LUNC News: The Terra Luna Classic community rejected a highly debated proposal to increase the validators set to 130 on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. Some saw the proposal as an initial merge effort with Terra (LUNA) community by bringing Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization.
Terra Luna Classic Rejects Proposal
The Terra Luna Classic community is currently reluctant to increase the validator limit to 130 from 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement. Proposal 12116 “Increase Validator Active Set to 130” failed to reach pass threshold in the governance voting.
The proposal received a mere 30.59% “Yes” votes. Notably, 46.17% “No” and 22.59% “Abstain” votes took down the LUNC proposal after denial by top delegates and validators. Among 46 validators who voted, only 10 such as Allnodes, Luna Station 88, LuncGoblins, Austism Staking, and others voted against the proposal.
Allnodes stated the chain is not currently ready for it, stating “The amount of LUNC required to get into the active set is not burdensome.”
Proposer suggested that expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.
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Terra Classic ecosystem tokens gained upside momentum amid a rearrangement of LUNC positions after BtcTurk crypto exchange delisted LUNC after the hack. LUNC futures open interest rises 24% in the last 4 hours.
LUNC price soars more than 10% in 24 hours. The price currently trades at $0.00008246, with a 24-hour low and high of $0.00007255 and $0.00008257, respectively. Moreover, trading volume has increased by 50% in the last 24 hours.
Meanwhile, USTC price also jumped more than 5%, with the price currently changing hands at $0.0181. The 24-hour trading volume saw a rise of 136%. USTC futures open interest also rise over 21% in the past few hours, implying a possible reversal.
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Coin exchange rate
$BTC 60769.916 USD (-1.5%) 🔴$LUNC 0.00008087 USD (-1.47%) 🔴$LUNA 0.41796728 USD (-2.33%) 🔴Recent Terra Classic Mega Burn: Impact On LUNC Price
Terra Classic (LUNC) has experienced a substantial burn of over 6 billion LUNC tokens, following major sell-offs by large investors. This activity arose after Terraform Labs CEO Chris Amani confirmed the impending burn of LUNC and USTC from TFL and LFG wallets.
In the past 48 hours, the LUNC burn count has exceeded 6.5 billion, driven by large wallets selling LUNC and significant movements on centralized exchanges. Following a massive 5 billion token burn shared on X by Mr. Diamondhandz1, more burns followed, raising the total to over 6.5 billion.
This has driven the 7-day burn metric shown on Luncmetrics to an astonishing 6.93 billion tokens, resulting in a notable decrease in supply, while the community pool has seen an increase.
LUNC trading volumes have surged by more than 600% within 24 hours, reflecting heightened trading activity. This spike follows CEO Chris Amani’s assurance to the Terra Classic community that LUNC and USTC in TFL and LFG wallets would be burned. Amani also committed to blacklisting and burning wallets holding LUNC and USTC if the firm cannot access them.
The latest burn has brought the total LUNC burned to over 123.5 billion, with Binance leading the effort, having burned 60.42 billion LUNC (48.9% of total burns) through its monthly burn mechanism.
Terra Classic (LUNC) has experienced a substantial burn of over 6 billion LUNC tokens, following major sell-offs by large investors. This activity arose after Terraform Labs CEO Chris Amani confirmed the impending burn of LUNC and USTC from TFL and LFG wallets.
In the past 48 hours, the LUNC burn count has exceeded 6.5 billion, driven by large wallets selling LUNC and significant movements on centralized exchanges. Following a massive 5 billion token burn shared on X by Mr. Diamondhandz1, more burns followed, raising the total to over 6.5 billion.
This has driven the 7-day burn metric shown on Luncmetrics to an astonishing 6.93 billion tokens, resulting in a notable decrease in supply, while the community pool has seen an increase.
LUNC trading volumes have surged by more than 600% within 24 hours, reflecting heightened trading activity. This spike follows CEO Chris Amani’s assurance to the Terra Classic community that LUNC and USTC in TFL and LFG wallets would be burned. Amani also committed to blacklisting and burning wallets holding LUNC and USTC if the firm cannot access them.
The latest burn has brought the total LUNC burned to over 123.5 billion, with Binance leading the effort, having burned 60.42 billion LUNC (48.9% of total burns) through its monthly burn mechanism.
LUNC and USTC Prices Decline
The Terra Luna Classic ecosystem tokens have seen significant price declines as whales and other investors offloaded LUNC. LUNC is trading at $0.00007525, down 2.98% over the past week. LUNC has failed to meet investor expectations, dropping 28.12% over the past week and 31.87 over the past month.
USTC has not fared significantly better, showing a 3.04% decrease over the past 24 hours and trading at $0.0171. LUNC has also dropped 18.67% over the past weeks and 24.37% over the past month.
This poor performance has caused negative reactions from community members. A prominent crypto proponent recently called LUNC a meme coin because of its abysmal performance.
However, he received backlash from some in the community, as many are confident that LUNC’s poor performance is just short-term volatility. Another prominent figure also weighed in on the closure of Terraform Labs, pointing out how this potentially negative outcome can benefit LUNC. Despite the bearish trend, LUNC still has a recovery potential, and many analysts believe it is coming soon.
The Terra Luna Classic ecosystem tokens have seen significant price declines as whales and other investors offloaded LUNC. LUNC is trading at $0.00007525, down 2.98% over the past week. LUNC has failed to meet investor expectations, dropping 28.12% over the past week and 31.87 over the past month.
USTC has not fared significantly better, showing a 3.04% decrease over the past 24 hours and trading at $0.0171. LUNC has also dropped 18.67% over the past weeks and 24.37% over the past month.
This poor performance has caused negative reactions from community members. A prominent crypto proponent recently called LUNC a meme coin because of its abysmal performance.
However, he received backlash from some in the community, as many are confident that LUNC’s poor performance is just short-term volatility. Another prominent figure also weighed in on the closure of Terraform Labs, pointing out how this potentially negative outcome can benefit LUNC. Despite the bearish trend, LUNC still has a recovery potential, and many analysts believe it is coming soon.
Coin exchange rate
$BTC 61292.257 USD (+0.88%) 🟢$LUNC 0.00008293 USD (+2.55%) 🟢$LUNA 0.43184200 USD (+3.32%) 🟢Terra Classic Stalls Merger Plan with LUNA Amid Validator Dispute
The Terra Luna Classic community has rejected a highly debated proposal to increase the validator set to 130 on the blockchain. This decision comes in the wake of Terraform Labs and Do Kwon’s agreement to settle with the U.S. SEC for $4.5 billion.
According to updates shared in Today’s Coin Market Cap news, the proposal aimed to merge efforts with the Terra (LUNA) community by incorporating Luna v2 validators into Terra Classic, thereby enhancing the network’s decentralization. The community’s reaction can be summarized as follows:
Proposal Rejection: The community voted against Proposal 12116, which sought to increase the validator limit from 100 to 130. The proposal received only 30.59% “Yes” votes, while 46.17% voted “No,” and 22.59% abstained. This outcome reflects the community’s reluctance to expand the validator set at this time.
Voting Breakdown: Out of 46 validators who participated in the vote, only 10 supported the proposal. Notable validators such as Allnodes, Luna Station 88, LuncGoblins, and Autism Staking voted against it, citing concerns about the current readiness of the chain for such an expansion. Allnodes stated, “The amount of LUNC required to get into the active set is not burdensome.”
Proposer’s Perspective: The proposer argued that increasing the validator set would strengthen the network’s decentralization and benefit the LUNC community. However, the opposition believed that the amount of LUNC required to join the active set is not yet a burden, suggesting the network is not prepared for this change.
The Terra Luna Classic community has rejected a highly debated proposal to increase the validator set to 130 on the blockchain. This decision comes in the wake of Terraform Labs and Do Kwon’s agreement to settle with the U.S. SEC for $4.5 billion.
According to updates shared in Today’s Coin Market Cap news, the proposal aimed to merge efforts with the Terra (LUNA) community by incorporating Luna v2 validators into Terra Classic, thereby enhancing the network’s decentralization. The community’s reaction can be summarized as follows:
Proposal Rejection: The community voted against Proposal 12116, which sought to increase the validator limit from 100 to 130. The proposal received only 30.59% “Yes” votes, while 46.17% voted “No,” and 22.59% abstained. This outcome reflects the community’s reluctance to expand the validator set at this time.
Voting Breakdown: Out of 46 validators who participated in the vote, only 10 supported the proposal. Notable validators such as Allnodes, Luna Station 88, LuncGoblins, and Autism Staking voted against it, citing concerns about the current readiness of the chain for such an expansion. Allnodes stated, “The amount of LUNC required to get into the active set is not burdensome.”
Proposer’s Perspective: The proposer argued that increasing the validator set would strengthen the network’s decentralization and benefit the LUNC community. However, the opposition believed that the amount of LUNC required to join the active set is not yet a burden, suggesting the network is not prepared for this change.
LUNC Community’s Ongoing Efforts
Earlier, CNF reported that the total LUNC burned has surpassed 113.71 billion. This latest burn by Binance means that the total LUNC tokens burned by the Terra Luna Classic community has now gone past the 113.71 billion mark. Of this total, Binance users contributed a large share, responsible for about 51.9% of the overall tokens that have been burned by the community.
The continued burning of the token supply by the exchange aligns with the goal of fostering the development and stability of Terra Luna Classic. At the time of writing, Terra (LUNA) is priced at $0.4268, reflecting an increase of 4.41% in the past day and 3.01% in the past week. See the price chart of LUNA below.
The community’s decision underscores a cautious approach towards enhancing network decentralization, ensuring the readiness and stability of Terra Luna Classic.
Earlier, CNF reported that the total LUNC burned has surpassed 113.71 billion. This latest burn by Binance means that the total LUNC tokens burned by the Terra Luna Classic community has now gone past the 113.71 billion mark. Of this total, Binance users contributed a large share, responsible for about 51.9% of the overall tokens that have been burned by the community.
The continued burning of the token supply by the exchange aligns with the goal of fostering the development and stability of Terra Luna Classic. At the time of writing, Terra (LUNA) is priced at $0.4268, reflecting an increase of 4.41% in the past day and 3.01% in the past week. See the price chart of LUNA below.
The community’s decision underscores a cautious approach towards enhancing network decentralization, ensuring the readiness and stability of Terra Luna Classic.
Coin exchange rate
$BTC 60953.69 USD (-0.54%) 🔴$LUNC 0.00008246 USD (-0.53%) 🔴$LUNA 0.42715206 USD (-1.09%) 🔴Terra Luna Classic Loses BtcTurk Listing After Disastrous Hack
BtcTurk, the largest Turkish cryptocurrency exchange, was hit by a massive cyber attack over the weekend. The exchange claimed that one out of every ten crypto balances in its hot wallets were affected and that LUNC would be delisted. Famed on-chain detective ZachXBT chimed in to estimate a total damage of $54.20 million.
Further Research Hints at $90M Missing
ZachXBT counted 1.96 million Avalanche (AVAX) tokens in a suspicious crypto address. The address was used to siphon digital assets from BtcTurk and later swapped into assets on Coinbase and THORChain.
Upon closer examination by blockchain security audit company CertiK, it was determined that over $90 million of crypto funds were drained from the platform.
The major security breach triggered a massive sell-off of certain cryptocurrencies that the fraudsters managed to get their hands on. Besides the 1.96M AVAX coins spotted by ZachXBT, 350,000,000,000 Terra Luna Classic (LUNC) tokens were drained from BtcTurk’s treasury.
These LUNC coins, equaling $28.55 million, were moved between crypto wallets in an attempt to conceal the origin of the funds. Upon further investigation by DailyCoin, the fraudsters first cashed out 325B LUNC tokens from one of BtcTurk’s hot wallets. These digital assets were conveyed to multiple decoy wallets on Terra Classic’s chain before finally being deposited to Binance.
BtcTurk, the largest Turkish cryptocurrency exchange, was hit by a massive cyber attack over the weekend. The exchange claimed that one out of every ten crypto balances in its hot wallets were affected and that LUNC would be delisted. Famed on-chain detective ZachXBT chimed in to estimate a total damage of $54.20 million.
Further Research Hints at $90M Missing
ZachXBT counted 1.96 million Avalanche (AVAX) tokens in a suspicious crypto address. The address was used to siphon digital assets from BtcTurk and later swapped into assets on Coinbase and THORChain.
Upon closer examination by blockchain security audit company CertiK, it was determined that over $90 million of crypto funds were drained from the platform.
The major security breach triggered a massive sell-off of certain cryptocurrencies that the fraudsters managed to get their hands on. Besides the 1.96M AVAX coins spotted by ZachXBT, 350,000,000,000 Terra Luna Classic (LUNC) tokens were drained from BtcTurk’s treasury.
These LUNC coins, equaling $28.55 million, were moved between crypto wallets in an attempt to conceal the origin of the funds. Upon further investigation by DailyCoin, the fraudsters first cashed out 325B LUNC tokens from one of BtcTurk’s hot wallets. These digital assets were conveyed to multiple decoy wallets on Terra Classic’s chain before finally being deposited to Binance.
Terra Luna Classic Dumps 20% After Hack
Prominent Terra Luna Classic community members are tying the $90 million BtcTurk hack to LUNC’s plunge last weekend, but the community is divided on how it will affect performance. LUNC plummeted to a three-month low of $0.00007362 on June 22.
LUNC’s association with the hack also contributed to its shrinking market cap, which dipped by nearly $100 million due to the incident.
However, Terra Luna Classic’s funding and burning mechanism offered a silver lining in this story. According to the newly implemented LUNC burn tax rules, every transaction contributes to the Community Pool (CP), a long-term fund aimed at pursuing LUNC’s restoration plans.
The devastating BtcTurk hacking incident poured 800,000,000 LUNC tokens into the CP, which can be allocated to new development projects. The hackers’ overcomplicated transactions to erase traces of malicious activity have contributed to LUNC’s daily burns, adding a hefty 6.5B LUNC to the community’s bonfire.
As of press time, Terra Luna Classic is trading at $0.00008052, up 7.6% over the past 24 hours. Despite the soft rebound rally, LUNC has been 23% down in the last two weeks. The community is left on edge about the coin’s future, as portrayed in a question in LUNC Ninja’s thread: “Has the sell-off by this entity ended?”
Prominent Terra Luna Classic community members are tying the $90 million BtcTurk hack to LUNC’s plunge last weekend, but the community is divided on how it will affect performance. LUNC plummeted to a three-month low of $0.00007362 on June 22.
LUNC’s association with the hack also contributed to its shrinking market cap, which dipped by nearly $100 million due to the incident.
However, Terra Luna Classic’s funding and burning mechanism offered a silver lining in this story. According to the newly implemented LUNC burn tax rules, every transaction contributes to the Community Pool (CP), a long-term fund aimed at pursuing LUNC’s restoration plans.
The devastating BtcTurk hacking incident poured 800,000,000 LUNC tokens into the CP, which can be allocated to new development projects. The hackers’ overcomplicated transactions to erase traces of malicious activity have contributed to LUNC’s daily burns, adding a hefty 6.5B LUNC to the community’s bonfire.
As of press time, Terra Luna Classic is trading at $0.00008052, up 7.6% over the past 24 hours. Despite the soft rebound rally, LUNC has been 23% down in the last two weeks. The community is left on edge about the coin’s future, as portrayed in a question in LUNC Ninja’s thread: “Has the sell-off by this entity ended?”
Coin exchange rate
$BTC 61394.394 USD (+0.73%) 🟢$LUNC 0.00008083 USD (-1.99%) 🔴$LUNA 0.42064528 USD (-1.52%) 🔴LUNC Price To Rally Amid Massive Binance Burn As Over 1 Trillion LUNC Staked
Terra Luna Classic community looks for a massive LUNC burn in the next week by crypto exchange Binance as part of its LUNC burn mechanism. LUNC saw its total supply drop to 6.78 trillion after the enormous trading volumes and burn recently.
Delegators have also staked significantly with Terra Luna Classic validators, bringing the total LUNC staked to over 1 trillion.
Terra Luna Classic Community Eyes Massive Burn
Terra Luna Classic community awaits Binance LUNC burn mechanism to provide the necessary push to reduce LUNC tokens supply. Massive trading volumes this month sparked speculation of a higher amount of LUNC burn by Binance. The crypto exchange has burned nearly 60.42 billion LUNC, accounting for 48.8% of the total LUNC burned by the community.
The community has burned nearly 124 billion LUNC until now, with 71 billion by sending to burn wallet and 53 billion through on-chain burn.
In the last 7 days, almost 7 billion LUNC burn came from as whales and investors moved LUNC from centralized crypto exchanges. Total fees accrued from these transactions were 8.34 billion LUNC.
Total LUNC staked has skyrocketed to above 1 trillion, providing enough support from validators and the community. The staking ratio has increased to 14.83%. Moreover, the community pool reserve saw the required boost, with 6.22 billion LUNC and 12.37 million USTC. It gives the community enough funds for development activity.
Terra Luna Classic community looks for a massive LUNC burn in the next week by crypto exchange Binance as part of its LUNC burn mechanism. LUNC saw its total supply drop to 6.78 trillion after the enormous trading volumes and burn recently.
Delegators have also staked significantly with Terra Luna Classic validators, bringing the total LUNC staked to over 1 trillion.
Terra Luna Classic Community Eyes Massive Burn
Terra Luna Classic community awaits Binance LUNC burn mechanism to provide the necessary push to reduce LUNC tokens supply. Massive trading volumes this month sparked speculation of a higher amount of LUNC burn by Binance. The crypto exchange has burned nearly 60.42 billion LUNC, accounting for 48.8% of the total LUNC burned by the community.
The community has burned nearly 124 billion LUNC until now, with 71 billion by sending to burn wallet and 53 billion through on-chain burn.
In the last 7 days, almost 7 billion LUNC burn came from as whales and investors moved LUNC from centralized crypto exchanges. Total fees accrued from these transactions were 8.34 billion LUNC.
Total LUNC staked has skyrocketed to above 1 trillion, providing enough support from validators and the community. The staking ratio has increased to 14.83%. Moreover, the community pool reserve saw the required boost, with 6.22 billion LUNC and 12.37 million USTC. It gives the community enough funds for development activity.
LUNC and USTC Price Performance
The Terra Luna Classic community has not yet accounted LUNC and USTC burn from Terraform Labs and Luna Foundation Guard wallets. Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned.
The community will also implement Tax2Gas with the potential to increase LUNC burn massively in the coming months. It is expected to be completed by July.
Terra Classic price trading mostly sideways in the last 24 hours, with the price currently trading at $0.00008137. The 24-hour low and high are $0.000081 and $0.000083, respectively. Moreover, trading volume has decreased by 53% in the last 24 hours, indicating a lack of interest among traders.
The burn events are going to bring enough trading volumes and upside price action, with a breakout above $0.000090 confirming further uprise move.
Meanwhile, USTC price also fell over 0.62% as trading volumes dipped by 40% in the last 24 hours. The 24-hour low and high are $0.01758 and 0.01815, respectively.
The Terra Luna Classic community has not yet accounted LUNC and USTC burn from Terraform Labs and Luna Foundation Guard wallets. Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned.
The community will also implement Tax2Gas with the potential to increase LUNC burn massively in the coming months. It is expected to be completed by July.
Terra Classic price trading mostly sideways in the last 24 hours, with the price currently trading at $0.00008137. The 24-hour low and high are $0.000081 and $0.000083, respectively. Moreover, trading volume has decreased by 53% in the last 24 hours, indicating a lack of interest among traders.
The burn events are going to bring enough trading volumes and upside price action, with a breakout above $0.000090 confirming further uprise move.
Meanwhile, USTC price also fell over 0.62% as trading volumes dipped by 40% in the last 24 hours. The 24-hour low and high are $0.01758 and 0.01815, respectively.
Coin exchange rate
$BTC 63209.044 USD (+2.95%) 🟢$LUNC 0.00008240 USD (+1.93%) 🟢$LUNA 0.43100662 USD (+2.5%) 🟢Can Terra Classic Rise From The Ashes? Analyst Foresees 1,500% Price Increase
Terra Classic (LUNC), the phoenix attempting to rise from the ashes of the infamous TerraUSD crash, is once again capturing investor attention. Coincodex analysts predict a modest 10.7% price increase by July 25th, while renowned crypto analyst Javon Marks throws a much bolder 1,500% surge into the ring. So, is LUNC poised for a bullish breakout, or is this just another mirage in the volatile crypto desert?
A Token Reborn: LUNC Capitalizes On Market Volatility
LUNC, once the backbone of the collapsed TerraUSD (USTC) stablecoin ecosystem, has defied expectations. While USTC lost its peg to the US dollar and spiraled into oblivion, LUNC has exhibited surprising resilience.
The past 24 hours saw an 82% price jump, showcasing continued investor interest in the controversial token. This resilience coincides with a broader market trend where investors, wary of traditional assets, are seeking refuge in digital currencies perceived as having strong recovery potential.
Terra Classic (LUNC), the phoenix attempting to rise from the ashes of the infamous TerraUSD crash, is once again capturing investor attention. Coincodex analysts predict a modest 10.7% price increase by July 25th, while renowned crypto analyst Javon Marks throws a much bolder 1,500% surge into the ring. So, is LUNC poised for a bullish breakout, or is this just another mirage in the volatile crypto desert?
A Token Reborn: LUNC Capitalizes On Market Volatility
LUNC, once the backbone of the collapsed TerraUSD (USTC) stablecoin ecosystem, has defied expectations. While USTC lost its peg to the US dollar and spiraled into oblivion, LUNC has exhibited surprising resilience.
The past 24 hours saw an 82% price jump, showcasing continued investor interest in the controversial token. This resilience coincides with a broader market trend where investors, wary of traditional assets, are seeking refuge in digital currencies perceived as having strong recovery potential.
Analyst Divided: Measured Optimism Vs. Moon Shot
Coincodex paints a picture of cautious optimism. Their prediction of a 10.7% rise suggests LUNC may experience a slow and steady climb. This aligns with the “Fear & Greed Index” which currently sits at a moderate “Fear” level, indicating a cautious market.
However, analyst Javon Marks throws a wrench into the mix with a far more audacious prediction. Marks posits a potential 1,500% price surge, targeting a price of $0.00139122. This bullish outlook hinges on the idea that LUNC is nearing a breakout phase, fueled by a combination of its recent price gains and historical data.
A Balancing Act Of Hype And Reality
While Marks’ prediction is certainly enticing, historical trends in the cryptocurrency market are littered with failed “moon shot” predictions. The extreme volatility inherent in the crypto space makes long-term price forecasting notoriously unreliable.
Additionally, technical indicators currently lean bearish, suggesting potential short-term price dips. Investors should also consider the ongoing legal battles surrounding the Terra ecosystem, which could cast a shadow on LUNC’s future.
Terra Classic Rejects Validator Expansion Proposal
Meanwhile, the Terra Luna Classic community has rejected Proposal 12116, which sought to increase the blockchain’s validator set from 100 to 130. This proposal emerged in the wake of a $4.5 billion settlement between Terraform Labs, founder Do Kwon, and the US Securities and Exchange Commission. The aim was to enhance the network’s decentralization by incorporating validators from Terra Luna v2, potentially signaling a move towards unification within the Terra ecosystem.
However, the proposal did not gain sufficient support in the community’s governance voting. Concerns about integrating Luna v2 validators, the potential impacts on network security and performance, and the desire to maintain a distinct identity for Terra Luna Classic were significant factors in the decision.
Coincodex paints a picture of cautious optimism. Their prediction of a 10.7% rise suggests LUNC may experience a slow and steady climb. This aligns with the “Fear & Greed Index” which currently sits at a moderate “Fear” level, indicating a cautious market.
However, analyst Javon Marks throws a wrench into the mix with a far more audacious prediction. Marks posits a potential 1,500% price surge, targeting a price of $0.00139122. This bullish outlook hinges on the idea that LUNC is nearing a breakout phase, fueled by a combination of its recent price gains and historical data.
A Balancing Act Of Hype And Reality
While Marks’ prediction is certainly enticing, historical trends in the cryptocurrency market are littered with failed “moon shot” predictions. The extreme volatility inherent in the crypto space makes long-term price forecasting notoriously unreliable.
Additionally, technical indicators currently lean bearish, suggesting potential short-term price dips. Investors should also consider the ongoing legal battles surrounding the Terra ecosystem, which could cast a shadow on LUNC’s future.
Terra Classic Rejects Validator Expansion Proposal
Meanwhile, the Terra Luna Classic community has rejected Proposal 12116, which sought to increase the blockchain’s validator set from 100 to 130. This proposal emerged in the wake of a $4.5 billion settlement between Terraform Labs, founder Do Kwon, and the US Securities and Exchange Commission. The aim was to enhance the network’s decentralization by incorporating validators from Terra Luna v2, potentially signaling a move towards unification within the Terra ecosystem.
However, the proposal did not gain sufficient support in the community’s governance voting. Concerns about integrating Luna v2 validators, the potential impacts on network security and performance, and the desire to maintain a distinct identity for Terra Luna Classic were significant factors in the decision.
Coin exchange rate
$BTC 62548.402 USD (-1.07%) 🔴$LUNC 0.00008062 USD (-2.18%) 🔴$LUNA 0.42256269 USD (-1.97%) 🔴With Bitcoin At $60K Slump, Will Terra Coins Make A Comeback?
Despite the Bitcoin price taking a hit to $60K, the altcoins make a comeback with a recovery rally. In this reversal, the Terra Luna (LUNA) and Terra Classic (LUNC) kicked off a bullish jump last night.
Taking support from crucial levels, will the Terra tokens form a new lower high? Or is the recovery rally ready for a breakout rally in 2024?
Let’s look closer at the LUNA and LUNC price charts to find out the upside potential.
Will Luna Classic Challenge Overhead Trendline?
With a long-term resistance trendline in the daily chart, the LUNC price chart displays a massive correction spree. The Terra Classic price trend reveals a lower high formation and a failed rising channel pattern.
Breaking under the rising channel, the recent sell-off from the resistance trendline accounts for a 30% drop. Following the downfall, the Terra Classic price forms a morning star pattern at $0.000076.
Currently, the Terra Classic token trades at $0.000081 following the $8.76% jump last night. This completes the morning star with a bullish engulfing candle.
If the bull run is sustained, the uptrend can result in a new peak at the resistance trendline, which is near $0.00010. However, a breakout of the psychological resistance can result in a trendline breakout for an extended bull run.
With this trend reversal, the uptrend in the LUNC price can reach the 50% Fibonacci level at $0.00015.
Despite the Bitcoin price taking a hit to $60K, the altcoins make a comeback with a recovery rally. In this reversal, the Terra Luna (LUNA) and Terra Classic (LUNC) kicked off a bullish jump last night.
Taking support from crucial levels, will the Terra tokens form a new lower high? Or is the recovery rally ready for a breakout rally in 2024?
Let’s look closer at the LUNA and LUNC price charts to find out the upside potential.
Will Luna Classic Challenge Overhead Trendline?
With a long-term resistance trendline in the daily chart, the LUNC price chart displays a massive correction spree. The Terra Classic price trend reveals a lower high formation and a failed rising channel pattern.
Breaking under the rising channel, the recent sell-off from the resistance trendline accounts for a 30% drop. Following the downfall, the Terra Classic price forms a morning star pattern at $0.000076.
Currently, the Terra Classic token trades at $0.000081 following the $8.76% jump last night. This completes the morning star with a bullish engulfing candle.
If the bull run is sustained, the uptrend can result in a new peak at the resistance trendline, which is near $0.00010. However, a breakout of the psychological resistance can result in a trendline breakout for an extended bull run.
With this trend reversal, the uptrend in the LUNC price can reach the 50% Fibonacci level at $0.00015.