Terra Luna Classic developer Genuine Labs on Tuesday announced progress on the Tax2Gas implementation, with the most anticipated upgrade expected in July-end. The move comes as the community passed proposal 12115 “Genuine Labs Tax2Gas Implementation” last month.
Genuine Labs earlier said they require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.
Terra Luna Classic Set For Tax2Gas Implementation
Terra Luna Classic L1 developer Genuine Labs shared a biweekly update on June 9 regarding developments for Tax2Gas implementation. According to the developer, the team worked on implementing Tax2Gas module, changes related to wasm handler plugin, and upgrading the handler. The work progress for Tax2Gas implementation can be found at Terra Classic GitHub.
Genuine Labs revealed that the module will now hold gas price values of 22 denoms of Terra Classic. It will define the logic of the AnteHandler and PostHandler. Notably, the taxes now get converted to gas and the fee will only be consumed upon success transaction.
In the next two weeks, the team will work on tasks such as unit tests for the new module and implementation, E2E tests, and manual tests and testnet.
As CoinGape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — 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.
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LUNC Price To $1?
Terra Classic chain and LUNC price will get a major boost after the Tax2Gas implementation. The community believes LUNC will hit $1 after Tax2Gas due to listings on crypto exchanges and return of dApps to the chain. Other mechanisms like LUNC burn will also get a further boost.
LUNC price mostly trading sideways in the last 24 hours, with the price currently trading at $0.00007074. The 24-hour low and high are $0.0000683 and $0.00007123, respectively. Moreover, trading volume decreased by 43% in the last 24 hours.
Meanwhile, USTC price is trading at $0.01567, down 12% in a week. The 24-hour trading volume saw a 41% drop in the last 24 hours as uncertainty rose amid BTC selloff by German Government.
Terra Classic chain and LUNC price will get a major boost after the Tax2Gas implementation. The community believes LUNC will hit $1 after Tax2Gas due to listings on crypto exchanges and return of dApps to the chain. Other mechanisms like LUNC burn will also get a further boost.
LUNC price mostly trading sideways in the last 24 hours, with the price currently trading at $0.00007074. The 24-hour low and high are $0.0000683 and $0.00007123, respectively. Moreover, trading volume decreased by 43% in the last 24 hours.
Meanwhile, USTC price is trading at $0.01567, down 12% in a week. The 24-hour trading volume saw a 41% drop in the last 24 hours as uncertainty rose amid BTC selloff by German Government.
Coin exchange rate
$BTC 58196.526 USD (-1.33%) 🔴$LUNC 0.00007188 USD (+0.31%) 🟢$LUNA 0.38123777 USD (-0.39%) 🔴Terra Luna Classic Sees Staking Boom, Shifting LUNC Dynamics
The embattled Terra Luna Classic (LUNC) chain has hit an all-time staking record, now sporting a solid staking ratio of 15.03%. At 1.018 trillion LUNC coins staked, the staking fund treasury now equals approximately $69 million at the current price range.
Benefits Of 1T LUNC In Staking Vault
Terra Classic chain validators on X are marking 20% as the next checkpoint for LUNC’s staking ratio. By increasing the metric, chain supporters are looking to reduce the remaining LUNC supply in addition to the burning procedures. Ultimately, this offers long-term potential for the crypto in question, as a large chunk is locked for multiple years.
However, LUNC has faded below the $0.0001 support territory since June 17, 2024, with the global market cap slicing from $800 million three months ago to $388,198,208 as of July 8, 2024. Meanwhile, holders continue to showcase confidence in LUNC, leaning on the staking & burning mechanism’s efficiency.
The embattled Terra Luna Classic (LUNC) chain has hit an all-time staking record, now sporting a solid staking ratio of 15.03%. At 1.018 trillion LUNC coins staked, the staking fund treasury now equals approximately $69 million at the current price range.
Benefits Of 1T LUNC In Staking Vault
Terra Classic chain validators on X are marking 20% as the next checkpoint for LUNC’s staking ratio. By increasing the metric, chain supporters are looking to reduce the remaining LUNC supply in addition to the burning procedures. Ultimately, this offers long-term potential for the crypto in question, as a large chunk is locked for multiple years.
However, LUNC has faded below the $0.0001 support territory since June 17, 2024, with the global market cap slicing from $800 million three months ago to $388,198,208 as of July 8, 2024. Meanwhile, holders continue to showcase confidence in LUNC, leaning on the staking & burning mechanism’s efficiency.
What’s in Store for Terra Luna Classic?
As the crypto bears battered LUNC to a shocking 35.3% monthly deficit, the LUNC community is now looking for ways to reduce the coin’s overprinted supply. This rejuvenation plan is heavily boosted by Binance, which eliminated 62 billion tokens from circulation.
This accounts for almost 50% of all burned LUNC coins, now piling up to 125 billion LUNC. The community burn efforts cut down the supply to 5.46T; the maintained scarcity has yet to see price appreciation from LUNC. Even though the efforts didn’t bring an immediate price impact, the altcoin’s Chaikin Money Flow (CMF) spiked to 0.38 as of press time, serving as a strong money inflow signal.
In contrast, other important on-chain factors like the Relative Strength Index (RSI) pointed to an overbought condition at above 70 on the one-hour technical charts. Crypto traders should consider the coin’s forthcoming price volatility, as the widening Bollinger Bands suggest hefty price fluctuations.
As of press time, LUNC trades at $0.00007108, slightly rebounding from the weekly lows of $0.00006035. This barrier marked a new three-month low for LUNC, retracing back to the levels of October 25, 2023. As most indicators remain bearish, Terra Luna Classic’s push to $0.0001 will be likely met with severe resistance.
As the crypto bears battered LUNC to a shocking 35.3% monthly deficit, the LUNC community is now looking for ways to reduce the coin’s overprinted supply. This rejuvenation plan is heavily boosted by Binance, which eliminated 62 billion tokens from circulation.
This accounts for almost 50% of all burned LUNC coins, now piling up to 125 billion LUNC. The community burn efforts cut down the supply to 5.46T; the maintained scarcity has yet to see price appreciation from LUNC. Even though the efforts didn’t bring an immediate price impact, the altcoin’s Chaikin Money Flow (CMF) spiked to 0.38 as of press time, serving as a strong money inflow signal.
In contrast, other important on-chain factors like the Relative Strength Index (RSI) pointed to an overbought condition at above 70 on the one-hour technical charts. Crypto traders should consider the coin’s forthcoming price volatility, as the widening Bollinger Bands suggest hefty price fluctuations.
As of press time, LUNC trades at $0.00007108, slightly rebounding from the weekly lows of $0.00006035. This barrier marked a new three-month low for LUNC, retracing back to the levels of October 25, 2023. As most indicators remain bearish, Terra Luna Classic’s push to $0.0001 will be likely met with severe resistance.
Coin exchange rate
$BTC 57046.682 USD (-2.04%) 🔴$LUNC 0.00007078 USD (-1.53%) 🔴$LUNA 0.37598468 USD (-1.38%) 🔴Terra Luna Classic Staking Surges To 15% With Over 1T LUNC Staked
The Terra Classic Foundation revealed on X that the staking ratio for Terra Classic (LUNC) has now surpassed 15%, with over 1 trillion tokens staked. This milestone coincides with substantial LUNC token burns by Binance, further boosting optimism about the crypto’s performance.
Terra Luna Classic Staking Ratio Surges
According to the latest data from Terra Classic Foundation, over 1.017 trillion LUNC has been staked on the network. At the current price, this Terra Luna Classic staked reserve is valued at $70.15 million. Moreover, the staking ratio has now surged to a high of 15.01% from 14.83% a few days ago.
Earlier, on July 1, Binance, the world’s largest cryptocurrency exchange, burned 1.7 billion LUNC tokens. This marked the 23rd batch of the LUNC burn mechanism. Moreover, Binance has now burned nearly 62 billion LUNC tokens to date. The total LUNC tokens burned by the Terra Luna Classic community have exceeded 125 billion.
In addition, Binance’s continuous support for the Terra Luna Classic revival since 2022 is noteworthy. The exchange’s monthly LUNC burn mechanism significantly contributes to reducing the overall supply. The 23rd burn batch covered the period from May 31 to June 29. It burned a substantial amount of trading fees. Furthermore, Binance alone accounts for over 50% of the total LUNC burned by the community.
Also, the increase in the staking ratio can positively influence the Terra Luna Classic price. Higher staking ratios often indicate strong community confidence and reduced available supply for trading. This can lead to decreased selling pressure and potential price appreciation.
Staking locks up tokens, reducing the circulating supply. With fewer tokens available for trading, demand can push the LUNC price higher. Additionally, increased staking signals long-term commitment from holders, which can attract more investors.
The Terra Classic Foundation revealed on X that the staking ratio for Terra Classic (LUNC) has now surpassed 15%, with over 1 trillion tokens staked. This milestone coincides with substantial LUNC token burns by Binance, further boosting optimism about the crypto’s performance.
Terra Luna Classic Staking Ratio Surges
According to the latest data from Terra Classic Foundation, over 1.017 trillion LUNC has been staked on the network. At the current price, this Terra Luna Classic staked reserve is valued at $70.15 million. Moreover, the staking ratio has now surged to a high of 15.01% from 14.83% a few days ago.
Earlier, on July 1, Binance, the world’s largest cryptocurrency exchange, burned 1.7 billion LUNC tokens. This marked the 23rd batch of the LUNC burn mechanism. Moreover, Binance has now burned nearly 62 billion LUNC tokens to date. The total LUNC tokens burned by the Terra Luna Classic community have exceeded 125 billion.
In addition, Binance’s continuous support for the Terra Luna Classic revival since 2022 is noteworthy. The exchange’s monthly LUNC burn mechanism significantly contributes to reducing the overall supply. The 23rd burn batch covered the period from May 31 to June 29. It burned a substantial amount of trading fees. Furthermore, Binance alone accounts for over 50% of the total LUNC burned by the community.
Also, the increase in the staking ratio can positively influence the Terra Luna Classic price. Higher staking ratios often indicate strong community confidence and reduced available supply for trading. This can lead to decreased selling pressure and potential price appreciation.
Staking locks up tokens, reducing the circulating supply. With fewer tokens available for trading, demand can push the LUNC price higher. Additionally, increased staking signals long-term commitment from holders, which can attract more investors.
What’s Next For LUNC Price?
The crypto market faced supply pressure this week due to the Bitcoin price correction. This was influenced by liquidations from the Mt. Gox exchange and the German government. Moreover, the Bitcoin price plummeted to a four-month low of $53,550. In addition, the bearish momentum spread through the altcoin market, which also impacted Terra Luna Classic.
Thereafter, the LUNC price dropped below its seven-month support level. The Terra Luna Classic correction began in early March when the price fell from $0.00025. By July 5, the price had dropped 73.6% to $0.0000673. However, on Saturday, July 7, LUNC price saw a rebound with over 7% gains, trading at $0.00006898.
This rebound suggests that a further dip to $0.000052 might be avoided. For restricting the downturn, the LUNC price needs to breaks out from $0.00007 and sustains that level. Whilst, the current market cap for LUNC stands at $376.43 billion. Moreover, the reduced token supply owing to token burns by Binance and community staking can also aid in boosting the Terra Luna Classic price.
The crypto market faced supply pressure this week due to the Bitcoin price correction. This was influenced by liquidations from the Mt. Gox exchange and the German government. Moreover, the Bitcoin price plummeted to a four-month low of $53,550. In addition, the bearish momentum spread through the altcoin market, which also impacted Terra Luna Classic.
Thereafter, the LUNC price dropped below its seven-month support level. The Terra Luna Classic correction began in early March when the price fell from $0.00025. By July 5, the price had dropped 73.6% to $0.0000673. However, on Saturday, July 7, LUNC price saw a rebound with over 7% gains, trading at $0.00006898.
This rebound suggests that a further dip to $0.000052 might be avoided. For restricting the downturn, the LUNC price needs to breaks out from $0.00007 and sustains that level. Whilst, the current market cap for LUNC stands at $376.43 billion. Moreover, the reduced token supply owing to token burns by Binance and community staking can also aid in boosting the Terra Luna Classic price.
Coin exchange rate
$BTC 58132.391 USD (+1.9%) 🟢$LUNC 0.00007217 USD (+1.98%) 🟢$LUNA 0.38044372 USD (+1.19%) 🟢Terra Luna Classic (LUNC) Staking Surpasses 1 Trillion Tokens, Staking Ratio Hits 15%
Data from Terra Classic Foundation has revealed that over 1.017 trillion LUNC tokens have been staked, representing roughly $70.15 million at the current market price. This splendid staking ratio of 15.01% showcases how strongly the community is backing the project.
Staking primarily is the locking of tokens thus reducing the circulating supply. This decrease in supply, coupled with increased demand, can potentially drive the price of LUNC upwards. Noteworthy, the staking ratio rose from 14.83% to 15.01%.
Binance has played a significant role in reducing the overall supply of Terra Luna Classic tokens. Early this month, Binance, the world’s largest crypto exchange by market volume burnt its 23rd batch (from May 31 to June 29), a burning mechanism that kicked off in early 2022. It is worth noting that Binance alone has burnt more than 62 Billion LUNC tokens contributing to more than 50% of total tokens burnt which amounts to 125 Billion tokens.
As earlier reported on CNF, the crypto market faced humongous pressure recently due to the Bitcoin price correction. Currently exchanging hands at $57,387.77, marking an 8.67% decline in the past week, Bitcoin has undergone a great ordeal after the Mt.Gox repayment news hit headlines and the massive liquidation of the German government. Dropping to lows of $53,550, Bitcoin has sent bearish trends to the altcoin market with Terra Luna Classic being no exception.
At the time of writing LUNC is Staking at $0.00007065, representing a noble 3.56% surge in the last 24 hours. Notably, Early March saw LUNC’s price falling from $0.00025 to $0.0000673 by July 5, marking a substantial 73.6% decline. However, on July 7, LUNC price saw a rebound with over 7% gains, trading at $0.00006898.
The recent price increase suggests that a further drop to $0.000052 might be unlikely. To restrict the downturn, the LUNC price needs to break out from $0.00007 and sustain that level. The current market cap for LUNC stands at $376.43 billion. The reduced token supply due to token burns by Binance and community staking can aid in boosting the Terra Luna Classic price.
The surpassing of 1 trillion staked LUNC tokens and the staking ratio hitting 15% marks a significant milestone for the Terra Luna Classic community. Coupled with continuous support from Binance indicates a positive outlook for LUNC. Additionally, the Terra Luna Classic community is actively working towards reviving the LUNC price. The impressive staking numbers, ongoing burns, and Staking on the strategic adjustments to the burn tax distribution indicate a commitment towards success.
Data from Terra Classic Foundation has revealed that over 1.017 trillion LUNC tokens have been staked, representing roughly $70.15 million at the current market price. This splendid staking ratio of 15.01% showcases how strongly the community is backing the project.
Staking primarily is the locking of tokens thus reducing the circulating supply. This decrease in supply, coupled with increased demand, can potentially drive the price of LUNC upwards. Noteworthy, the staking ratio rose from 14.83% to 15.01%.
Binance has played a significant role in reducing the overall supply of Terra Luna Classic tokens. Early this month, Binance, the world’s largest crypto exchange by market volume burnt its 23rd batch (from May 31 to June 29), a burning mechanism that kicked off in early 2022. It is worth noting that Binance alone has burnt more than 62 Billion LUNC tokens contributing to more than 50% of total tokens burnt which amounts to 125 Billion tokens.
As earlier reported on CNF, the crypto market faced humongous pressure recently due to the Bitcoin price correction. Currently exchanging hands at $57,387.77, marking an 8.67% decline in the past week, Bitcoin has undergone a great ordeal after the Mt.Gox repayment news hit headlines and the massive liquidation of the German government. Dropping to lows of $53,550, Bitcoin has sent bearish trends to the altcoin market with Terra Luna Classic being no exception.
At the time of writing LUNC is Staking at $0.00007065, representing a noble 3.56% surge in the last 24 hours. Notably, Early March saw LUNC’s price falling from $0.00025 to $0.0000673 by July 5, marking a substantial 73.6% decline. However, on July 7, LUNC price saw a rebound with over 7% gains, trading at $0.00006898.
The recent price increase suggests that a further drop to $0.000052 might be unlikely. To restrict the downturn, the LUNC price needs to break out from $0.00007 and sustain that level. The current market cap for LUNC stands at $376.43 billion. The reduced token supply due to token burns by Binance and community staking can aid in boosting the Terra Luna Classic price.
The surpassing of 1 trillion staked LUNC tokens and the staking ratio hitting 15% marks a significant milestone for the Terra Luna Classic community. Coupled with continuous support from Binance indicates a positive outlook for LUNC. Additionally, the Terra Luna Classic community is actively working towards reviving the LUNC price. The impressive staking numbers, ongoing burns, and Staking on the strategic adjustments to the burn tax distribution indicate a commitment towards success.
LUNC News: Terra Luna Classic community gets a major contribution from the world’s largest crypto exchange Binance in LUNC burn campaign to reduce the supply. However, a post by a community associate at the crypto exchange sparked a buzz in the community indicating that the exchange also assists in the USTC revival plan.
Binance Assists Terra Classic Community In USTC Revival
A cryptic post on the X platform by Binance community associate Diana began a narrative that crypto exchange is reportedly helping the Terra Luna Classic community in the USTC revival.
The post was shared by Mr Diamondhandz1, a popular community member and owner of LuncLive validator. He said the exchange is likely assisting the community in the USTC revival plan in addition to Binance’s monthly LUNC burn mechanism.
Binance has burned over 62 billion LUNC, accounting for 49% of the total tokens burned by the community. As per data, the community has burned more than 126 billion tokens. With USTC repeg plan in limbo, the community now depends upon Terraform Labs to burn USTC in their wallets and Luna Foundation Guard wallets.
Notably, Binance is also a holder of Terra Luna Classic ecosystem tokens. Former CEO Changpeng Zhao disclosed that the company invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings.
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Coin exchange rate
$BTC 60122.551 USD (+3.35%) 🟢$LUNC 0.00007407 USD (+2.62%) 🟢$LUNA 0.38722864 USD (+1.78%) 🟢LUNC price jumped over 1% in the past 24 hours, with the price currently trading at $0.00007192. It pares earlier gains and failed to surpass the $0.000072 level, but the community remained upbeat about a massive upside momentum as the crypto market recovers.
The 24-hour low and high are $0.00007012 and $0.0000729, respectively. Meanwhile, trading volume decreased by 22%, indicating a lack of interest among traders.
Meanwhile, USTC price climbed by 0.50%, with the price now trading at $0.01608. The 24-hour low and high are $0.01579 and $0.01636, respectively. Trading volumes saw a 41% decline in the last 24 hours as traders remain uninterested amid uncertainties in the crypto market.
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Terra Classic News: Will LUNC Price Crash to 0?
Curious about what's next for Terra Classic (LUNC)? Recent market trends have sparked concerns about whether the LUNC price might plummet to zero
How has the LUNC Price Moved Recently?
Today, the price of Terra Classic (LUNC) is $0.00007137, with a 24-hour trading volume of $15.05 million and a market cap of $413.39 million, representing 0.02% of the total market. Over the last 24 hours, the LUNC price has increased by 0.82%.
Terra Classic reached its peak price on April 5, 2022, hitting an all-time high of $119.01. Its lowest price was recorded on May 13, 2022, at $0.00001651. Since this all-time low, the highest price LUNC has reached is $0.00059. Currently, market sentiment for Terra Classic is bearish, with the Fear & Greed Index indicating a score of 28 (Fear).
The circulating supply of Terra Classic is 5.79 trillion LUNC, out of a maximum supply of 6.88 trillion LUNC. The annual supply inflation rate is -0.47%, with 27.21 billion LUNC being removed from circulation in the past year.
Curious about what's next for Terra Classic (LUNC)? Recent market trends have sparked concerns about whether the LUNC price might plummet to zero
How has the LUNC Price Moved Recently?
Today, the price of Terra Classic (LUNC) is $0.00007137, with a 24-hour trading volume of $15.05 million and a market cap of $413.39 million, representing 0.02% of the total market. Over the last 24 hours, the LUNC price has increased by 0.82%.
Terra Classic reached its peak price on April 5, 2022, hitting an all-time high of $119.01. Its lowest price was recorded on May 13, 2022, at $0.00001651. Since this all-time low, the highest price LUNC has reached is $0.00059. Currently, market sentiment for Terra Classic is bearish, with the Fear & Greed Index indicating a score of 28 (Fear).
The circulating supply of Terra Classic is 5.79 trillion LUNC, out of a maximum supply of 6.88 trillion LUNC. The annual supply inflation rate is -0.47%, with 27.21 billion LUNC being removed from circulation in the past year.
Coin exchange rate
$BTC 62900.388 USD (+4.62%) 🟢$LUNC 0.00007802 USD (+5.33%) 🟢$LUNA 0.39987631 USD (+3.12%) 🟢Why Terra Classic Price is Down?
The decline in LUNC's price is part of a broader trend impacting the cryptocurrency market. Major digital assets such as Bitcoin and Ethereum have also experienced significant price corrections, reflecting market-wide adjustments. These trends indicate that LUNC's price drop is influenced by overall investor sentiment and macroeconomic factors affecting the entire crypto sector. As these leading cryptocurrencies face challenges, smaller assets like Terra Classic are similarly affected, resulting in decreased investor confidence and further price declines.
Will Terra Classic (LUNC) Price Crash to 0?
There are rumors that LUNC whale burned 184 million tokens. This burn, which reduces the overall supply of LUNC, is expected to have a notable impact on its price dynamics. By reducing the available supply, the burn can potentially increase scarcity, thereby exerting upward pressure on the price if demand remains constant or increases. Moreover, the whale has announced plans for an additional 2 trillion token reduction. If executed, this substantial decrease in supply could further amplify the scarcity effect, potentially leading to significant price appreciation over time. However, market sentiment and external factors such as investor confidence and broader economic conditions will also play crucial roles in determining the actual impact on LUNC's price.
Based on the current analysis, the likelihood of LUNC crashing to zero appears minimal, despite recent challenges. LUNC has high liquidity, evidenced by its significant market cap of $413.39 million and a 24-hour trading volume of $15.05 million. This liquidity indicates a continued interest and activity in the token, which supports its market presence. Furthermore, the yearly inflation rate for LUNC is negative at -0.47%, suggesting a decreasing supply, which can potentially create scarcity and support the price over time.
However, LUNC has seen a substantial price drop of -14% over the past year and has underperformed compared to 86% of the top 100 crypto assets, including Bitcoin and Ethereum. It is currently trading below the 200-day simple moving average, a key indicator often used to assess long-term trends, indicating bearish sentiment. Additionally, LUNC has only experienced 11 green days out of the last 30 (37%), showing limited positive momentum. The price is also down 100% from its all-time high, reflecting significant declines from its peak.
Considering these factors, while LUNC faces considerable downward pressure and has underperformed relative to major cryptocurrencies, its high liquidity and negative inflation rate provide some stability. The planned burn of an additional 2 trillion tokens could further enhance this stability by reducing supply. Therefore, although LUNC may continue to experience volatility and downward trends, a complete crash to zero is unlikely given the current data and market conditions.
The decline in LUNC's price is part of a broader trend impacting the cryptocurrency market. Major digital assets such as Bitcoin and Ethereum have also experienced significant price corrections, reflecting market-wide adjustments. These trends indicate that LUNC's price drop is influenced by overall investor sentiment and macroeconomic factors affecting the entire crypto sector. As these leading cryptocurrencies face challenges, smaller assets like Terra Classic are similarly affected, resulting in decreased investor confidence and further price declines.
Will Terra Classic (LUNC) Price Crash to 0?
There are rumors that LUNC whale burned 184 million tokens. This burn, which reduces the overall supply of LUNC, is expected to have a notable impact on its price dynamics. By reducing the available supply, the burn can potentially increase scarcity, thereby exerting upward pressure on the price if demand remains constant or increases. Moreover, the whale has announced plans for an additional 2 trillion token reduction. If executed, this substantial decrease in supply could further amplify the scarcity effect, potentially leading to significant price appreciation over time. However, market sentiment and external factors such as investor confidence and broader economic conditions will also play crucial roles in determining the actual impact on LUNC's price.
Based on the current analysis, the likelihood of LUNC crashing to zero appears minimal, despite recent challenges. LUNC has high liquidity, evidenced by its significant market cap of $413.39 million and a 24-hour trading volume of $15.05 million. This liquidity indicates a continued interest and activity in the token, which supports its market presence. Furthermore, the yearly inflation rate for LUNC is negative at -0.47%, suggesting a decreasing supply, which can potentially create scarcity and support the price over time.
However, LUNC has seen a substantial price drop of -14% over the past year and has underperformed compared to 86% of the top 100 crypto assets, including Bitcoin and Ethereum. It is currently trading below the 200-day simple moving average, a key indicator often used to assess long-term trends, indicating bearish sentiment. Additionally, LUNC has only experienced 11 green days out of the last 30 (37%), showing limited positive momentum. The price is also down 100% from its all-time high, reflecting significant declines from its peak.
Considering these factors, while LUNC faces considerable downward pressure and has underperformed relative to major cryptocurrencies, its high liquidity and negative inflation rate provide some stability. The planned burn of an additional 2 trillion tokens could further enhance this stability by reducing supply. Therefore, although LUNC may continue to experience volatility and downward trends, a complete crash to zero is unlikely given the current data and market conditions.
Terra Luna Classic (LUNC) Announces Oracle Split Logic Update, Futures Surge 20%
With staking being the pillar of any healthy DeFi ecosystem, the developers of Terra Luna Classic (LUNC) have announced a long-awaited update that will massively boost staking rewards in the ecosystem.
As Crypto News Flash reported last month, one leading LUNC developer had proposed adjustments to the network’s burn tax distribution. His proposal allocated 10% of the tax to the Oracle Pool. In the Terra Luna Classic ecosystem, the Oracle module furnishes the network with up-to-date price feeds of exchange rates in the real world and is the foundation of the network’s DeFi.
As one of the key developers revealed Wednesday, the Oracle split logic has finished and the testnet is ongoing.
The Oracle split is contained in proposals 12098 and 12114, which are part of Release v3.1.0. It will divert community pool rewards to the Oracle Pool, slowing down its depletion rate (the rewards originate from the tax split.
Under the existing mechanisms, Terra Luna Classic has a 0.5% burn rate—80% of it goes to burns, and the remainder is distributed to rewards and the Community Pool. It is this 20% that the new proposal targets, recommending that it be split between the Community Pool and the Oracle Pool.
The proposal isn’t popular in some quarters. A key grievance is its obvious implication on block rewards for LUNC validators—under the new mechanism, block rewards would come exclusively from gas fees. The annual percentage rate is also expected to dip by 0.5%. Some experts have even warned that passing the proposal could lead to immediate price declines.
However, the proponents point out that this shift would benefit the ecosystem in the long run, primarily by boosting staking.
LUNC staking has grown massively in recent months. As Crypto News Flash reported two weeks ago, the staked LUNC hit 1 trillion amid aggressive growth since the start of June. This growth continues, with the community staking just under 250 million LUNC in the past 24 hours and over nine billion tokens in the past week. Overall, staked LUNC accounts for 15.09% of the total tokens, sitting just marginally below the all-time record achieved last October.
On the trading front, LUNC has dipped slightly over the past day to trade at $0.00007117 amid a 21% drop in the trading volume.
As one analyst points out, the token has been trading inside a falling channel and changes hands below its 50-day and 200-day simple moving averages (SMAs). If it finds strong support, the analyst expects LUNC to surge 67% and hit $0.00017. However, if it fails to hold up, the next support will be further down at $0.00005646.
With staking being the pillar of any healthy DeFi ecosystem, the developers of Terra Luna Classic (LUNC) have announced a long-awaited update that will massively boost staking rewards in the ecosystem.
As Crypto News Flash reported last month, one leading LUNC developer had proposed adjustments to the network’s burn tax distribution. His proposal allocated 10% of the tax to the Oracle Pool. In the Terra Luna Classic ecosystem, the Oracle module furnishes the network with up-to-date price feeds of exchange rates in the real world and is the foundation of the network’s DeFi.
As one of the key developers revealed Wednesday, the Oracle split logic has finished and the testnet is ongoing.
The Oracle split is contained in proposals 12098 and 12114, which are part of Release v3.1.0. It will divert community pool rewards to the Oracle Pool, slowing down its depletion rate (the rewards originate from the tax split.
Under the existing mechanisms, Terra Luna Classic has a 0.5% burn rate—80% of it goes to burns, and the remainder is distributed to rewards and the Community Pool. It is this 20% that the new proposal targets, recommending that it be split between the Community Pool and the Oracle Pool.
The proposal isn’t popular in some quarters. A key grievance is its obvious implication on block rewards for LUNC validators—under the new mechanism, block rewards would come exclusively from gas fees. The annual percentage rate is also expected to dip by 0.5%. Some experts have even warned that passing the proposal could lead to immediate price declines.
However, the proponents point out that this shift would benefit the ecosystem in the long run, primarily by boosting staking.
LUNC staking has grown massively in recent months. As Crypto News Flash reported two weeks ago, the staked LUNC hit 1 trillion amid aggressive growth since the start of June. This growth continues, with the community staking just under 250 million LUNC in the past 24 hours and over nine billion tokens in the past week. Overall, staked LUNC accounts for 15.09% of the total tokens, sitting just marginally below the all-time record achieved last October.
On the trading front, LUNC has dipped slightly over the past day to trade at $0.00007117 amid a 21% drop in the trading volume.
As one analyst points out, the token has been trading inside a falling channel and changes hands below its 50-day and 200-day simple moving averages (SMAs). If it finds strong support, the analyst expects LUNC to surge 67% and hit $0.00017. However, if it fails to hold up, the next support will be further down at $0.00005646.
Coin exchange rate
$BTC 62918.619 USD (+0.04%) 🟢$LUNC 0.00007898 USD (+1.2%) 🟢$LUNA 0.40323648 USD (+0.84%) 🟢Terra Luna Classic Approaches New Milestone Ahead TFL LUNC & USTC Burn
Terra Luna Classic community expressed positive sentiment as LUNC staking ratio approaches near all-time high of 15.16%, a new milestone for the community-led chain. The move comes as total LUNC staked jumps to 1.025 trillion amid massive delegations to validators.
Terra Luna Classic Staking Ratio Rises Towards ATH
Terra Luna Classic staking continues to pick pace as people staking large amounts on the chain. LUNC staking ratio has jumped to 15.13% today, near ATH of 15.16%. The community expects staking ratio to rise to 20%.
According to the latest data by StakeBin, over 1.025 trillion LUNC has been staked on the network. The major push happened after over 2 billion in the last 24 hours.
Mr Diamondhandz1, a popular community member and owner of LuncLive validator, revealed that the validator has reached a new ATH with over 21 billion LUNC stake. Massive 1.3 billion LUNC ($90k) were staked in a single transaction from Binance wallet.
Terra Luna Classic developer Fragwuerdig completes development of Oracle Split logic that will divert community pool rewards from tax burn to the Oracle Pool (OP) boosting long-term staking rewards. A proposal will be submitted to get validator and community approval to update terrad client to v3.1.0.
Terra Luna Classic community expressed positive sentiment as LUNC staking ratio approaches near all-time high of 15.16%, a new milestone for the community-led chain. The move comes as total LUNC staked jumps to 1.025 trillion amid massive delegations to validators.
Terra Luna Classic Staking Ratio Rises Towards ATH
Terra Luna Classic staking continues to pick pace as people staking large amounts on the chain. LUNC staking ratio has jumped to 15.13% today, near ATH of 15.16%. The community expects staking ratio to rise to 20%.
According to the latest data by StakeBin, over 1.025 trillion LUNC has been staked on the network. The major push happened after over 2 billion in the last 24 hours.
Mr Diamondhandz1, a popular community member and owner of LuncLive validator, revealed that the validator has reached a new ATH with over 21 billion LUNC stake. Massive 1.3 billion LUNC ($90k) were staked in a single transaction from Binance wallet.
Terra Luna Classic developer Fragwuerdig completes development of Oracle Split logic that will divert community pool rewards from tax burn to the Oracle Pool (OP) boosting long-term staking rewards. A proposal will be submitted to get validator and community approval to update terrad client to v3.1.0.
LUNC and USTC Prices Jumps With Market Rebound
LUNC price jumped over 1% in the past 24 hours, with the price currently trading at $0.00007175. It pares some gains and failed to surpass the $0.000072 level, but the community remained hopeful about a massive upside momentum as the crypto market recovers amid token burn by TFL.
The 24-hour low and high are $0.00007022 and $0.00007242, respectively. Meanwhile, trading volume decreased by 32%, indicating a lack of interest among traders.
Meanwhile, USTC price climbed by 0.69%, with the price now trading at $0.0161. The 24-hour low and high are $0.01580 and $0.01642, respectively. Trading volumes saw a 52% decline in the last 24 hours as traders remain uninterested.
LUNC price jumped over 1% in the past 24 hours, with the price currently trading at $0.00007175. It pares some gains and failed to surpass the $0.000072 level, but the community remained hopeful about a massive upside momentum as the crypto market recovers amid token burn by TFL.
The 24-hour low and high are $0.00007022 and $0.00007242, respectively. Meanwhile, trading volume decreased by 32%, indicating a lack of interest among traders.
Meanwhile, USTC price climbed by 0.69%, with the price now trading at $0.0161. The 24-hour low and high are $0.01580 and $0.01642, respectively. Trading volumes saw a 52% decline in the last 24 hours as traders remain uninterested.