Terra Luna Classic (LUNC): A Quick Introduction
The Terra Classic blockchain was initially created to support the TerraUSD (UST) cryptocurrency.
The concept was that Terra’s LUNA cryptocurrency would keep UST tied to the US Dollar. When UST’s value rose above its peg, more LUNA was created, and when it fell below $1, LUNA was burned or destroyed.
This system worked well initially, with LUNA reaching a market cap in the billions and ranking among the top ten largest cryptocurrencies.
However, in May 2022, everything changed. UST lost its peg, and LUNA’s value plummeted, causing a significant downturn in the entire crypto market. It can be argued that the market has not fully recovered since.
A new blockchain was established with a new version of the LUNA cryptocurrency, which took the LUNA name. The original blockchain, now called Terra Classic, continues to support the original cryptocurrency, now called LUNC, and is managed by the Terra Classic community.
It’s important to note that Do Kwon, the founder, has been arrested by United States authorities and charged with eight offenses, including securities fraud, commodities fraud, wire fraud, and conspiracy. He is also imprisoned in Montenegro for forging official documents. As of now, Kwon faces extradition from Montenegro, but it is still unclear whether it will be to the United States or South Korea.
The Terra Classic blockchain was initially created to support the TerraUSD (UST) cryptocurrency.
The concept was that Terra’s LUNA cryptocurrency would keep UST tied to the US Dollar. When UST’s value rose above its peg, more LUNA was created, and when it fell below $1, LUNA was burned or destroyed.
This system worked well initially, with LUNA reaching a market cap in the billions and ranking among the top ten largest cryptocurrencies.
However, in May 2022, everything changed. UST lost its peg, and LUNA’s value plummeted, causing a significant downturn in the entire crypto market. It can be argued that the market has not fully recovered since.
A new blockchain was established with a new version of the LUNA cryptocurrency, which took the LUNA name. The original blockchain, now called Terra Classic, continues to support the original cryptocurrency, now called LUNC, and is managed by the Terra Classic community.
It’s important to note that Do Kwon, the founder, has been arrested by United States authorities and charged with eight offenses, including securities fraud, commodities fraud, wire fraud, and conspiracy. He is also imprisoned in Montenegro for forging official documents. As of now, Kwon faces extradition from Montenegro, but it is still unclear whether it will be to the United States or South Korea.
Luna Classic Price Prediction: Price History
While past performance isn’t a guarantee of future results, understanding LUNC’s price history can help provide context for interpreting or making a Terra Classic price prediction.
We’ll focus on LUNC since May 2022, but it’s useful to highlight its earlier days.
When Terra launched in July 2019, it was valued at about $1.30. This proved to be an overestimate, and the price dropped below a dollar, remaining there until early 2021. In January 2021, the token surpassed $1 and reached a high of $22.33 on March 21.
After a decline in the following months, the price surged later in the year, hitting $103.33 on December 27.
In early 2022, what was then known as LUNA saw significant price action, reaching a record high of $119.18 on April 5. Following a crash, it plummeted to a low of $0.00001675 on May 13. On May 28, the day the new LUNA emerged and the old one became LUNC, the coin closed at $0.00009566. When the Celsius crypto-lending platform halted withdrawals, confirming the bear market, LUNC dropped to $0.0000517 on June 18. By late August, the price climbed, closing the month at $0.0002252.
The announcement of a 1.2% tax on blockchain transactions saw Terra Classic peak at $0.0005888 on September 8, 2022. The tax proposal passed on September 21, but LUNC’s price fell to around $0.000185 on the morning of September 26.
By midday that day, after news of South Korean authorities contacting Interpol about Kwon and Binance implementing a 1.2% burn on LUNC trades, the price surged, with LUNC trading at around $0.00031.
On October 2, 2022, it peaked at $0.0003613, before settling to about $0.00029 on October 12. Following the collapse of the FTX exchange, LUNC fell to a low of $0.000148 on November 22 but rebounded to $0.0001658 on November 30.
On December 1, news broke that Binance had burned more than six billion LUNC, significantly boosting the price, and by December 2, 2022, it was worth $0.0001805.
While past performance isn’t a guarantee of future results, understanding LUNC’s price history can help provide context for interpreting or making a Terra Classic price prediction.
We’ll focus on LUNC since May 2022, but it’s useful to highlight its earlier days.
When Terra launched in July 2019, it was valued at about $1.30. This proved to be an overestimate, and the price dropped below a dollar, remaining there until early 2021. In January 2021, the token surpassed $1 and reached a high of $22.33 on March 21.
After a decline in the following months, the price surged later in the year, hitting $103.33 on December 27.
In early 2022, what was then known as LUNA saw significant price action, reaching a record high of $119.18 on April 5. Following a crash, it plummeted to a low of $0.00001675 on May 13. On May 28, the day the new LUNA emerged and the old one became LUNC, the coin closed at $0.00009566. When the Celsius crypto-lending platform halted withdrawals, confirming the bear market, LUNC dropped to $0.0000517 on June 18. By late August, the price climbed, closing the month at $0.0002252.
The announcement of a 1.2% tax on blockchain transactions saw Terra Classic peak at $0.0005888 on September 8, 2022. The tax proposal passed on September 21, but LUNC’s price fell to around $0.000185 on the morning of September 26.
By midday that day, after news of South Korean authorities contacting Interpol about Kwon and Binance implementing a 1.2% burn on LUNC trades, the price surged, with LUNC trading at around $0.00031.
On October 2, 2022, it peaked at $0.0003613, before settling to about $0.00029 on October 12. Following the collapse of the FTX exchange, LUNC fell to a low of $0.000148 on November 22 but rebounded to $0.0001658 on November 30.
On December 1, news broke that Binance had burned more than six billion LUNC, significantly boosting the price, and by December 2, 2022, it was worth $0.0001805.
Coin exchange rate
$BTC 67637.887 USD (-1.42%) 🔴$LUNC 0.00011238 USD (-0.03%) 🔴$LUNA 0.59763638 USD (+0.06%) 🟢LUNC Price Soars As Terra Classic Community Approves Key Upgrade Proposal
LUNC Price: Terra Luna Classic community has unanimously passed the v3.0.1 software upgrade proposal as it received 99.9% votes from community members and validators. Terra Luna Classic Layer 1 development team Genuine Labs’ proposed upgrade comprises sdk 47 and other major updates to the chain.
Traders responded immediately to the news and LUNC and USTC prices soared higher by 5% each in the last few hours. Will the upside momentum in LUNC and USTC continue?
Terra Luna Classic Community Approves Upgrade Proposal
Proposal 12110 “Genuine Labs’s proposal for v3.0.1 Upgrade” has surpassed the pass threshold, with five days still remaining in governance voting. The Terra Classic chain will be halted at block height 18,303,000 and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024 at 17:44 UTC, as per the countdown by StakeBin.
The proposal has received unanimous support from the Terra Luna Classic community and validators. It has received 99.9% “Yes” votes, indicating the importance of the upgrade for the chain to boost efficiency, robustness, and security. Among validators who participated in the voting, all 38 including Orion, Interstellar Lounge, Stakely, Luna Station 88, and StakeBin have voted in favor of the proposal.
As CoinGape reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks.
LUNC Price: Terra Luna Classic community has unanimously passed the v3.0.1 software upgrade proposal as it received 99.9% votes from community members and validators. Terra Luna Classic Layer 1 development team Genuine Labs’ proposed upgrade comprises sdk 47 and other major updates to the chain.
Traders responded immediately to the news and LUNC and USTC prices soared higher by 5% each in the last few hours. Will the upside momentum in LUNC and USTC continue?
Terra Luna Classic Community Approves Upgrade Proposal
Proposal 12110 “Genuine Labs’s proposal for v3.0.1 Upgrade” has surpassed the pass threshold, with five days still remaining in governance voting. The Terra Classic chain will be halted at block height 18,303,000 and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024 at 17:44 UTC, as per the countdown by StakeBin.
The proposal has received unanimous support from the Terra Luna Classic community and validators. It has received 99.9% “Yes” votes, indicating the importance of the upgrade for the chain to boost efficiency, robustness, and security. Among validators who participated in the voting, all 38 including Orion, Interstellar Lounge, Stakely, Luna Station 88, and StakeBin have voted in favor of the proposal.
As CoinGape reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks.
LUNC and USTC Prices Jump
Terra Luna Classic ecosystem tokens’ prices jumped amid a massive rise in trading volumes and open interests. However, prices are still trading below key resistance levels.
Terra Classic price jumped 5% in 24 hours and 12% in a week, with the LUNC price currently trading at $0.0001156. The 24-hour low and high are $0.0001103 and $0.0001162, respectively. Furthermore, trading volume has increased by 45% in the last 24 hours, indicating a rise in interest among traders.
1000LUNC and LUNC futures open interests climbed 9% in the past 24 hours, with a 3% net rise in the past hour. The derivatives traders anticipating an increase in prices among positive sentiments in the industry.
Meanwhile, USTC price is also trading sideways at $0.02276. The 24-hour low and high are $0.02204 and $0.02277, respectively. The price is up 22% in this month.
Terra Luna Classic ecosystem tokens’ prices jumped amid a massive rise in trading volumes and open interests. However, prices are still trading below key resistance levels.
Terra Classic price jumped 5% in 24 hours and 12% in a week, with the LUNC price currently trading at $0.0001156. The 24-hour low and high are $0.0001103 and $0.0001162, respectively. Furthermore, trading volume has increased by 45% in the last 24 hours, indicating a rise in interest among traders.
1000LUNC and LUNC futures open interests climbed 9% in the past 24 hours, with a 3% net rise in the past hour. The derivatives traders anticipating an increase in prices among positive sentiments in the industry.
Meanwhile, USTC price is also trading sideways at $0.02276. The 24-hour low and high are $0.02204 and $0.02277, respectively. The price is up 22% in this month.
Coin exchange rate
$BTC 67928.087 USD (+0.41%) 🟢$LUNC 0.00011659 USD (+3.74%) 🟢$LUNA 0.61849932 USD (+3.49%) 🟢Binance Burns Over 59 Billion Terra Luna Classic Tokens in Latest LUNC Burn
Crypto Exchange Binance continues to show true service to the Terra Luna Community by conducting another token burn. According to Lunc Burn Tracker Binance just burned another heap of LUNC tokens totaling the number of tokens burned by the crypto exchange to over 59 Billion.
Usually, Binance conducts LUNC burns on the first day of every month, the crypto exchange decided to up the bar and execute another LUNC burn operation.
The monthly LUNC burns are a key aspect of Binance’s support to the Terra Luna Classic ecosystem, despite a noticeable drop in trading volume in May which has impacted the burn amount expectations for June.
In addition to its monthly burns, this leading crypto exchange by trading volume conducts “surprise” burns of LUNC tokens. By sending another batch of LUNC tokens to the burn wallet, this mechanism reduces the number of LUNC tokens circulating in the crypto market. This is a significant gesture of Binance’s proactive approach to stabilizing and revitalizing the Terra Luna Classic ecosystem.
In early May, Binance took 1.4 billion LUNC to the burn wallet as its 21st batch of LUNC tokens since the initiative began. With the latest token burn of 29,828 LUNC, the number totaled 59.07B tokens.
Binance accounts for 50% of the total LUNC burned. This significant contribution underscores Binance’s major role in the Terra Luna revival efforts.
The Terra LUNA community has wholly contributed to the total burn of 113.71 billion LUNC tokens. Binance has supported Terra LUNA tirelessly with the monthly burns since 2022. The monthly LUNC burn mechanism has been a cornerstone of the community’s efforts to restore LUNC’s price value and stability to the LUNC ecosystem.
Crypto Exchange Binance continues to show true service to the Terra Luna Community by conducting another token burn. According to Lunc Burn Tracker Binance just burned another heap of LUNC tokens totaling the number of tokens burned by the crypto exchange to over 59 Billion.
Usually, Binance conducts LUNC burns on the first day of every month, the crypto exchange decided to up the bar and execute another LUNC burn operation.
The monthly LUNC burns are a key aspect of Binance’s support to the Terra Luna Classic ecosystem, despite a noticeable drop in trading volume in May which has impacted the burn amount expectations for June.
In addition to its monthly burns, this leading crypto exchange by trading volume conducts “surprise” burns of LUNC tokens. By sending another batch of LUNC tokens to the burn wallet, this mechanism reduces the number of LUNC tokens circulating in the crypto market. This is a significant gesture of Binance’s proactive approach to stabilizing and revitalizing the Terra Luna Classic ecosystem.
In early May, Binance took 1.4 billion LUNC to the burn wallet as its 21st batch of LUNC tokens since the initiative began. With the latest token burn of 29,828 LUNC, the number totaled 59.07B tokens.
Binance accounts for 50% of the total LUNC burned. This significant contribution underscores Binance’s major role in the Terra Luna revival efforts.
The Terra LUNA community has wholly contributed to the total burn of 113.71 billion LUNC tokens. Binance has supported Terra LUNA tirelessly with the monthly burns since 2022. The monthly LUNC burn mechanism has been a cornerstone of the community’s efforts to restore LUNC’s price value and stability to the LUNC ecosystem.
Coin exchange rate
$BTC 67535.088 USD (-0.63%) 🔴$LUNC 0.00010959 USD (-6.0%) 🔴$LUNA 0.58521398 USD (-5.58%) 🔴Terra Luna Classic Tears Down LUNC Burn Once And For All
The Terra Luna Classic community discarded a proposal to raise the burn tax to 1.5%. The community members expressed their dismay of the recurrent proposals suggesting altering the burn tax, especially an increase in the amount.
Terra Luna Classic Rejects LUNC Burn Proposal
Proposal 12105 “Increase burn tax” is rejected by the Terra Luna Classic community, with most holders criticizing the proposal for lack of reasoning and “lazy effort”. This is a text proposal and not a parameter change, so even if it passed it would not change the tax. A new proposal is required with a compelling description and discussion time on Commonwealth.
The proposal received a mere 21.35% “Yes” votes. Terra Luna Classic community voted 32% “No” and 38% “No with veto” votes, turning down the narrative for revising the burn tax. Validators also voted against the proposal as there is no data to support the tax increase, no complimentary strategies to support the tax increase, and no volume projections.
Recently, the community changed the LUNC burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal. Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to Oracle pool.
The Terra Luna Classic community discarded a proposal to raise the burn tax to 1.5%. The community members expressed their dismay of the recurrent proposals suggesting altering the burn tax, especially an increase in the amount.
Terra Luna Classic Rejects LUNC Burn Proposal
Proposal 12105 “Increase burn tax” is rejected by the Terra Luna Classic community, with most holders criticizing the proposal for lack of reasoning and “lazy effort”. This is a text proposal and not a parameter change, so even if it passed it would not change the tax. A new proposal is required with a compelling description and discussion time on Commonwealth.
The proposal received a mere 21.35% “Yes” votes. Terra Luna Classic community voted 32% “No” and 38% “No with veto” votes, turning down the narrative for revising the burn tax. Validators also voted against the proposal as there is no data to support the tax increase, no complimentary strategies to support the tax increase, and no volume projections.
Recently, the community changed the LUNC burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal. Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to Oracle pool.
LUNC Price Jumps Amid Rising Sentiment
LUNC price jumped 1% in the last 24 hours with the LUNC price currently trading at $0.0001145. The 24-hour low and high are $0.0001143 and $0.0001207, respectively. Furthermore, trading volume has increased by 70% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price is also trading sideways at $0.02237. The 24-hour low and high are $0.02246 and $0.02377, respectively.
LUNC price jumped 1% in the last 24 hours with the LUNC price currently trading at $0.0001145. The 24-hour low and high are $0.0001143 and $0.0001207, respectively. Furthermore, trading volume has increased by 70% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price is also trading sideways at $0.02237. The 24-hour low and high are $0.02246 and $0.02377, respectively.
Coin exchange rate
$BTC 68156.123 USD (+0.83%) 🟢$LUNC 0.00012122 USD (+10.61%) 🟢$LUNA 0.67298473 USD (+15.0%) 🟢Terra Luna Classic Community Rejects Proposal to Raise Burn Tax to 1.5%
An initiative to raise the burn tax to 1.5 percent was shot down by the Terra Luna Classic community. Regular suggestions to change the burn tax, particularly to raise its amount, have been met with community members’ dissatisfaction.
Members of the Terra Luna Classic (LUNC) community have spoken out against proposal 12105, titled “Increase burn tax,” calling it illogical and an example of “lazy effort.” As a result, the proposal has been rejected.
Major Rejection by Community
Since this is just a text proposal and not parameter change, its passage would have no effect on the tax. It is necessary to submit a fresh proposal on Commonwealth with an engaging synopsis and discussion period.
Only 21.35 percent of voters approved the plan. The narrative for modifying the burn tax was rejected by 32% of the Terra Luna Classic community and 38% with veto votes. Since the plan lacks volume predictions, statistics to back up the tax hike, and complementary methods, validators also voted against it.
The community has decided to switch the LUNC burn tax distribution from rewards to an oracle pool. With the assistance of 37 validators, the proposal has garnered 70% support. The burn tax in Terra Classic is 0.5%. The remaining 20% will be split evenly between the Community Pool and the Oracle (NYSE:ORCL) Pool, with 80% going toward burn.
Moreover, around 1.4 billion Terra Luna Classic (LUNC) tokens were burned in the 21st batch of the LUNC burn mechanism by crypto exchange Binance earlier this month. More than 57 billion LUNC have been burnt by Binance, the cryptocurrency exchange, as of their most recent burn.
An initiative to raise the burn tax to 1.5 percent was shot down by the Terra Luna Classic community. Regular suggestions to change the burn tax, particularly to raise its amount, have been met with community members’ dissatisfaction.
Members of the Terra Luna Classic (LUNC) community have spoken out against proposal 12105, titled “Increase burn tax,” calling it illogical and an example of “lazy effort.” As a result, the proposal has been rejected.
Major Rejection by Community
Since this is just a text proposal and not parameter change, its passage would have no effect on the tax. It is necessary to submit a fresh proposal on Commonwealth with an engaging synopsis and discussion period.
Only 21.35 percent of voters approved the plan. The narrative for modifying the burn tax was rejected by 32% of the Terra Luna Classic community and 38% with veto votes. Since the plan lacks volume predictions, statistics to back up the tax hike, and complementary methods, validators also voted against it.
The community has decided to switch the LUNC burn tax distribution from rewards to an oracle pool. With the assistance of 37 validators, the proposal has garnered 70% support. The burn tax in Terra Classic is 0.5%. The remaining 20% will be split evenly between the Community Pool and the Oracle (NYSE:ORCL) Pool, with 80% going toward burn.
Moreover, around 1.4 billion Terra Luna Classic (LUNC) tokens were burned in the 21st batch of the LUNC burn mechanism by crypto exchange Binance earlier this month. More than 57 billion LUNC have been burnt by Binance, the cryptocurrency exchange, as of their most recent burn.
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.
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