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.
Coin exchange rate
$BTC 65308.992 USD (+3.8%) 🟢$LUNC 0.00009371 USD (+18.65%) 🟢$LUNA 0.45100399 USD (+11.66%) 🟢SEC Explains Why Terra Luna Classic, MATIC & 3 Other Crypto Are Securities
In a recent litigation filed by the U.S. Securities and Exchange Commission (SEC) against Consensys, the agency has clarified its stance on the classification of several prominent cryptocurrencies as securities. These include Terra Luna Classic (LUNA), Polygon (MATIC), The Sandbox (SAND), Chiliz (CHZ), and Decentraland (MANA). This legal action underscores the SEC’s contention that these digital assets were initially offered and sold as investment contracts.
Hence, the SEC believes these cryptocurrencies fall under the regulatory purview of securities laws. For context, Consensys, a major player in the crypto space, has been targeted for allegedly facilitating the trading of these assets through its MetaMask Swaps platform.
The US SEC argues that each of these tokens was marketed with promises of future profits derived from the efforts of the issuing entities, Consensys and related third parties. This expectation of profit was cultivated through various means. These include public statements, marketing materials, and the operational strategies outlined by the token issuers.
In a recent litigation filed by the U.S. Securities and Exchange Commission (SEC) against Consensys, the agency has clarified its stance on the classification of several prominent cryptocurrencies as securities. These include Terra Luna Classic (LUNA), Polygon (MATIC), The Sandbox (SAND), Chiliz (CHZ), and Decentraland (MANA). This legal action underscores the SEC’s contention that these digital assets were initially offered and sold as investment contracts.
Hence, the SEC believes these cryptocurrencies fall under the regulatory purview of securities laws. For context, Consensys, a major player in the crypto space, has been targeted for allegedly facilitating the trading of these assets through its MetaMask Swaps platform.
The US SEC argues that each of these tokens was marketed with promises of future profits derived from the efforts of the issuing entities, Consensys and related third parties. This expectation of profit was cultivated through various means. These include public statements, marketing materials, and the operational strategies outlined by the token issuers.
Agency Explains Why Certain Crypto Are Securities
One of the tokens in question is MATIC, the native token of Polygon, an Ethereum scaling blockchain platform. Moreover, Polygon positions MATIC as essential for network transactions and governance, incentivizing holders through staking mechanisms and other economic activities.
Hence, the SEC contends that since its inception, MATIC has been marketed and sold as an investment vehicle. It mentions that investors expect an increase in MATIC value driven by Polygon’s ongoing development and expansion efforts. They highlighted the details on MATIC’s whitepaper to prove their point.
The whitepaper read, “Matic Tokens are expected to provide economic incentives on the Matic Network [now Polygon]…Without Matic Tokens, there is no incentive for users to expend resources to participate in activities or provide services to the overall ecosystem on the Matic Network.”
Polygon also revealed funding raised from renowned and celebrity investors. In addition, Sandeep Nailwal, co-founder of Polygon, wrote in a November 2022 tweet, “I won’t rest until Polygon gets the ‘top 3’ spot it deserves (alongside BTC and ETH). No other project comes close.” The marketing and statements by the co-founder has also influenced the SEC’s decision.
Similarly, MANA, the digital currency of Decentraland, a virtual reality platform on Ethereum, has been categorized as a security by the SEC. MANA facilitates transactions within the Decentraland ecosystem and grants holders rights to participate in governance and content creation.
The SEC pinpointed the sale of MANA tokens during its ICO and subsequent trading activities on platforms like MetaMask Swaps. Moreover, the agency noted that these activities were conducted with the implicit understanding of potential profit from Decentraland’s platform growth and adoption.
One of the tokens in question is MATIC, the native token of Polygon, an Ethereum scaling blockchain platform. Moreover, Polygon positions MATIC as essential for network transactions and governance, incentivizing holders through staking mechanisms and other economic activities.
Hence, the SEC contends that since its inception, MATIC has been marketed and sold as an investment vehicle. It mentions that investors expect an increase in MATIC value driven by Polygon’s ongoing development and expansion efforts. They highlighted the details on MATIC’s whitepaper to prove their point.
The whitepaper read, “Matic Tokens are expected to provide economic incentives on the Matic Network [now Polygon]…Without Matic Tokens, there is no incentive for users to expend resources to participate in activities or provide services to the overall ecosystem on the Matic Network.”
Polygon also revealed funding raised from renowned and celebrity investors. In addition, Sandeep Nailwal, co-founder of Polygon, wrote in a November 2022 tweet, “I won’t rest until Polygon gets the ‘top 3’ spot it deserves (alongside BTC and ETH). No other project comes close.” The marketing and statements by the co-founder has also influenced the SEC’s decision.
Similarly, MANA, the digital currency of Decentraland, a virtual reality platform on Ethereum, has been categorized as a security by the SEC. MANA facilitates transactions within the Decentraland ecosystem and grants holders rights to participate in governance and content creation.
The SEC pinpointed the sale of MANA tokens during its ICO and subsequent trading activities on platforms like MetaMask Swaps. Moreover, the agency noted that these activities were conducted with the implicit understanding of potential profit from Decentraland’s platform growth and adoption.
Coin exchange rate
$BTC 64724.348 USD (-0.9%) 🔴$LUNC 0.00009011 USD (-3.85%) 🔴$LUNA 0.44295639 USD (-1.78%) 🔴Scrutiny On Terra Luna Classic, Chiliz & The Sandbox
Another token under scrutiny is CHZ, the utility token for Chiliz. It is used on the Socios platform for fan engagement in sports and entertainment. CHZ enables fans to purchase and influence decisions in their favorite teams through voting rights and rewards programs.
The SEC alleges that CHZ was promoted as an investment opportunity. It highlighted funds were raised explicitly earmarked for platform development, user acquisition, and marketing efforts. These factors all contributed to potential increases in CHZ’s value.
SAND, the token of The Sandbox, a virtual gaming platform powered by blockchain, is also highlighted in the SEC’s litigation. The SEC argues that SAND’s initial offering portrayed it as an investment vehicle. Hence, it is subject to securities regulations due to the expected returns tied to the platform’s success.
Lastly, Terra Luna Classic (LUNA), the native token of Terra, is included in the SEC’s classification as a security. LUNA facilitates stablecoin transactions and platform governance within Terra’s ecosystem. The SEC asserts that Terra Luna Classic’s issuance and trading involved expectations of profit. These expections were based on Terraform’s development efforts and market adoption of Terra’s stablecoin solutions.
The SEC also highlighted that in 2021, Terraform’s head of business development deemed Terra Luna Classic “equity” in their company. Moreover, Terraform CEO Do Kwon once wrote, “LUNA value is viable in the long run — growing as the ecosystem grows.” A director stated in June 2021 that “owning LUNA is essentially owning a portion of the network.”
Additionally, Terraform’s marketing emphasized their team’s expertise. These factors led the Federal Court for the Southern District of New York to rule on December 28, 2023, that LUNA and wLUNA were sold as investment contracts. Moreover, the SEC seeks to stand by this ruling.
Another token under scrutiny is CHZ, the utility token for Chiliz. It is used on the Socios platform for fan engagement in sports and entertainment. CHZ enables fans to purchase and influence decisions in their favorite teams through voting rights and rewards programs.
The SEC alleges that CHZ was promoted as an investment opportunity. It highlighted funds were raised explicitly earmarked for platform development, user acquisition, and marketing efforts. These factors all contributed to potential increases in CHZ’s value.
SAND, the token of The Sandbox, a virtual gaming platform powered by blockchain, is also highlighted in the SEC’s litigation. The SEC argues that SAND’s initial offering portrayed it as an investment vehicle. Hence, it is subject to securities regulations due to the expected returns tied to the platform’s success.
Lastly, Terra Luna Classic (LUNA), the native token of Terra, is included in the SEC’s classification as a security. LUNA facilitates stablecoin transactions and platform governance within Terra’s ecosystem. The SEC asserts that Terra Luna Classic’s issuance and trading involved expectations of profit. These expections were based on Terraform’s development efforts and market adoption of Terra’s stablecoin solutions.
The SEC also highlighted that in 2021, Terraform’s head of business development deemed Terra Luna Classic “equity” in their company. Moreover, Terraform CEO Do Kwon once wrote, “LUNA value is viable in the long run — growing as the ecosystem grows.” A director stated in June 2021 that “owning LUNA is essentially owning a portion of the network.”
Additionally, Terraform’s marketing emphasized their team’s expertise. These factors led the Federal Court for the Southern District of New York to rule on December 28, 2023, that LUNA and wLUNA were sold as investment contracts. Moreover, the SEC seeks to stand by this ruling.
Binance Allegedly Supports Terra Classic’s USTC Revival Plan Amidst LUNC Burn Campaign – LUNC Price to Rally?
Binance, the world’s largest cryptocurrency exchange, has made significant strides in supporting the Terra Luna Classic community. Recently, Binance community associate Diana posted a cryptic message on the X platform suggesting that Binance might be involved in the USTC rebirth. This post has sparked a lot of interest in the community.
Binance’s Contribution to LUNC Burn Campaign
Binance has played a significant role in the LUNC burn campaign, which aims to decrease the token quantity in the market. The exchange has burnt over 62 billion LUNC, which is 49% of the total tokens burnt by the community. Thus, the community has a burning history of over 126 billion tokens.
As outlined in our recent blog post, over 1.017 trillion Terra Luna Classic (LUNC) tokens, valued at $70.15 million, have been staked. The staking ratio has increased from 14.83% to 15.01%.
The USTC repeg plan has encountered some challenges, which has left the community relying on Terraform Labs and the Luna Foundation Guard to burn USTC from their wallets. The news of Binance’s possible participation in the USTC revival plan is considered a game-changer that can bring new life to the token.
The burn campaign is part of the larger plan to stabilize the value of LUNC. However, the Terra Luna Classic community has faced some obstacles, and the monthly burn mechanism from Binance has been quite helpful. Changpeng Zhao, the former CEO of Binance, also disclosed that Binance invested $3 million in Terra (currently Terra Luna Classic) and has not traded or sold any of the LUNC tokens, which shows Binance’s long-term interest.
Diana’s recent post on the X platform, reposted by the well-known community member Mr. Diamondhandz1, mentioned that Binance could also be involved in the USTC revival plan. This has raised hope among the community members who have been anticipating positive changes in the USTC market.
Binance, the world’s largest cryptocurrency exchange, has made significant strides in supporting the Terra Luna Classic community. Recently, Binance community associate Diana posted a cryptic message on the X platform suggesting that Binance might be involved in the USTC rebirth. This post has sparked a lot of interest in the community.
Binance’s Contribution to LUNC Burn Campaign
Binance has played a significant role in the LUNC burn campaign, which aims to decrease the token quantity in the market. The exchange has burnt over 62 billion LUNC, which is 49% of the total tokens burnt by the community. Thus, the community has a burning history of over 126 billion tokens.
As outlined in our recent blog post, over 1.017 trillion Terra Luna Classic (LUNC) tokens, valued at $70.15 million, have been staked. The staking ratio has increased from 14.83% to 15.01%.
The USTC repeg plan has encountered some challenges, which has left the community relying on Terraform Labs and the Luna Foundation Guard to burn USTC from their wallets. The news of Binance’s possible participation in the USTC revival plan is considered a game-changer that can bring new life to the token.
The burn campaign is part of the larger plan to stabilize the value of LUNC. However, the Terra Luna Classic community has faced some obstacles, and the monthly burn mechanism from Binance has been quite helpful. Changpeng Zhao, the former CEO of Binance, also disclosed that Binance invested $3 million in Terra (currently Terra Luna Classic) and has not traded or sold any of the LUNC tokens, which shows Binance’s long-term interest.
Diana’s recent post on the X platform, reposted by the well-known community member Mr. Diamondhandz1, mentioned that Binance could also be involved in the USTC revival plan. This has raised hope among the community members who have been anticipating positive changes in the USTC market.
Coin exchange rate
$BTC 63718.61 USD (-1.55%) 🔴$LUNC 0.00008621 USD (-4.32%) 🔴$LUNA 0.42380974 USD (-4.32%) 🔴LUNC and USTC Price Movements Amid Positive News
Over the past 24 hours, LUNC’s price has experienced a slight decline of 1%, currently trading at $0.00007048. Despite failing to surpass the $0.000072 level, the community remains optimistic about potential upward momentum as the broader crypto market recovers.
Meanwhile, USTC has also seen a price decline of 1.50%, now trading at $0.01589. The 24-hour low and high for USTC are $0.01547 and $0.01675, respectively. Unlike, LUNC, USTC’s trading volume has increased, increasing by 84% in the last 24 hours.
Additionally, Javon a popular crypto analyst has recently shared a bull reversal signal for Terra Classic USD. Javon pointed out a confirmed bullish divergence, a chart pattern that frequently signifies an increasing price trend. This pattern along with the formation of higher lows indicates that the price is in an upward trend.
Javon targets a breakout price of $0.08097, indicating a potential increase of over 360% from current levels. The chart’s series of higher lows indicates that buyers are entering at progressively higher prices, signaling increasing demand.
Over the past 24 hours, LUNC’s price has experienced a slight decline of 1%, currently trading at $0.00007048. Despite failing to surpass the $0.000072 level, the community remains optimistic about potential upward momentum as the broader crypto market recovers.
Meanwhile, USTC has also seen a price decline of 1.50%, now trading at $0.01589. The 24-hour low and high for USTC are $0.01547 and $0.01675, respectively. Unlike, LUNC, USTC’s trading volume has increased, increasing by 84% in the last 24 hours.
Additionally, Javon a popular crypto analyst has recently shared a bull reversal signal for Terra Classic USD. Javon pointed out a confirmed bullish divergence, a chart pattern that frequently signifies an increasing price trend. This pattern along with the formation of higher lows indicates that the price is in an upward trend.
Javon targets a breakout price of $0.08097, indicating a potential increase of over 360% from current levels. The chart’s series of higher lows indicates that buyers are entering at progressively higher prices, signaling increasing demand.
Terra Luna Classic votes on a governance proposal to create an independent community website. The website would be modeled along Bitcoin.org, integrating design processes and concept workshops. Recently, the network has garnered positive news as the users intend to rebound after previous lows.
Terra Luna Classic Votes on Website
A new vote proposal is underway within the community to create a website that will be community, educational, decentralized, and able to compete with other websites from blockchains.
“This proposal aims to create an independent and dedicated Terra Classic website inspired by the Bitcoin.org model, using professional and proven design processes that start with concept workshops, Key visual design, building an MVP (minimum viable product) type of website, and ending with the design of the final website.”
At press time, 14.22% of the community voted in favor of the proposal while 28% voted in negative. 46% of the community are yet to vote. However, there are still five days remaining on the countdown as users access the benefits of this proposal in the wider ecosystem. According to the release, the proposals were borne out of a lack of a comprehensive website since the Terra 2022 implosion leading to a loss of metrics.
The community is without a website that offers comprehensive information on Terra Luna Classic and encourages developers to build on the network with links from third parties like CoinGecko and CoinMarketCap. The lack of these has led to the loss of trading to Terra Luna Classic.
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Coin exchange rate
$BTC 66620.198 USD (+4.55%) 🟢$LUNC 0.00009312 USD (+8.01%) 🟢$LUNA 0.45823047 USD (+8.12%) 🟢In recent weeks, Terra Luna Classic has recorded positive news ranging from price upticks and a recent burn with huge support. Crypto exchange Binance is supporting the community by burning 62 billion LUNC tokens creating a frenzy as users eye a rebirth of USTC. LUNC staking ratio has also neared its all-time high of above 15%. At press time, USTC has soared 21.7% in the last 24 hours to trade at $0.02002.
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The community behind Terra Luna Classic (LUNC) is making huge strides towards reviving the network. This was revealed in a new governance proposal, where the author Dawid Skinder explains that the network is losing popularity and a wave of potential investors.
Why Is the Official LUNC Website Needed Now?
Terra Luna Classic’s official website has been absent since the UST de-pegging in May 2022, causing Terra (LUNA) and UST tokens to crumble in a matter of days. Later that year, after rebranding from LUNA to LUNC, the blockchain’s revival efforts were put into the community’s hands.
In Skinder’s estimation, LUNC lost visits due to a lack of a website. Skinder also suggested an investor shortage that could have been anywhere from 4,000 to 162,500.
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Coin exchange rate
$BTC 66719.558 USD (+0.1%) 🟢$LUNC 0.00008931 USD (-4.1%) 🔴$LUNA 0.44000552 USD (-4.04%) 🔴As the governance proposal raises eyebrows among Terra Luna Classic community members, the idea behind proposal #12117 is to have an all-encompassing site like Bitcoin.org. Inspired by the leading digital asset’s homesite, the author seeks to build a website for LUNC.
To do this, Skinder proposes working on a website concept first. After the website concept is created via UX and branding workshops, key visual design and a copywriting service will create unique content. Afterward, a minimum viable product (MVP) will be created ahead of the final website design and launch.
Currently up for voting on the Galaxy Station, this governance proposal has received 14.22% ‘Yes’ votes, while 38.06% of community members opposed the proposition so far. Another 47.37% of Terra Luna Classic members voted ‘No with veto.’
With over four days remaining, 230.24B out of 1.04T votes have been cast. The developments reflected LUNC’s price well, as the altcoin surged past a $500 million market capitalization on Wednesday.
According to CoinGecko, LUNC is trading at $0.00009234 and is on a 15.9% daily upswing as of press time.
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Terra Classic Votes to Launch Independent Website. Here’s the Significance
The Terra Luna Classic (LUNC) community is currently engaged in a crucial vote regarding the launch of an independent website. This proposal, if passed, could significantly impact the future of the blockchain project.
Proposed Website Aims to Revitalize Terra Luna Classic
Since the major crash in May 2022, Terra Classic has lacked a dedicated website offering comprehensive information about the LUNC ecosystem and ongoing developments.
This absence has been a major disadvantage, potentially leading to decreased user engagement and missed opportunities for attracting developers and decentralized application (dApp) creators.
Additionally, incompatibility with prominent crypto data aggregators like CoinMarketCap and CoinGecko has further hampered visibility and potential investor interest.
The proposed website aims to address these shortcomings by establishing a central hub for the Terra Luna Classic community. Described as “decentralized, educational, and community-based,” the website would prioritize informative content while upholding the decentralized nature of the project.
The proposal also emphasizes surpassing the functionality and design of existing blockchain websites, potentially becoming a valuable resource for both experienced and new users.
The Terra Luna Classic (LUNC) community is currently engaged in a crucial vote regarding the launch of an independent website. This proposal, if passed, could significantly impact the future of the blockchain project.
Proposed Website Aims to Revitalize Terra Luna Classic
Since the major crash in May 2022, Terra Classic has lacked a dedicated website offering comprehensive information about the LUNC ecosystem and ongoing developments.
This absence has been a major disadvantage, potentially leading to decreased user engagement and missed opportunities for attracting developers and decentralized application (dApp) creators.
Additionally, incompatibility with prominent crypto data aggregators like CoinMarketCap and CoinGecko has further hampered visibility and potential investor interest.
The proposed website aims to address these shortcomings by establishing a central hub for the Terra Luna Classic community. Described as “decentralized, educational, and community-based,” the website would prioritize informative content while upholding the decentralized nature of the project.
The proposal also emphasizes surpassing the functionality and design of existing blockchain websites, potentially becoming a valuable resource for both experienced and new users.
Coin exchange rate
$BTC 67275.57 USD (+0.86%) 🟢$LUNC 0.00008918 USD (-0.14%) 🔴$LUNA 0.43584408 USD (-0.95%) 🔴Community Voting and Price Impact
As of press time, the voting process remains ongoing with close results. The community has five days remaining to participate in this critical decision. Despite the undecided vote, the proposal sparked optimism within the Terra Classic community.
This newfound confidence was initially reflected in the price performance of LUNC and USTC (TerraClassicUSD), both experiencing notable gains but has since subsided.
LUNC currently sits at $0.00009032, representing a 1.41% decrease over the past day. USTC saw an even more impressive surge, rising 25% to reach $0.02121 but is currently at 0.0204 with a 2.70% decrease over the past 24 hours.
Potential for LUNC and the Importance of the Website
Although the prices are bearish at this point, LUNC has a strong chance of achieving its July target price. The potential launch of a dedicated website specifically designed to attract developers, creators, and lost traffic is another factor that could significantly contribute to the ongoing revival of Terra Classic.
The outcome of the community vote will be a key indicator of the project’s future direction. If approved, the new website has the potential to become a solution for the Terra Classic ecosystem, fostering growth and attracting broader interest in the LUNC token.
As of press time, the voting process remains ongoing with close results. The community has five days remaining to participate in this critical decision. Despite the undecided vote, the proposal sparked optimism within the Terra Classic community.
This newfound confidence was initially reflected in the price performance of LUNC and USTC (TerraClassicUSD), both experiencing notable gains but has since subsided.
LUNC currently sits at $0.00009032, representing a 1.41% decrease over the past day. USTC saw an even more impressive surge, rising 25% to reach $0.02121 but is currently at 0.0204 with a 2.70% decrease over the past 24 hours.
Potential for LUNC and the Importance of the Website
Although the prices are bearish at this point, LUNC has a strong chance of achieving its July target price. The potential launch of a dedicated website specifically designed to attract developers, creators, and lost traffic is another factor that could significantly contribute to the ongoing revival of Terra Classic.
The outcome of the community vote will be a key indicator of the project’s future direction. If approved, the new website has the potential to become a solution for the Terra Classic ecosystem, fostering growth and attracting broader interest in the LUNC token.
Terra Classic [LUNC] has once again come into the limelight with a promising performance over the last 24 hours. Meanwhile, investors’ interest in trading the token skyrocketed.
Let’s take a look at what’s going on and find out what to expect from the token in the coming days.
Terra Classic is pumping
Terra Classic has been on a gaining spree, as its price increased by more than 30% in the last seven days. According to CoinMarketCap, in the last 24 hours alone, the token witnessed a 16% price rise.
At the time of writing, LUNC was trading at $0.00009364 with a market capitalization of over $509 million. Alongside, its trading volume increased by more than 160% in the last 24 hours.
Generally, a rise in volume along with price acts as a foundation for a bull rally, indicating investors’ willingness to trade the token.
AMBCrypto’s look at Santiment’s data revealed that the bull rally also had a positive impact on its social metrics. The token’s Social Volume increased sharply, meaning that LUNC’s popularity was rising.
Nonetheless, it was surprising to note that its Weighted Sentiment remained in the negative zone, suggesting that bearish sentiment was dominant in the market.
Things in the derivatives market looked pretty optimistic, however.
AMBCrypto’s look at Coinglass’ data revealed that LUNC’s Long/Short Ratio improved, meaning that there were more long positions in the market than short, at press time.
This suggested that investors were expecting the token’s price to rise in the coming days.
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Coin exchange rate
$BTC 66533.486 USD (-1.09%) 🔴$LUNC 0.00008473 USD (-4.96%) 🔴$LUNA 0.42254202 USD (-3.05%) 🔴