a significant milestone, enabling seamless transfers between Terra Luna Classic and Osmosis. Client ID 07-tendermint-12 on Columbus-5 references the Osmosis validator set to be reinstated.
Proposal 12104, titled “Reactivate Osmosis IBC,” was introduced by developer Fragwuerdig, a former core developer. The proposal received an overwhelming 85% approval from the community, surpassing the pass threshold in the governance voting on the Station wallet. The voting period, culminating on May 25, also saw 15% of votes cast as “No with veto.”
Among the 40 validators participating in the vote, 38 expressed their support. Notable validators backing the proposal include LuncGoblins, Moon Rabbit Validator, and MoonRunners. However, Allnodes has yet to cast its vote.
Vegas, a Terra Classic member and validator, emphasized the necessity of updating the Osmosis IBC client for efficient relay operations. He proposed upgrading from version 07-tendermint-12 to 07-tendermint-250. This update is considered crucial for the optimal functioning of the IBC relay, facilitating smooth interchain transfers between LUNC and Osmosis.
The Terra Luna Classic community has successfully passed Proposal 12104 to reactivate interblockchain communication (IBC) with the Osmosis protocol. This decision marks a significant milestone, enabling seamless transfers between Terra Luna Classic and Osmosis. Client ID 07-tendermint-12 on Columbus-5 references the Osmosis validator set to be reinstated.
Proposal 12104, titled “Reactivate Osmosis IBC,” was introduced by developer Fragwuerdig, a former core developer. The proposal received an overwhelming 85% approval from the community, surpassing the pass threshold in the governance voting on the Station wallet. The voting period, culminating on May 25, also saw 15% of votes cast as “No with veto.”
Among the 40 validators participating in the vote, 38 expressed their support. Notable validators backing the proposal include LuncGoblins, Moon Rabbit Validator, and MoonRunners. However, Allnodes has yet to cast its vote.
Vegas, a Terra Classic member and validator, emphasized the necessity of updating the Osmosis IBC client for efficient relay operations. He proposed upgrading from version 07-tendermint-12 to 07-tendermint-250. This update is considered crucial for the optimal functioning of the IBC relay, facilitating smooth interchain transfers between LUNC and Osmosis.
Coin exchange rate
$BTC 69300.956 USD (+0.82%) 🟢$LUNC 0.00011339 USD (-1.04%) 🔴$LUNA 0.60747740 USD (-0.3%) 🔴LUNC Bullish Indicators Identified
Crypto analyst Javon Marks has identified a bullish pattern that could lead to a substantial rise in LUNC’s value. Javon Marks, a well-known crypto analyst, recently shared his insights on LUNC’s price movements on the social media platform X. According to Marks, LUNC’s price chart reveals a bullish pattern that indicates a potential continuation of the token’s upward trajectory. He projects an initial target of $0.00058046, which represents a more than 414% increase from LUNC’s current price of $0.0001089.
Marks believes this initial target may be conservative. He highlights a previous breakout and subsequent price increase for LUNC, suggesting that the token could surpass multiple resistance levels. If this scenario unfolds, LUNC could reach a price of $0.00139122, marking an impressive 1134% increase from its current value. Following the approval of the IBC reactivation proposal, there has been a significant increase in trading volumes for tokens within the Terra Luna Classic ecosystem.
Crypto analyst Javon Marks has identified a bullish pattern that could lead to a substantial rise in LUNC’s value. Javon Marks, a well-known crypto analyst, recently shared his insights on LUNC’s price movements on the social media platform X. According to Marks, LUNC’s price chart reveals a bullish pattern that indicates a potential continuation of the token’s upward trajectory. He projects an initial target of $0.00058046, which represents a more than 414% increase from LUNC’s current price of $0.0001089.
Marks believes this initial target may be conservative. He highlights a previous breakout and subsequent price increase for LUNC, suggesting that the token could surpass multiple resistance levels. If this scenario unfolds, LUNC could reach a price of $0.00139122, marking an impressive 1134% increase from its current value. Following the approval of the IBC reactivation proposal, there has been a significant increase in trading volumes for tokens within the Terra Luna Classic ecosystem.
Factors Influencing LUNC’s Future
The potential for LUNC’s price increase depends on several factors. Positive sentiment within the cryptocurrency community could drive further interest and investment in LUNC. Additionally, any new developments or upgrades to the Terra Classic network could attract new users and investors, potentially boosting the token’s value.
Marks’ analysis updates his earlier prediction from April 4, 2024, in which he identified LUNC as technically bullish and expected a significant upward movement towards $0.00058046.
The LUNC price rose 3% within the last 24 hours, though it retraced some gains towards the end. The 24-hour trading range was between $0.0001089 and $0.0001263. Additionally, trading volume increased by 272%, indicating robust market interest. Similarly, USTC experienced a 5% price increase over the past 24 hours, although it subsequently declined due to traders’ profit-taking.
The potential for LUNC’s price increase depends on several factors. Positive sentiment within the cryptocurrency community could drive further interest and investment in LUNC. Additionally, any new developments or upgrades to the Terra Classic network could attract new users and investors, potentially boosting the token’s value.
Marks’ analysis updates his earlier prediction from April 4, 2024, in which he identified LUNC as technically bullish and expected a significant upward movement towards $0.00058046.
The LUNC price rose 3% within the last 24 hours, though it retraced some gains towards the end. The 24-hour trading range was between $0.0001089 and $0.0001263. Additionally, trading volume increased by 272%, indicating robust market interest. Similarly, USTC experienced a 5% price increase over the past 24 hours, although it subsequently declined due to traders’ profit-taking.
Coin exchange rate
$BTC 68611.067 USD (-1.0%) 🔴$LUNC 0.00011242 USD (-0.85%) 🔴$LUNA 0.59725798 USD (-1.68%) 🔴Terra Luna Classic (LUNC): A Quick Introduction
The Terra Classic blockchain was initially created to support the TerraUSD (UST) cryptocurrency.
The concept was that Terra’s LUNA cryptocurrency would keep UST tied to the US Dollar. When UST’s value rose above its peg, more LUNA was created, and when it fell below $1, LUNA was burned or destroyed.
This system worked well initially, with LUNA reaching a market cap in the billions and ranking among the top ten largest cryptocurrencies.
However, in May 2022, everything changed. UST lost its peg, and LUNA’s value plummeted, causing a significant downturn in the entire crypto market. It can be argued that the market has not fully recovered since.
A new blockchain was established with a new version of the LUNA cryptocurrency, which took the LUNA name. The original blockchain, now called Terra Classic, continues to support the original cryptocurrency, now called LUNC, and is managed by the Terra Classic community.
It’s important to note that Do Kwon, the founder, has been arrested by United States authorities and charged with eight offenses, including securities fraud, commodities fraud, wire fraud, and conspiracy. He is also imprisoned in Montenegro for forging official documents. As of now, Kwon faces extradition from Montenegro, but it is still unclear whether it will be to the United States or South Korea.
The Terra Classic blockchain was initially created to support the TerraUSD (UST) cryptocurrency.
The concept was that Terra’s LUNA cryptocurrency would keep UST tied to the US Dollar. When UST’s value rose above its peg, more LUNA was created, and when it fell below $1, LUNA was burned or destroyed.
This system worked well initially, with LUNA reaching a market cap in the billions and ranking among the top ten largest cryptocurrencies.
However, in May 2022, everything changed. UST lost its peg, and LUNA’s value plummeted, causing a significant downturn in the entire crypto market. It can be argued that the market has not fully recovered since.
A new blockchain was established with a new version of the LUNA cryptocurrency, which took the LUNA name. The original blockchain, now called Terra Classic, continues to support the original cryptocurrency, now called LUNC, and is managed by the Terra Classic community.
It’s important to note that Do Kwon, the founder, has been arrested by United States authorities and charged with eight offenses, including securities fraud, commodities fraud, wire fraud, and conspiracy. He is also imprisoned in Montenegro for forging official documents. As of now, Kwon faces extradition from Montenegro, but it is still unclear whether it will be to the United States or South Korea.
Luna Classic Price Prediction: Price History
While past performance isn’t a guarantee of future results, understanding LUNC’s price history can help provide context for interpreting or making a Terra Classic price prediction.
We’ll focus on LUNC since May 2022, but it’s useful to highlight its earlier days.
When Terra launched in July 2019, it was valued at about $1.30. This proved to be an overestimate, and the price dropped below a dollar, remaining there until early 2021. In January 2021, the token surpassed $1 and reached a high of $22.33 on March 21.
After a decline in the following months, the price surged later in the year, hitting $103.33 on December 27.
In early 2022, what was then known as LUNA saw significant price action, reaching a record high of $119.18 on April 5. Following a crash, it plummeted to a low of $0.00001675 on May 13. On May 28, the day the new LUNA emerged and the old one became LUNC, the coin closed at $0.00009566. When the Celsius crypto-lending platform halted withdrawals, confirming the bear market, LUNC dropped to $0.0000517 on June 18. By late August, the price climbed, closing the month at $0.0002252.
The announcement of a 1.2% tax on blockchain transactions saw Terra Classic peak at $0.0005888 on September 8, 2022. The tax proposal passed on September 21, but LUNC’s price fell to around $0.000185 on the morning of September 26.
By midday that day, after news of South Korean authorities contacting Interpol about Kwon and Binance implementing a 1.2% burn on LUNC trades, the price surged, with LUNC trading at around $0.00031.
On October 2, 2022, it peaked at $0.0003613, before settling to about $0.00029 on October 12. Following the collapse of the FTX exchange, LUNC fell to a low of $0.000148 on November 22 but rebounded to $0.0001658 on November 30.
On December 1, news broke that Binance had burned more than six billion LUNC, significantly boosting the price, and by December 2, 2022, it was worth $0.0001805.
While past performance isn’t a guarantee of future results, understanding LUNC’s price history can help provide context for interpreting or making a Terra Classic price prediction.
We’ll focus on LUNC since May 2022, but it’s useful to highlight its earlier days.
When Terra launched in July 2019, it was valued at about $1.30. This proved to be an overestimate, and the price dropped below a dollar, remaining there until early 2021. In January 2021, the token surpassed $1 and reached a high of $22.33 on March 21.
After a decline in the following months, the price surged later in the year, hitting $103.33 on December 27.
In early 2022, what was then known as LUNA saw significant price action, reaching a record high of $119.18 on April 5. Following a crash, it plummeted to a low of $0.00001675 on May 13. On May 28, the day the new LUNA emerged and the old one became LUNC, the coin closed at $0.00009566. When the Celsius crypto-lending platform halted withdrawals, confirming the bear market, LUNC dropped to $0.0000517 on June 18. By late August, the price climbed, closing the month at $0.0002252.
The announcement of a 1.2% tax on blockchain transactions saw Terra Classic peak at $0.0005888 on September 8, 2022. The tax proposal passed on September 21, but LUNC’s price fell to around $0.000185 on the morning of September 26.
By midday that day, after news of South Korean authorities contacting Interpol about Kwon and Binance implementing a 1.2% burn on LUNC trades, the price surged, with LUNC trading at around $0.00031.
On October 2, 2022, it peaked at $0.0003613, before settling to about $0.00029 on October 12. Following the collapse of the FTX exchange, LUNC fell to a low of $0.000148 on November 22 but rebounded to $0.0001658 on November 30.
On December 1, news broke that Binance had burned more than six billion LUNC, significantly boosting the price, and by December 2, 2022, it was worth $0.0001805.