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Terra Classic Price Rises Amid Massive LUNC Burns and Rally Hopes

by Ouess
written by Ouess

The Terra Classic price has seen a significant surge, aligning with the broader November crypto rally. A key driver behind this bullish momentum is the rising number of LUNC token burns, which reduce supply and fuel investor optimism. With strong market interest and technical indicators pointing upward, traders are eyeing a potential 170% rally for the token.

LUNC Burns Drive Terra Classic’s Growth

Recent efforts to burn LUNC tokens have played a critical role in Terra Classic’s price momentum. Binance recently burned 1 billion LUNC tokens, reigniting market interest. In addition, the Terra Classic Foundation has implemented a strategy to allocate 50% of trading fees toward token buybacks and burns. This approach aims to lower the circulating supply and boost demand.

In the past seven days, 393 million LUNC tokens were burned. Since May 2022, a total of 389.25 billion tokens have been removed from circulation. However, the current supply remains high at 6.51 trillion tokens, with a total supply just above 6.52 trillion.

Can Terra Classic Reach $0.0003?

Over the past month, LUNC price has climbed more than 30%, signaling renewed investor confidence. Currently trading at $0.0001092, the token has experienced slight fluctuations, ranging from $0.0001071 to $0.0001128 in the last 24 hours. Despite minor dips, the coin has maintained an upward trend.

Breaking the current resistance at $0.00019 could pave the way for a rally to $0.00025. Sustained momentum may even push the token toward the highly anticipated $0.0003 mark, representing a 170% price increase.

Bullish Indicators Strengthen Outlook

Technical indicators support the bullish case for LUNC. The Moving Average Convergence Divergence (MACD) has shown a bullish crossover, with the MACD line positioned above the signal line. This trend highlights growing positive sentiment in the market.

Moreover, the recent burns and active trading volume have reinforced optimism. If the cryptocurrency maintains its current trajectory, breaking key resistance levels could result in substantial gains.

Conclusion

The Terra Classic price rally is supported by reduced token supply and rising market participation. While resistance at $0.00019 presents a hurdle, the token’s bullish indicators and strong investor interest suggest a potential 170% rally. Keep an eye on market movements as LUNC continues to gain traction in the crypto space.

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Binance Burns 1.14B LUNC, Sparking 10% Price Surge

by Ouess
written by Ouess

Binance has burned 1.14 billion Terra Luna Classic (LUNC) tokens, causing a 10% price surge in LUNC and USTC. This burn has reignited hopes for a revival of the Terra Luna Classic ecosystem.

Binance Continues LUNC Burn Initiative

The world’s largest crypto exchange, Binance, has once again shown its commitment to the Terra Luna Classic community. By burning over 1.14 billion LUNC tokens in its 26th burn batch, Binance has bolstered investor confidence. The result? A 10% rise in both LUNC and USTC prices, signaling optimism in the market.

LuncLive validator owner, Mr. Diamondhandz, took to social media platform X to express his appreciation for Binance CEO Changpeng Zhao, stating, “Binance burned 1,142,098,248.09 LUNC! Thank you CZ and company for supporting the LunaClassic community since 2022!” This gratitude highlights the community’s ongoing belief in the potential revival of the Terra Luna Classic ecosystem.

Binance’s Key Role in the LUNC Ecosystem

Since 2022, Binance has been a crucial supporter of LUNC, burning over 64 billion tokens as of September. The LUNC burn mechanism is a vital part of reducing the token’s supply, which could lead to price growth as demand increases. Binance remains the largest contributor to LUNC burns, further cementing its role in the token’s recovery.

LUNC and USTC Prices Rally on Burn Optimism

Binance has ramped up its burn frequency in recent months, completing six burns in September alone. This increased activity has fueled speculation within the Terra Luna Classic community that Binance is intensifying its efforts to revive LUNC’s value. The burn mechanism has led to a rally in both LUNC and USTC prices, reflecting growing market optimism.

At the time of writing, LUNC is trading at $0.00009723, after hitting a 24-hour high of $0.00009944. Similarly, USTC is priced at $0.02433, with trading volume spiking by 65% to $93.54 million. USTC even touched a high of $0.02535 within the last 24 hours, further indicating renewed market confidence. Analysts also predict a potential 40% rally in LUNC following Binance’s latest burn.

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DeFi

Terraform Labs to Liquidate and Burn LUNC by October 30

by Ouess
written by Ouess

Terraform Labs (TFL) and its CEO, Chris Amani, confirmed plans to shut down operations and liquidate assets on October 30, 2024. This follows a bankruptcy court order after the company’s settlement with the SEC.

TFL Plans Shutdown if Negotiations Fail

On September 25, TFL announced ongoing discussions with third-party companies interested in taking over some of its products and services. However, if negotiations fail, TFL will shut down by October 30. The sale includes four key businesses: Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub. Additionally, services like Finder Block Explorer, Foundation, IBC Relayers, and others are up for takeover, though infrastructure challenges may deter potential buyers.

Community to Take Over Chain Maintenance

As TFL wraps up its final update, the company will no longer support future chain upgrades. Maintenance of the Terra Luna Classic blockchain will now be handled by the community. Coincidentally, the shutdown date aligns with the closure of Shuttle Bridge, which will be used to burn tokens like wLUNC in contracts.

LUNA and LUNC Prices Respond to Burn News

As news of TFL’s shutdown spread, the Terra Luna Classic (LUNC) community focused on Binance’s LUNC burn mechanism. Binance recently sent more tokens to the burn address, boosting market sentiment. LUNC’s price rose 2% in the past 24 hours and 10% over the week, now trading at $0.00008775. Trading volume increased by 30%, reflecting growing interest among traders.

Similarly, LUNA’s price saw a 1% increase in the past day, trading at $0.39, with trading volume up 41%. The positive sentiment surrounding Terra’s bankruptcy plan has contributed to this surge, as LUNA’s price rose over 8% in the past week.

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Terra Luna Classic Burns Billions of Tokens: Will Prices Surge?

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) community recently took a significant step in its recovery plan by burning a massive 1 billion USTC and 275 billion LUNC tokens. This burn followed the approval of proposal 12135, which resulted in 726 million USTC tokens being burned from Anchor Protocol.

This move came after a U.S. bankruptcy court granted Terraform Labs (TFL) approval to wind down its operations. With legal backing, the Terra Luna Classic community now plans to burn billions more LUNC and USTC tokens across various related projects.

Token Burn: Will It Revive LUNC and USTC Prices?

The Terra Luna Classic community hopes that these large-scale burns will help revive token prices. According to a recent CNF update, increasing the burn tax from 0.4% to 1.5% would effectively triple the contribution to both the community pool and the oracle pool. This adjustment could accelerate the pace of token burns while boosting funds for long-term staking rewards.

Following the burn, Terra Classic (LUNC) experienced a modest price uptick, trading at $0.00008524, marking a 0.64% increase over the past day and a 3.74% rise for the week. However, trading volume remained low, partly due to broader market pressures.

A Closer Look at the Proposal

The recent burn was carried out through a contract migration in Anchor Protocol. The proposal passed narrowly, with 27.23% of votes in favor. Interestingly, only 25% of validators supported it, but 92% of delegators voted “Yes,” recognizing that these tokens are community assets.

While the migration of Anchor Protocol’s contract was successful, an attempt to burn 46 million USTC from Mirror Protocol failed, prompting further investigation into the issue.

What’s Next for Terra Luna Classic?

The Terra Luna Classic ecosystem is moving forward with its ambitious burning strategy, but market pressures and mixed responses to proposals mean the path forward could be bumpy. Despite these challenges, the community remains optimistic that these efforts will lead to a price rally, especially if further burns and tax adjustments are implemented successfully.

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Terra Luna Classic: Key Developments and Future Outlook

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) network has made significant progress despite its 2022 collapse, where the ecosystem’s value plummeted from $41 billion to just $485 million.

The team of developers, who took over from the Terra Luna Foundation, remains dedicated to rebuilding the network and establishing a thriving Web3 ecosystem.

Terra Luna Classic’s Resilience

Despite its early struggles, the Terra Luna Classic community has shown unwavering commitment. Over the years, the network has attracted several decentralized finance (DeFi) projects, including Astroport Classic, TerraSwap, Loop Finance, and Eris Protocol. As of now, the Terra Classic network has a total value of $2.23 million, with a stablecoin market cap of $524,000.

Binance’s Role in Terra Classic’s Recovery

Binance, the world’s leading cryptocurrency exchange, has played a crucial role in the recovery of the Terra Classic network. Apart from supporting LUNC burning to reduce the token’s circulating supply, Binance has also backed multiple network upgrades. One notable upgrade is scheduled for September 18, 2024, when Binance will support a Terra Classic upgrade to improve security and functionality. This includes applying the wasmd security patch, developed by Genuine Labs, and updating the network to version 0.46 and wave to 1.5.4.

LUNC Price Action: Bullish Signs Ahead?

Technically, LUNC is showing signs of recovery. The price has formed a macro reversal pattern with a potential double bottom and bullish divergence on the weekly chart. Having maintained support above $0.000054, LUNC is poised for a short-term rally toward $0.00020, aligning with the 0.618 Fibonacci Retracement level.

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Terra Luna Classic Proposal Ignites Community Optimism as LUNC Eyes $0.0003 Rally

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) community has introduced a key proposal that has sparked renewed optimism among traders. With recent ecosystem upgrades and positive sentiment, LUNC is on the verge of a potential rally toward $0.0003.

Terra Luna Classic Proposal Fuels Market Optimism

The Terra Luna Classic community has revealed a crucial proposal aimed at fixing a previous upgrade error. This has led to growing excitement among LUNC holders. The proposal seeks to correct a mistake made during a prior upgrade, which could have a significant impact on the future of the Terra ecosystem.

Dubbed Proposal 12133, the goal is to restore the maximum number of validators on the network to 110. A recent SDK update mistakenly reduced this number, which impacted network stability. With 63.81% of votes already supporting the proposal, the community is rallying around this vital correction. Voting is expected to conclude within two days.

Key Ecosystem Upgrades Boost LUNC Sentiment

In addition to Proposal 12133, other important ecosystem developments, such as the Tax2Gas upgrade, have also contributed to the community’s positive outlook. These upgrades, designed to enhance security and network efficiency, have caught the attention of traders and investors. As a result, expectations for a potential LUNC rally have intensified, with market watchers eyeing a price target of $0.0003.

LUNC Price Set for a Potential Rally?

While LUNC’s price experienced a slight increase of 1% today, trading at $0.00008175, the previous week’s 17% rally has set the stage for a potential breakout. However, trading volume has dropped by 38% over the last 24 hours to $11.36 million.

If LUNC can surpass key resistance levels, the price may rise to $0.0003. Optimism surrounding Terraform Labs’ Chapter 11 bankruptcy upgrade has also fueled speculation about an upcoming rally, contributing to the heightened market interest.

LUNA Price and Market Movements

While LUNC gains attention, LUNA has also experienced some price movement. LUNA’s price rose by over 2%, trading at $0.3819 at the time of writing. It hit a 24-hour high of $0.3832, with its trading volume dropping 32% to $27.66 million.

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LUNA and LUNC Surge as Terra Classic Community Votes on Major Upgrade

by Ouess
written by Ouess

The prices of LUNA and LUNC saw significant gains today, rising by 14% and 9%, respectively. Investors are speculating on the reasons behind this surge. One of the key drivers appears to be a Terra Classic community proposal to vote on a major upgrade, which has boosted confidence in the market.

Terra Classic Community Votes on Key Network Upgrade

The Terra Classic community is currently voting on an important upgrade proposal, v3.1.5, which aims to improve the network’s security and efficiency. This update focuses on critical security patches, enhancing Terra’s core components wasmd and wasmvm. The upgrade is scheduled to take place at block height 19,850,000 on September 18, pending community approval.

The proposal also includes a gas simulation patch carried over from the previous version, v3.1.4. Validators and infrastructure providers will need to implement the changes immediately after the scheduled chain halt. Early voting indicates strong support, with the community united in pushing the network forward.

The proposal also highlights robust testing protocols, such as a rehearsal upgrade on the rebel-2 testnet, demonstrating a cautious approach to ensuring a smooth transition.

LUNA and LUNC Price Rallies Boosted by Token Burn Expectations

LUNC surged by 9.12%, reaching $0.00008612, with a 223% spike in trading volume to $30.07 million. Despite this rally, challenges remain for LUNC to hit $0.01.

Meanwhile, LUNA jumped 14.53% to $0.3882, with its trading volume skyrocketing by 391% to $75.39 million. This rally coincides with increasing anticipation around potential massive token burns in the Terra ecosystem. The community expects significant reductions in the supply of USTC and LUNC, with estimates suggesting over 1 billion USTC and 275 billion LUNC could be burned as part of a court order linked to Terraform Labs’ Chapter 11 bankruptcy.

These token burns are viewed as a crucial step toward restoring value and stability to the Terra Classic ecosystem, potentially driving further price increases as supply diminishes.

Investor Sentiment Remains Bullish as Proposal Vote Continues

As the Terra Classic upgrade proposal vote moves forward, investor sentiment remains strong. With six days left before the vote concludes, early results show overwhelming support for the upgrade. This reflects a community eager to push the network into its next phase of development, especially after facing market volatility and regulatory challenges.

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Binance Burns 1.2 Billion LUNC, But Terra Classic Price Struggles

by Ouess
written by Ouess

Binance recently burned another 1.2 billion Terra Luna Classic (LUNC) tokens, bringing its total LUNC burns to nearly 65 billion. Despite these efforts, LUNC’s price continues to decline under various pressures.

Binance’s LUNC Burn Hits 65 Billion On September 1, Binance completed its 25th LUNC burn, incinerating 1.2 billion tokens, bringing its total burns to almost 65 billion. This significant reduction in supply, combined with burns from other sources, has pushed the community’s total burn to nearly 132 billion LUNC. However, the price impact of these burns has diminished, with LUNC still struggling in the market.

Factors Behind LUNC’s Price Decline Several factors contribute to LUNC’s recent price drop. Delays in implementing the Tax2Gas feature due to security concerns have created uncertainty, leading to a 15% drop in LUNC’s price over the past week. Additionally, a community dispute over alleged rule violations by some validators has further dampened market sentiment.

Broader crypto market volatility has also impacted LUNC, with the price staying below the 50-day moving average for two months. Investor interest has waned, as seen by a 6% drop in open interest in LUNC futures on Binance and Bybit, despite ongoing token burns.

USTC Shows Some Positive Movement While LUNC struggles, Terra’s stablecoin USTC has seen a slight increase, rising over 1% to $0.0156, with a 53% surge in trading volume in the last 24 hours. Whether this positive momentum can continue amid the broader market downturn remains uncertain.

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Terra Luna Classic Approves Tax2Gas Proposal, LUNC Price Rises 5%

by Ouess
written by Ouess

The Terra Luna Classic community has officially approved the long-anticipated Tax2Gas proposal, spearheaded by core developer Genuine Labs. This upgrade will streamline the handling and calculation of taxes on the Terra Classic chain, potentially having a significant impact on the chain’s future and LUNC price.

Overwhelming Support for Tax2Gas Implementation

The community’s support was clear, with text proposal 12120, titled “Genuine Labs’s Tax2Gas Implementation,” surpassing the pass threshold. Over 65% of validators and delegators voted in favor, while 10% voted “No” and 24% abstained. Although most validators supported the proposal, top validator Allnodes has yet to cast its vote, making it a critical moment for the on-chain tax mechanism and LUNC burn.

Debate and Opposition

Despite the strong backing, Genuine Labs’ approach faced some resistance. Concerns were raised by popular developer StrathCole during the initial review of the code, leading to further scrutiny and debate within the community. This led Genuine Labs to seek broader community agreement before moving forward with the tax change.

Impact on LUNC Price: A Possible Revival?

The implementation of Tax2Gas could be a game-changer, especially for contract developers who previously had to manually calculate burn taxes. This upgrade addresses key issues like clients and dApps needing to calculate taxes independently, as the simulation endpoint only provides gas estimates.

Following the proposal’s approval, LUNC saw a 6% price increase in the past 24 hours, trading at around $0.000071. Despite this surge, trading volume dropped by 11%, suggesting a cautious approach from traders. However, the Terra Luna Classic community remains optimistic, believing that the upgrade could significantly boost utility and burn rates, potentially pushing LUNC towards a long-term revival and a $1 target. A recent analysis by CoinGape even predicted a rebound to $0.0001.

USTC Also Sees Gains

In parallel, USTC prices rose by over 4%, with current trading prices around $0.01561. Despite this increase, the 24-hour trading volume only saw a modest 4% rise, reflecting ongoing market uncertainty.

Conclusion

The approval of the Tax2Gas proposal marks a pivotal moment for Terra Luna Classic, potentially setting the stage for significant price movements and a revival of the LUNC token. As the upgrade is implemented, all eyes will be on how it impacts the broader market and whether it can help LUNC achieve its long-term price targets.

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