Terra LUNA & LUNC
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With Bitcoin At $60K Slump, Will Terra Coins Make A Comeback?

Despite the Bitcoin price taking a hit to $60K, the altcoins make a comeback with a recovery rally. In this reversal, the Terra Luna (LUNA) and Terra Classic (LUNC) kicked off a bullish jump last night.

Taking support from crucial levels, will the Terra tokens form a new lower high? Or is the recovery rally ready for a breakout rally in 2024?

Let’s look closer at the LUNA and LUNC price charts to find out the upside potential.

Will Luna Classic Challenge Overhead Trendline?
With a long-term resistance trendline in the daily chart, the LUNC price chart displays a massive correction spree. The Terra Classic price trend reveals a lower high formation and a failed rising channel pattern.

Breaking under the rising channel, the recent sell-off from the resistance trendline accounts for a 30% drop. Following the downfall, the Terra Classic price forms a morning star pattern at $0.000076.

Currently, the Terra Classic token trades at $0.000081 following the $8.76% jump last night. This completes the morning star with a bullish engulfing candle.

If the bull run is sustained, the uptrend can result in a new peak at the resistance trendline, which is near $0.00010. However, a breakout of the psychological resistance can result in a trendline breakout for an extended bull run.

With this trend reversal, the uptrend in the LUNC price can reach the 50% Fibonacci level at $0.00015.
Will Terra Luna Reach $0.00017?

Similar to the Terra Classic price chart, the LUNA price trend shows a similar downtrend with a strong resistance trendline at play. Mimicking a similar rising channel breakdown, the Terra (LUNA) price drops by 40% in two weeks.

With the breakdown rally taking support at the $0.000070 mark with lower price rejections, the altcoin teases a comeback. Further, the overnight jump teases a bullish crossover in the MACD indicator while the RSI line takes off from the oversold boundary.

If the reversal rally sustains momentum, the uptrend in the Terra token price can challenge the overhead trendline at $0.00012. However, the resistances at $0.00010 and $0.00011 can result in some hiccups along the way.
Coin exchange rate

$BTC 60800.538 USD (-2.83%) 🔴
$LUNC 0.00008034 USD (-0.35%) 🔴
$LUNA 0.41119336 USD (-2.69%) 🔴
🌖 Terra Luna Classic Delegates Another 30M LUNC To Hexxagon, What’s Happening?

The Terra Classic Foundation recently made a significant announcement on X (formerly Twitter). The Terra Luna Classic team has delegated an additional 30 million LUNC to Hexxagon. This brings their total delegation on Terra Classic to a substantial 930 million LUNC. The Foundation expressed optimism about the future, celebrating the milestone.

Hexxagon is a key player in the Terra Luna Classic ecosystem. It runs and maintains important platforms like Galaxy Station and Galaxy Finder. These platforms are crucial for the Terra Classic community. Moreover, they offer node hosting and staking services, ensuring the smooth operation of the network.

Background On Hexxagon In Terra Luna Classic Community
Almost a year ago, on July 28, 2023, Terra Luna Classic‘s core developer group, Joint L1 Task Force (L1TF), unveiled a collaboration with Hexxagon. Hexxagon is not just a validator but also a team of skilled developers. The collaboration aimed to enhance security for the community-owned Station, Finder, and web wallet extension.

However, the community had mixed reactions to this partnership. The skepticism stemmed from Hexxagon’s links to the developer group Terra Rebels, which the community distrusts. Despite this, the partnership went ahead with a clear goal: to build a secure, community-owned wallet. This initiative was funded through Proposal 11645, which the community approved.

Hexxagon took on the responsibility of developing key components like the Station, Finder, and wallet web extension. They also manage the maintenance and infrastructure related to these platforms. In addition, the Joint L1 Task Force assists by conducting assessments, reviewing, and checking all pull requests to ensure everything runs smoothly.

A unique aspect of this collaboration is the operational structure. Hexxagon and L1TF operate under the same account, owned by the Joint L1 Task Force. The alliance is known as the Terra Classic Task Force. Professor Edward Kim has authority over the “terraclassic community” domain, adding another layer of oversight.
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🌖 Potential Impact On LUNC Price

The recent delegation of 30 million LUNC to Hexxagon has garnered attention within the Terra Classic community. Most members view this as a positive step towards strengthening the network’s infrastructure. Moreover, they believe that Hexxagon’s involvement will enhance the reliability and security of the Terra Classic ecosystem.

From an economic perspective, this significant delegation could impact the price of LUNC. Increased delegation often signals confidence in the network, which can attract more investors. If Hexxagon successfully enhances the network’s infrastructure, it could lead to increased usage and demand for LUNC.

However, the community’s trust is crucial. If Hexxagon and L1TF can demonstrate transparency and effective management, it might positively influence LUNC price. Conversely, any missteps could lead to volatility and uncertainty due to the network’s infamous history.

At press time, the Terra Classic price was down by 1.83% to $0.00008063 on Tuesday, July 2. Meanwhile, the LUNC market capitalization stood at $441.41 million. Whilst, Terra Classic trading volume slumped 7.59% to $14.24 million.

However, the Terra Luna Classic community has rallied efforts to initiate LUNC token burns. On Monday, Binance, the biggest cryptocurrency exchange in the world, sent 1.7 billion Terra Luna Classic (LUNC) tokens to its burn wallet. This marks the 23rd batch in Binance’s ongoing effort to reduce the LUNC supply.

With this latest transaction, Binance has burned almost 62 billion LUNC in total. Moreover, the Terra Luna Classic community has collectively burned more than 125 billion LUNC tokens so far. Since 2022, Binance has supported the Terra Luna Classic community’s revival efforts through its monthly token burn mechanism.
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Terra Luna Classic To Remove 18 Billion LUNC From Supply, Will LUNC And USTC Rally?

Terra Luna Classic community to burn 12 billion in LUNC and 68 million USTC in contracts including Lido DAO rewards dispatcher, removing them completely from supply. The move comes as the community started removing LUNC and USTC from circulating circulating supply for revival and repeg to $1.

Terra Luna Classic 12 billion LUNC Burn

The Terra Luna Classic community takes out 12 billion in LUNC and 68 million USTC from circulation. It is the second largest removal from the circulating supply after the recent 7 billion LUNC burned in burn tax that saw 8.34 billion total fees accrued in a single day.

The massive 12 billion LUNC will be burned from Anchor bLuna rewards and Lido rewards dispatcher contracts, as per a proposal. Also, the changes are live on the CoinMarketCap and CoinGecko. Since the contract owner has invalidated itself, the Terra Luna Classic community now owns the contracts.

“These funds are locked since Lido DAO passed a proposal on June 22, 2022 to make all Lido contracts on Terra Classic non upgradable and make their ownership invalid,” revealed an X account named Terra Classic Foundation.

The governance voting on the proposed burn to begin soon to get the community’s approval on burning these funds. Terra Luna Classic developers also remove other LUNC and USTC from circulation that will be burned over time. The community removed 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from the circulating supply.
LUNC Price To Hit $0.0001 In July?

LUNC price dropped over 1% in the past 24 hours, with the price currently trading at $0.00008196. The 24-hour low and high are $0.00008050 and $0.00008366, respectively. However, trading volume has decreased further by 21% in the last 24 hours.

Binance LUNC burn, Terraform Labs’ LUNC and USTC burn, and Tax2Gas implementation in July to provide the necessary push in LUNC price, with the community expecting a recovery above $0.0001.

Meanwhile, USTC price trades at $0.01783, down 1.5% in the last 24 hours. The 24-hour low and high are $0.01755 and $0.01802, respectively. Trading volume has decreased by 12%, indicating a dip in interest among traders.

In the derivatives market, LUNC and 1000LUNC futures open interests have fell in the last 24 hours. Traders now awaiting the monthly close and further cues from macro for trading in July.
Coin exchange rate

$BTC 54373.441 USD (-6.52%) 🔴
$LUNC 0.00006279 USD (-14.17%) 🔴
$LUNA 0.32455968 USD (-15.01%) 🔴
LUNC News: Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC

LUNC News: Terra Luna Classic community members seek 200 million USTC from Coinbase and Pantera Capital-backed Karak Network, claiming Karak co-founder Raouf Ben-Har has stolen the crypto asset worth millions.

Meanwhile, the community has made significant efforts to remove 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from circulating supply.

Terra Luna Classic Seeks 200 Million USTC
Terra Luna Classic developer RedlineDrifter reignited buzz in the community regarding the missing 200 million USTC. He alleges that Coinbase and Pantera Capital-backed Karak Network has not returned USTC worth $8 million that belongs to the community.

RedlineDrifter pointed out Karak Network co-founder Raouf Ben-Har for missing crypto assets that date back to when he operated under Risk Harbor. The Risk Harbor team is now rebranded to Andalusia Labs. The Terra Luna Classic community claims Risk Harbor team used an admin function to withdraw 200 million UST (now USTC).

The community member joined BNB Chain X space featuring Karak Network, Lista DAO, and Listapie to ask about the missing 200 million USTC. Notably, Terra Luna Classic community has burned 800 million USTC and taken out of circulating supply.

“No user funds were ever touched. Foundation sold UST that the Terra Foundation minted and provided (which eventually dissolved) for pennies on the dollar after riding it down to 0, which will carry forward to Karak. Simple as that.” said Victor Cheng, CSO at Karak Network.
USTC and LUNC Prices Performance

USTC price trades at $0.01808, down 1% in the last 24 hours. The 24-hour low and high are $0.01803 and $0.01842, respectively. Trading volume has decreased by 32%, indicating a dip in interest among traders.

Meanwhile, LUNC price has jumped 1% in the past 24 hours, with the price currently trading at $0.00008329. The 24-hour low and high are $0.00008159 and $0.00008396, respectively. However, trading volume has decreased 23% in the last 24 hours.

The community expects a significant recovery in prices after Binance LUNC burn and Tax2Gas implementation in July.
Coin exchange rate

$BTC 56589.135 USD (+4.07%) 🟢
$LUNC 0.00006818 USD (+8.58%) 🟢
$LUNA 0.34778294 USD (+7.16%) 🟢
🌖 Binance Burns 1.7 Billion Terra Luna Classic (LUNC), What’s Ahead?

The world’s largest crypto exchange Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens in the latest transaction to burn wallet on Monday. After the 23rd batch of the LUNC burn mechanism, Binance has burned nearly 62 billion LUNC to date.

Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 125 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.

Binance Incinerates 1.7 Billion LUNC
The Terra Luna Classic community saw 1.7 billion Terra Luna Classic (LUNC) tokens burned by crypto exchange Binance, as per the burn transaction on July 1. The burn transaction also recorded 8.5 million LUNC in tax. Tax2Gas implementation expected this month will likely boost the burn narrative.

The 23rd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between May 31 to June 29. Binance has now burned nearly 61.99 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

As a result of the latest burn by Binance, the net burn by the Terra Luna Classic community has now surpassed 125 billion LUNC. Binance accounts for over 50% of the total LUNC burned since the community took control of the chain. The reason behind the low burn amount in contrast to the community is due to fewer transactions.

In the 22nd LUNC burn mechanism, Binance burned 1.35 billion Terra Luna Classic (LUNC) tokens. The exchange burned 1.35 billion in trading fees on LUNC spot and margin trading pairs worth $170,104.
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LUNC and USTC Price Action

Spot and derivatives traders didn’t respond to the last Binance LUNC burn mechanism as Terra Luna Classic ecosystem tokens to pare recent gains.

LUNC price has jumped 1% in the last 24 hours, with the price currently trading at $0.00008148. The 24-hour high and low are $0.00008045 and $0.00008313, respectively. Moreover, the trading volume has increased by 28% in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price climbed 2% in the past 24 hours, with the price currently trading at $0.01796. The 24-hour low and high are $0.01759 and $0.01835, respectively. Trading volume has declined by 6% in the past 24 hours.
Coin exchange rate

$BTC 57372.145 USD (+1.39%) 🟢
$LUNC 0.00007067 USD (+3.65%) 🟢
$LUNA 0.36679641 USD (+5.63%) 🟢
🌖 Terra Classic Boosts Hexxagon with 30M LUNC Delegation

The Terra Classic Foundation (TCF), a non-profit organization based in Estonia that took over from the Terraform Labs to ensure the success of the Terra Luna Classic (LUNC) network, announced the delegation of another 30 million LUNC to the Hexxagon protocol. As a result, the TCF has so far delegated 930 million LUNC on different protocols to ensure the smooth running of the Terra Classic blockchain.

Recently, the TCF delegated more LUNC coins to Delight Labs and Vegas Morphs, among others. According to the organization, all validators can participate in the TCF’s delegation program to enhance the decentralization of the underlying network.
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🌖 Terra Classic Blockchain on the Rise

The Terra Classic blockchain has adopted a long-term plan to ensure a vibrant Web3 ecosystem with secure smart contracts. According to market data provided by Defillama, the Terra Classic network has around $2.09 million in total value locked (TVL) from a handful of Web3 projects led by Astroport Classic, Terraswap, Loop Finance, and the Eris protocol, among others.

As Crypto News Flash recently noted, the Terra Classic ecosystem has received huge support from Binance in periodic burns amid the ongoing LUNC staking program. The Terra Classic developers have been working to ensure seamless adoption of LUNC and its related web3 protocols in a multi-chain ecosystem.

Earlier this week, Binance facilitated the burning of around 1.7 billion LUNC. As a result, more than 12 billion LUNC have already been obliterated in addition to 68 million USTC. Notably, around 400 million USTC were removed from circulation following the settlement between the US SEC and Terraform Labs.
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LUNC Price Action

The LUNC price against the US dollar has suffered a bearish outlook in the past few weeks amid the ongoing crypto correction triggered by the Bitcoin (BTC) sell-offs. According to the latest market data as of this report, LUNC price had dropped around 15 percent in the past week to trade around $0.00007106 on Thursday, July 4, 2024.

While the small-cap altcoin, with a fully diluted valuation of about $480 million and a daily average traded volume of about $33 million, has a long way to go to retest its all-time high, both technical and fundamentals point to an investable rebound.

LUNC price has formed a bullish reversal pattern in the daily time frame, which could yield a major uproar in the coming months.
Terra Classic Sees Major Supply Reduction as Binance Burns 1.7B LUNC

The latest LUNC burn of 1.7 billion tokens from Binance significantly reduces the Terra Classic supply, aligning with increased trading volume.

Binance has completed another significant LUNC (Luna Classic) burn to start in July. The burn event led to a substantial decrease in the total LUNC supply, as highlighted by recent charts posted by community figure Rexyz.

The burn activity has garnered appreciation towards Binance founder and former CEO Changpeng Zhao, as well as current CEO Richard Teng.

The first image posted by Rexyz showcases the total LUNC supply over a 4-hour period. The supply stood at 6,781,807,335,479 LUNC, with a notable decrease of 1,726,507,904 LUNC in the latest candlestick.

This sharp drop within a short time frame indicates a significant burn event, likely involving a large transaction or a series of transactions that reduced the total supply.
Coin exchange rate

$BTC 57050.091 USD (+2.12%) 🟢
$LUNC 0.00007041 USD (+4.13%) 🟢
$LUNA 0.37108038 USD (+4.91%) 🟢
🌖 Long-Term Supply Trend

The second image presents a broader view, covering the LUNC supply from March 2024 to June 2024. The total supply was recorded at 6,781,738,369,201 LUNC, with a decrease of 1,799,065,981 LUNC in the latest week.

On-chain data confirms that the latest burn, which involved exactly 1,701,046,397 (1.701 billion) LUNC, occurred on July 1 at 10:20 UTC.

The chart provided by Rexyz reveals a consistent decrease in supply over several months, with more pronounced drops towards the end of the period. This aligns with the recent burn event at the start of July, reflecting Binance’s ongoing efforts to reduce the LUNC supply through increased trading activity.

Community Efforts and Additional Burns
In addition to Binance’s burns, the Terra Luna Classic community has been proactive in reducing the LUNC supply. As the native LUNC coin faced challenges from the crypto bears since June, community developers proposed faster ways to decrease supply.

The Terra Classic Foundation recently announced the exclusion of over 12 billion LUNC and 68 million USTC from circulation through specific contracts. These contracts include Anchor bLuna Rewards and Lido Rewards Dispatcher, with funds locked since a Lido DAO proposal passed in June 2022.

Previously, the community voted on Proposal 12098, which aims to review the LUNC burn tax to fund the Oracle pool.

This proposal, initially suggested by StrathCole, seeks to modify the burn tax distribution. It proposed allocating 80% towards burning, 10% to the Community Pool, and 10% to the Oracle Pool, ensuring block rewards consist solely of gas fees.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Coin exchange rate

$BTC 58981.94 USD (+3.39%) 🟢
$LUNC 0.00007166 USD (+1.77%) 🟢
$LUNA 0.38272144 USD (+3.14%) 🟢