LUNC Price: Terra Classic Eyes 26% Gains On Binance Periodic Token Burn Event
Over the past two months, the LUNC price has gradually increased in anticipation of the upcoming LUNC burn by Binance, which is set to occur in two days. Today, Terra Luna Classic (LUNC) is trading at $0.00011, reflecting a 3.5% decrease in the last 24 hours and a 1% decrease over the past week.
LUNC Price Analysis: Bullish Setup May Trigger a 26% Upside in the Short Term
The LUNC price rebounded after a reversal following the March general market rally. Since April 15, the asset has been forming an ascending triangle chart pattern, considered bullish with a 63% probability of breaking to the upside and a 37% chance of breaking downward.
The 200-day moving average is slightly above the current LUNC price, offering some resistance but not enough to push it down significantly. Terra Luna Classic’s price could quickly overcome this resistance with positive news.
If the price breaks upward from the ascending triangle pattern, LUNC could see a 26% increase, reaching $0.000151.
In an inverse scenario, the LUNC price may find support around $0.00009, a level it tested twice in the past six months. The Moving Average Convergence Divergence (MACD) indicator is trending upward and is nearing neutral mark. Additionally, both the LUNC price action and the MACD are moving in the same upward direction, indicating an overall bullish market sentiment for Terra Luna Classic.
This upward trend in the MACD suggests strengthening bullish momentum, reinforcing the possibility of a positive price movement. If the LUNC price breaks above its current resistance levels, it could trigger a significant rally. However, if the price fails to hold, it might find stability at the $0.00009 support level, potentially setting the stage for future upward movements
Over the past two months, the LUNC price has gradually increased in anticipation of the upcoming LUNC burn by Binance, which is set to occur in two days. Today, Terra Luna Classic (LUNC) is trading at $0.00011, reflecting a 3.5% decrease in the last 24 hours and a 1% decrease over the past week.
LUNC Price Analysis: Bullish Setup May Trigger a 26% Upside in the Short Term
The LUNC price rebounded after a reversal following the March general market rally. Since April 15, the asset has been forming an ascending triangle chart pattern, considered bullish with a 63% probability of breaking to the upside and a 37% chance of breaking downward.
The 200-day moving average is slightly above the current LUNC price, offering some resistance but not enough to push it down significantly. Terra Luna Classic’s price could quickly overcome this resistance with positive news.
If the price breaks upward from the ascending triangle pattern, LUNC could see a 26% increase, reaching $0.000151.
In an inverse scenario, the LUNC price may find support around $0.00009, a level it tested twice in the past six months. The Moving Average Convergence Divergence (MACD) indicator is trending upward and is nearing neutral mark. Additionally, both the LUNC price action and the MACD are moving in the same upward direction, indicating an overall bullish market sentiment for Terra Luna Classic.
This upward trend in the MACD suggests strengthening bullish momentum, reinforcing the possibility of a positive price movement. If the LUNC price breaks above its current resistance levels, it could trigger a significant rally. However, if the price fails to hold, it might find stability at the $0.00009 support level, potentially setting the stage for future upward movements
Coin exchange rate
$BTC 67585.431 USD (-0.84%) 🔴$LUNC 0.00011724 USD (-3.28%) 🔴$LUNA 0.65298821 USD (-2.84%) 🔴Why is the LUNC Price Going Up?
Investors have been accumulating LUNC over the past two months in anticipation of the upcoming token burn periodically carried out by Binance. Historically, crypto burns have been bullish catalysts in the crypto market. Investors are optimistic that the upcoming burn event will positively impact LUNC’s price, reflecting this sentiment.
LUNC on-chain burns have been steadily increasing, with a popular Supply Change Tracker bot indicating that an average of 178 million LUNC tokens are burned daily. The total remaining supply of LUNC stands at 6,793,288,228,623. The LUNC community is eagerly anticipating the Binance burn, expecting it to significantly reduce the token supply
Bottom Line
As the LUNC supply dwindles, the value continues to stabilize, further proving to Do Kwon and the overall crypto industry that a united community is the greatest strength any crypto project could have. All eyes are on the Terra Luna Classic price to see how it performs post-burn.
Investors have been accumulating LUNC over the past two months in anticipation of the upcoming token burn periodically carried out by Binance. Historically, crypto burns have been bullish catalysts in the crypto market. Investors are optimistic that the upcoming burn event will positively impact LUNC’s price, reflecting this sentiment.
LUNC on-chain burns have been steadily increasing, with a popular Supply Change Tracker bot indicating that an average of 178 million LUNC tokens are burned daily. The total remaining supply of LUNC stands at 6,793,288,228,623. The LUNC community is eagerly anticipating the Binance burn, expecting it to significantly reduce the token supply
Bottom Line
As the LUNC supply dwindles, the value continues to stabilize, further proving to Do Kwon and the overall crypto industry that a united community is the greatest strength any crypto project could have. All eyes are on the Terra Luna Classic price to see how it performs post-burn.
LUNC & USTC Open Interest Soars Over 20%, Terra Luna Classic Price Set For 60% Rally
Terra ecosystem tokens saw prices rallying in double digits after Terraform Labs and co-founder Do Kwon reached a settlement in principle with the U.S. Securities and Exchange Commission (SEC). LUNC and USTC prices skyrocketed 15% within hours, but pared some gains to settle at 9% higher in the last 24 hours.
Analysts believe LUNC price can again hit the $0.0002 level, making a further rally of more than 60% from current prices. Meanwhile, the token’s weekly charts already showcase a 7% upswing.
Terra ecosystem tokens saw prices rallying in double digits after Terraform Labs and co-founder Do Kwon reached a settlement in principle with the U.S. Securities and Exchange Commission (SEC). LUNC and USTC prices skyrocketed 15% within hours, but pared some gains to settle at 9% higher in the last 24 hours.
Analysts believe LUNC price can again hit the $0.0002 level, making a further rally of more than 60% from current prices. Meanwhile, the token’s weekly charts already showcase a 7% upswing.
Coin exchange rate
$BTC 67720.401 USD (+0.2%) 🟢$LUNC 0.00011843 USD (+1.01%) 🟢$LUNA 0.65716874 USD (+0.64%) 🟢LUNC Price Set for 60% Rally
CoinGape reported that TFL and Do Kwon tentatively settled with the U.S. SEC over fraud charges. This agreement follows a jury’s verdict in April, where Kwon and his company were found liable for deceiving investors for nearly $40 billion.
U.S. District Judge Jed Rakoff has asked the SEC and the defendants to file papers supporting the settlement by June 12. The SEC seeks Terraform Labs and Do Kwon to relinquish $5.3 billion for ill-gotten gains from sales of the stablecoin, along with a $420 million fine on the company and a $100 million fine for Kwon.
Terra (LUNA) price jumped 30% in an hour and currently trading 16% higher at $0.70 in the last 24 hours, supported by a 450% leap in trading volumes in the last 24 hours.
Terra Classic ecosystem tokens LUNC and USTC prices also witnessed rallies due to the settlement. LUNC price is trading 9% higher at $0.0001240, with a 24-hour high of $0.000131. The trading volume has increased by over 150% in the last 24 hours, indicating massive interest among traders.
LUNC and 1000LUNC futures open interests recorded a 20% jump in the last 24 hours, as per Coinglass data. In fact, open interest on Binance skyrocketed over 23%. This indicates massive buying by derivatives traders.
Analyst Javon Marks in a post on X said LUNC “setting new post-breakout highs in a run that may only be in extremely early stages!” He predicts a 63% move to $0.00021439 as a result of the breakout.
CoinGape reported that TFL and Do Kwon tentatively settled with the U.S. SEC over fraud charges. This agreement follows a jury’s verdict in April, where Kwon and his company were found liable for deceiving investors for nearly $40 billion.
U.S. District Judge Jed Rakoff has asked the SEC and the defendants to file papers supporting the settlement by June 12. The SEC seeks Terraform Labs and Do Kwon to relinquish $5.3 billion for ill-gotten gains from sales of the stablecoin, along with a $420 million fine on the company and a $100 million fine for Kwon.
Terra (LUNA) price jumped 30% in an hour and currently trading 16% higher at $0.70 in the last 24 hours, supported by a 450% leap in trading volumes in the last 24 hours.
Terra Classic ecosystem tokens LUNC and USTC prices also witnessed rallies due to the settlement. LUNC price is trading 9% higher at $0.0001240, with a 24-hour high of $0.000131. The trading volume has increased by over 150% in the last 24 hours, indicating massive interest among traders.
LUNC and 1000LUNC futures open interests recorded a 20% jump in the last 24 hours, as per Coinglass data. In fact, open interest on Binance skyrocketed over 23%. This indicates massive buying by derivatives traders.
Analyst Javon Marks in a post on X said LUNC “setting new post-breakout highs in a run that may only be in extremely early stages!” He predicts a 63% move to $0.00021439 as a result of the breakout.
Terra Luna Classic Rejects Burn Tax Increase Proposal, LUNC Price Rises
The Terra Luna Classic community has rejected Proposal 12105 which sought to increase the LUNC burn tax. The Luna Classic Community also opposed the proposal because there was no rationality and proper plan for its implementation. Although the burn tax concept was rejected, conversations about the burn tax are still prevalent in the Terra Luna Classic ecosystem.
Proposal 12105 Faces Strong Opposition
Proposal 12105, which proposed an increase of the burn tax to 1.5%, was met with a lot of opposition from the community and validators. It was condemned as illogical and a “lazy effort.” ’The critics argued that it was only a text proposal and not a parameter change, which would have been incapable of implementing any changes to the burning tax even if passed.
The proposal was just a text proposal, meaning it wouldn’t have altered the burn tax immediately. Even if it had passed, the bill would have required more proposals and discussions. The proposal got only 21.35% votes in favor of it. 32% of voters were against it, and 38% said “No with veto,” meaning that they were against it to the extent that they wanted it vetoed.
Some of the criticisms from both validators and community members included an absence of data, missing strategies, and ambiguous volume. All these problems played a role in its failure, and more work should be done in future proposals to prevent such problems.
The Terra Luna Classic community has rejected Proposal 12105 which sought to increase the LUNC burn tax. The Luna Classic Community also opposed the proposal because there was no rationality and proper plan for its implementation. Although the burn tax concept was rejected, conversations about the burn tax are still prevalent in the Terra Luna Classic ecosystem.
Proposal 12105 Faces Strong Opposition
Proposal 12105, which proposed an increase of the burn tax to 1.5%, was met with a lot of opposition from the community and validators. It was condemned as illogical and a “lazy effort.” ’The critics argued that it was only a text proposal and not a parameter change, which would have been incapable of implementing any changes to the burning tax even if passed.
The proposal was just a text proposal, meaning it wouldn’t have altered the burn tax immediately. Even if it had passed, the bill would have required more proposals and discussions. The proposal got only 21.35% votes in favor of it. 32% of voters were against it, and 38% said “No with veto,” meaning that they were against it to the extent that they wanted it vetoed.
Some of the criticisms from both validators and community members included an absence of data, missing strategies, and ambiguous volume. All these problems played a role in its failure, and more work should be done in future proposals to prevent such problems.
Coin exchange rate
$BTC 68843.904 USD (+1.68%) 🟢$LUNC 0.00011863 USD (+0.17%) 🟢$LUNA 0.65446676 USD (-0.41%) 🔴Terra Luna Classic Set for Significant v3.0.1 Upgrade
As previously reported by Crypto News Flash, Terra Luna Classic will undergo a major upgrade on June 2, 2024. This upgrade is set to occur at a block height of 18,303,000 and has received massive support from the community and the validators.
Validators like Orion, Interstellar Lounge, and StakeBin will replace the old binary with the new one. This improves the chain’s performance, reliability, and protection. The upgrade seeks to enhance the functionality of the Terra Luna Classic network while making it more efficient and robust.
Lunc, USTC Price and Market Sentiment
Despite Proposal 12105’s rejection, the LUNC price decreased by 5% in the past 24 hours. LUNC is currently trading at $0.0001105. In addition, trading volume also declined by 7%, which shows that more traders participated in trading.
At the same time, the former stablecoin, USTC, has retained its price at $0.02179 after a 4% drop. The highest and lowest prices for USTC in the last 24 hours were $0.02377 and $0.02152, respectively.
As previously reported by Crypto News Flash, Terra Luna Classic will undergo a major upgrade on June 2, 2024. This upgrade is set to occur at a block height of 18,303,000 and has received massive support from the community and the validators.
Validators like Orion, Interstellar Lounge, and StakeBin will replace the old binary with the new one. This improves the chain’s performance, reliability, and protection. The upgrade seeks to enhance the functionality of the Terra Luna Classic network while making it more efficient and robust.
Lunc, USTC Price and Market Sentiment
Despite Proposal 12105’s rejection, the LUNC price decreased by 5% in the past 24 hours. LUNC is currently trading at $0.0001105. In addition, trading volume also declined by 7%, which shows that more traders participated in trading.
At the same time, the former stablecoin, USTC, has retained its price at $0.02179 after a 4% drop. The highest and lowest prices for USTC in the last 24 hours were $0.02377 and $0.02152, respectively.
Coin exchange rate
$BTC 69026.04 USD (+0.28%) 🟢$LUNC 0.00011715 USD (-1.24%) 🔴$LUNA 0.65141643 USD (-0.51%) 🔴The Terra Luna Classic community has overwhelmingly supported the Genuine Labs Community Spend Proposal. On June 3, 2024, the proposal achieved a 99.98% approval rate, with virtually no opposition. This vote is expected to significantly influence the future trajectory of the Terra Luna Classic network.
High Voter Turnout Boosts Terra Luna Projects
The community’s approval of the proposal to allocate 256,410,256 LUNC for development projects marks a pivotal moment for Terra Luna Classic. This fund is designated to foster innovation and sustainability within the ecosystem. The voter turnout was notably high, with 84.2 billion votes cast, representing a substantial portion of the total voting power. This robust participation underscores the community’s strong interest and confidence in Genuine Labs’ strategic direction for the platform.
Moreover, this near-unanimous decision reflects a collective optimism toward enhancing the network’s capabilities. The community’s backing is a nod to potential growth and a commitment to the platform’s long-term viability. Such support is crucial as it empowers developers to undertake projects that can introduce new functionalities and improve the overall ecosystem.
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Contrastingly, the TerraLunaClassic community recently rejected Proposal 12105, which aimed to increase the LUNC burn tax. The proposal was criticized for needing a concrete plan and rationality in its implementation. Critics deemed it a “lazy effort” because it was merely a text proposal without the means to effect immediate change. As a result, it only garnered 21.35% approval, with 32% outright opposition and 38% voting “No with a veto,” indicating a strong desire to prevent its passage.
This rejection highlights the community’s demand for well-thought-out strategies rather than quick fixes. The community’s discerning approach to governance is evident as they seek proposals that offer clear, actionable solutions rather than temporary measures.
Following the recent community vote, LUNA, Terra Luna’s native token, saw a price increase of 1.68%, with its current trading price at $0.6547. However, the 24-hour trading volume decreased by 24.35%, suggesting a potential continuation of the current bearish market trend. This shift in market dynamics indicates that the community’s decision has positively impacted the token’s price.
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The world’s largest crypto exchange Binance on Saturday burned 1.35 billion Terra Luna Classic tokens in the 22nd batch of its LUNC burn mechanism, continuing its support to the Terra Classic community.
Binance’s total LUNC burn to date has now surpassed 60 billion, accounting for more than 52% of the total LUNC burned by the Terra Luna Classic community.
Binance Sends 1.35 Billion Terra Luna Classic To Burn Address
Crypto exchange Binance sent 1.35 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on June 1.
The 22nd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between April 30 to May 30. Binance has now burned nearly 60.42 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
Meanwhile, the net burn by the Terra Luna Classic community has now surpassed 116 billion LUNC.
Last month, Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens. The exchange burned 1.40 billion in trading fees on LUNC spot and margin trading pairs worth $156,362 as trading volumes fell significantly in April. A similar decline in trading volumes was recorded in early May. However, trading volumes reversed higher in the last few weeks of May, with prices mostly traded sideways near $0.00012.
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Coin exchange rate
$BTC 71206.065 USD (+3.21%) 🟢$LUNC 0.00012044 USD (+2.82%) 🟢$LUNA 0.65198350 USD (+0.1%) 🟢Coin exchange rate
$BTC 71023.226 USD (-0.3%) 🔴$LUNC 0.00011906 USD (-1.14%) 🔴$LUNA 0.65764343 USD (+0.87%) 🟢Terra Luna Classic Core Developer Submits Major Proposal, LUNC Price to $1?
Terra Luna Classic developer Genuine Labs proposes to become the official core developer of the Terra Classic chain. The developer group believes the chain needs a team for code reviewing, PR merging, and maintenance and it has become critical after the JL1TF was disbanded.
While the community appreciates the efforts of the developer team, some popular members have raised concerns of communication issues, and availability of the team.
Genuine Labs Proposes To Manage Terra Luna Classic Repository
Genuine Labs, a team of three developers, submits a proposal to become the maintaining team of classic-terra/core repository. The core repository is currently managed by the community and different groups of developers.
“Since JL1TF team was disbanded, the need of having a team to help on code reviewing, PR merging and maintenance for the chain has become more and more essential,” said a senior developer known as ‘expertdicer’.
All three Genuine Labs’ team members have undergone the required KYC processes via solidproof. They believe regular maintenance updates are required for the Terra Luna Classic blockchain.
As per the proposal, their work entails:
- Code review, PR merging and repository maintenance.
- Integrate new features with e2e-test and interchain-test.
- Cover security patch for cosmos-sdk, ibc-go, comet-bft and wasmd.
- Other technical support
- Online and giving support when chain upgrade
The team pledges to release a note consisting of details on work progress, plans, other logs, while maintaining transparency with the community.
Genuine Labs sets $10,000 per month costs in LUNC for maintenance and above-mentioned tasks. The team will still continue to work as per PPJ to propose other tasks such as upgrades, which are not related to maintenance service.
Terra Luna Classic developer Genuine Labs proposes to become the official core developer of the Terra Classic chain. The developer group believes the chain needs a team for code reviewing, PR merging, and maintenance and it has become critical after the JL1TF was disbanded.
While the community appreciates the efforts of the developer team, some popular members have raised concerns of communication issues, and availability of the team.
Genuine Labs Proposes To Manage Terra Luna Classic Repository
Genuine Labs, a team of three developers, submits a proposal to become the maintaining team of classic-terra/core repository. The core repository is currently managed by the community and different groups of developers.
“Since JL1TF team was disbanded, the need of having a team to help on code reviewing, PR merging and maintenance for the chain has become more and more essential,” said a senior developer known as ‘expertdicer’.
All three Genuine Labs’ team members have undergone the required KYC processes via solidproof. They believe regular maintenance updates are required for the Terra Luna Classic blockchain.
As per the proposal, their work entails:
- Code review, PR merging and repository maintenance.
- Integrate new features with e2e-test and interchain-test.
- Cover security patch for cosmos-sdk, ibc-go, comet-bft and wasmd.
- Other technical support
- Online and giving support when chain upgrade
The team pledges to release a note consisting of details on work progress, plans, other logs, while maintaining transparency with the community.
Genuine Labs sets $10,000 per month costs in LUNC for maintenance and above-mentioned tasks. The team will still continue to work as per PPJ to propose other tasks such as upgrades, which are not related to maintenance service.
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Coin exchange rate
$BTC 71066.304 USD (+0.06%) 🟢$LUNC 0.00012249 USD (+2.88%) 🟢$LUNA 0.65801392 USD (+0.06%) 🟢Can LUNC Price Hit $1?
With the Binance burn, recent upgrades and upcoming upgrades such as Cosmos SDK 0.50, increasing utility, settlement between SEC and Terraform Labs and co-founder Do Kwon, LUNC price can start moving toward $1. However, it should first cross the $0.0005 resistance level.
CoinGape Markets’ analysis signals a likely 65% rally in LUNC price after a breakout of the rectangle pattern with support at $0.00012. The LUNC price is currently in consolidation and a ‘golden cross’ is expected in June, beginning a massive upside in LUNC.
LUNC price has pared a 200% rally this year to a mere 50% and a breakout with bullish pattern expected to hit $0.0005 target price. The price currently trades at $0.0001189, below key support zone.
With the Binance burn, recent upgrades and upcoming upgrades such as Cosmos SDK 0.50, increasing utility, settlement between SEC and Terraform Labs and co-founder Do Kwon, LUNC price can start moving toward $1. However, it should first cross the $0.0005 resistance level.
CoinGape Markets’ analysis signals a likely 65% rally in LUNC price after a breakout of the rectangle pattern with support at $0.00012. The LUNC price is currently in consolidation and a ‘golden cross’ is expected in June, beginning a massive upside in LUNC.
LUNC price has pared a 200% rally this year to a mere 50% and a breakout with bullish pattern expected to hit $0.0005 target price. The price currently trades at $0.0001189, below key support zone.
Terra Luna Classic Set To Implement Tax2Gas and End LUNC Burn Tax?
Terra Luna Classic developer group Genuine Labs proposes to go ahead with the Tax2Gas implementation, removing the need for separate handling and calculation of tax. The move comes in response to the Tax2Gas approach for Terra Classic chain suggested earlier by popular developer StrathCole and Genuine Labs.
Tax2Gas will incorporate the tax into the gas and remove the need for separate handling and calculation. The proposal aimed to increase the on-chain tax rate to 1.5%, which brings back to the original 1.2% burn tax, with 0.3% to fund the chain by the current on-chain 80/20% tax split.
Terra Luna Classic developer group Genuine Labs proposes to go ahead with the Tax2Gas implementation, removing the need for separate handling and calculation of tax. The move comes in response to the Tax2Gas approach for Terra Classic chain suggested earlier by popular developer StrathCole and Genuine Labs.
Tax2Gas will incorporate the tax into the gas and remove the need for separate handling and calculation. The proposal aimed to increase the on-chain tax rate to 1.5%, which brings back to the original 1.2% burn tax, with 0.3% to fund the chain by the current on-chain 80/20% tax split.
Coin exchange rate
$BTC 69493.393 USD (-2.21%) 🔴$LUNC 0.00010977 USD (-10.39%) 🔴$LUNA 0.58448306 USD (-11.18%) 🔴Terra Luna Classic community employed burn tax to transactions in 2022. However, there have been several issues noticed with the burn tax.
Contract developers need to calculate the tax manually and adjust the amount for it.
Clients, or dApps, have to calculate the tax themselves, as the simulation endpoint only provides gas estimates.
Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
Genuine Labs added that Tax2gas can tackle the current problems related to burn tax, presenting a simple and efficient approach. It will also prevent attacks on Terra Luna Classic using e2e-test.
Developers require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC. The developers will submit spend proposals during the first weeks of the implementation phase and after successfully completing outlined tests.
Terra Classic currently 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.
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