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.
Coin exchange rate
$BTC 67637.887 USD (-1.42%) 🔴$LUNC 0.00011238 USD (-0.03%) 🔴$LUNA 0.59763638 USD (+0.06%) 🟢LUNC Price Soars As Terra Classic Community Approves Key Upgrade Proposal
LUNC Price: Terra Luna Classic community has unanimously passed the v3.0.1 software upgrade proposal as it received 99.9% votes from community members and validators. Terra Luna Classic Layer 1 development team Genuine Labs’ proposed upgrade comprises sdk 47 and other major updates to the chain.
Traders responded immediately to the news and LUNC and USTC prices soared higher by 5% each in the last few hours. Will the upside momentum in LUNC and USTC continue?
Terra Luna Classic Community Approves Upgrade Proposal
Proposal 12110 “Genuine Labs’s proposal for v3.0.1 Upgrade” has surpassed the pass threshold, with five days still remaining in governance voting. The Terra Classic chain will be halted at block height 18,303,000 and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024 at 17:44 UTC, as per the countdown by StakeBin.
The proposal has received unanimous support from the Terra Luna Classic community and validators. It has received 99.9% “Yes” votes, indicating the importance of the upgrade for the chain to boost efficiency, robustness, and security. Among validators who participated in the voting, all 38 including Orion, Interstellar Lounge, Stakely, Luna Station 88, and StakeBin have voted in favor of the proposal.
As CoinGape reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks.
LUNC Price: Terra Luna Classic community has unanimously passed the v3.0.1 software upgrade proposal as it received 99.9% votes from community members and validators. Terra Luna Classic Layer 1 development team Genuine Labs’ proposed upgrade comprises sdk 47 and other major updates to the chain.
Traders responded immediately to the news and LUNC and USTC prices soared higher by 5% each in the last few hours. Will the upside momentum in LUNC and USTC continue?
Terra Luna Classic Community Approves Upgrade Proposal
Proposal 12110 “Genuine Labs’s proposal for v3.0.1 Upgrade” has surpassed the pass threshold, with five days still remaining in governance voting. The Terra Classic chain will be halted at block height 18,303,000 and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024 at 17:44 UTC, as per the countdown by StakeBin.
The proposal has received unanimous support from the Terra Luna Classic community and validators. It has received 99.9% “Yes” votes, indicating the importance of the upgrade for the chain to boost efficiency, robustness, and security. Among validators who participated in the voting, all 38 including Orion, Interstellar Lounge, Stakely, Luna Station 88, and StakeBin have voted in favor of the proposal.
As CoinGape reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks.
LUNC and USTC Prices Jump
Terra Luna Classic ecosystem tokens’ prices jumped amid a massive rise in trading volumes and open interests. However, prices are still trading below key resistance levels.
Terra Classic price jumped 5% in 24 hours and 12% in a week, with the LUNC price currently trading at $0.0001156. The 24-hour low and high are $0.0001103 and $0.0001162, respectively. Furthermore, trading volume has increased by 45% in the last 24 hours, indicating a rise in interest among traders.
1000LUNC and LUNC futures open interests climbed 9% in the past 24 hours, with a 3% net rise in the past hour. The derivatives traders anticipating an increase in prices among positive sentiments in the industry.
Meanwhile, USTC price is also trading sideways at $0.02276. The 24-hour low and high are $0.02204 and $0.02277, respectively. The price is up 22% in this month.
Terra Luna Classic ecosystem tokens’ prices jumped amid a massive rise in trading volumes and open interests. However, prices are still trading below key resistance levels.
Terra Classic price jumped 5% in 24 hours and 12% in a week, with the LUNC price currently trading at $0.0001156. The 24-hour low and high are $0.0001103 and $0.0001162, respectively. Furthermore, trading volume has increased by 45% in the last 24 hours, indicating a rise in interest among traders.
1000LUNC and LUNC futures open interests climbed 9% in the past 24 hours, with a 3% net rise in the past hour. The derivatives traders anticipating an increase in prices among positive sentiments in the industry.
Meanwhile, USTC price is also trading sideways at $0.02276. The 24-hour low and high are $0.02204 and $0.02277, respectively. The price is up 22% in this month.
Coin exchange rate
$BTC 67928.087 USD (+0.41%) 🟢$LUNC 0.00011659 USD (+3.74%) 🟢$LUNA 0.61849932 USD (+3.49%) 🟢Binance Burns Over 59 Billion Terra Luna Classic Tokens in Latest LUNC Burn
Crypto Exchange Binance continues to show true service to the Terra Luna Community by conducting another token burn. According to Lunc Burn Tracker Binance just burned another heap of LUNC tokens totaling the number of tokens burned by the crypto exchange to over 59 Billion.
Usually, Binance conducts LUNC burns on the first day of every month, the crypto exchange decided to up the bar and execute another LUNC burn operation.
The monthly LUNC burns are a key aspect of Binance’s support to the Terra Luna Classic ecosystem, despite a noticeable drop in trading volume in May which has impacted the burn amount expectations for June.
In addition to its monthly burns, this leading crypto exchange by trading volume conducts “surprise” burns of LUNC tokens. By sending another batch of LUNC tokens to the burn wallet, this mechanism reduces the number of LUNC tokens circulating in the crypto market. This is a significant gesture of Binance’s proactive approach to stabilizing and revitalizing the Terra Luna Classic ecosystem.
In early May, Binance took 1.4 billion LUNC to the burn wallet as its 21st batch of LUNC tokens since the initiative began. With the latest token burn of 29,828 LUNC, the number totaled 59.07B tokens.
Binance accounts for 50% of the total LUNC burned. This significant contribution underscores Binance’s major role in the Terra Luna revival efforts.
The Terra LUNA community has wholly contributed to the total burn of 113.71 billion LUNC tokens. Binance has supported Terra LUNA tirelessly with the monthly burns since 2022. The monthly LUNC burn mechanism has been a cornerstone of the community’s efforts to restore LUNC’s price value and stability to the LUNC ecosystem.
Crypto Exchange Binance continues to show true service to the Terra Luna Community by conducting another token burn. According to Lunc Burn Tracker Binance just burned another heap of LUNC tokens totaling the number of tokens burned by the crypto exchange to over 59 Billion.
Usually, Binance conducts LUNC burns on the first day of every month, the crypto exchange decided to up the bar and execute another LUNC burn operation.
The monthly LUNC burns are a key aspect of Binance’s support to the Terra Luna Classic ecosystem, despite a noticeable drop in trading volume in May which has impacted the burn amount expectations for June.
In addition to its monthly burns, this leading crypto exchange by trading volume conducts “surprise” burns of LUNC tokens. By sending another batch of LUNC tokens to the burn wallet, this mechanism reduces the number of LUNC tokens circulating in the crypto market. This is a significant gesture of Binance’s proactive approach to stabilizing and revitalizing the Terra Luna Classic ecosystem.
In early May, Binance took 1.4 billion LUNC to the burn wallet as its 21st batch of LUNC tokens since the initiative began. With the latest token burn of 29,828 LUNC, the number totaled 59.07B tokens.
Binance accounts for 50% of the total LUNC burned. This significant contribution underscores Binance’s major role in the Terra Luna revival efforts.
The Terra LUNA community has wholly contributed to the total burn of 113.71 billion LUNC tokens. Binance has supported Terra LUNA tirelessly with the monthly burns since 2022. The monthly LUNC burn mechanism has been a cornerstone of the community’s efforts to restore LUNC’s price value and stability to the LUNC ecosystem.
Coin exchange rate
$BTC 67535.088 USD (-0.63%) 🔴$LUNC 0.00010959 USD (-6.0%) 🔴$LUNA 0.58521398 USD (-5.58%) 🔴Terra Luna Classic Tears Down LUNC Burn Once And For All
The Terra Luna Classic community discarded a proposal to raise the burn tax to 1.5%. The community members expressed their dismay of the recurrent proposals suggesting altering the burn tax, especially an increase in the amount.
Terra Luna Classic Rejects LUNC Burn Proposal
Proposal 12105 “Increase burn tax” is rejected by the Terra Luna Classic community, with most holders criticizing the proposal for lack of reasoning and “lazy effort”. This is a text proposal and not a parameter change, so even if it passed it would not change the tax. A new proposal is required with a compelling description and discussion time on Commonwealth.
The proposal received a mere 21.35% “Yes” votes. Terra Luna Classic community voted 32% “No” and 38% “No with veto” votes, turning down the narrative for revising the burn tax. Validators also voted against the proposal as there is no data to support the tax increase, no complimentary strategies to support the tax increase, and no volume projections.
Recently, the community changed the LUNC burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal. Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to Oracle pool.
The Terra Luna Classic community discarded a proposal to raise the burn tax to 1.5%. The community members expressed their dismay of the recurrent proposals suggesting altering the burn tax, especially an increase in the amount.
Terra Luna Classic Rejects LUNC Burn Proposal
Proposal 12105 “Increase burn tax” is rejected by the Terra Luna Classic community, with most holders criticizing the proposal for lack of reasoning and “lazy effort”. This is a text proposal and not a parameter change, so even if it passed it would not change the tax. A new proposal is required with a compelling description and discussion time on Commonwealth.
The proposal received a mere 21.35% “Yes” votes. Terra Luna Classic community voted 32% “No” and 38% “No with veto” votes, turning down the narrative for revising the burn tax. Validators also voted against the proposal as there is no data to support the tax increase, no complimentary strategies to support the tax increase, and no volume projections.
Recently, the community changed the LUNC burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal. Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to Oracle pool.