The Terra Luna Classic (LUNC) community has passed a crucial proposal to solve governance and stability issues.
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Over 85% of the voters favored the proposal, reflecting enormous interest in the suggested modifications.
Meanwhile, attention switched to LUNC price performance amidst these developments, with analysts predicting notable rallies amid the optimism and Binance’s token burn initiative.
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LUNC community approves major proposal
BLV Labs led the recently passed proposal, which prioritizes the governance module.
It aims to address the challenges participants face when submitting proposals within the LUNC network.
The primary issue is the deposits for launching proposals, currently at 5 million.
Meanwhile, the current module doesn’t account for LUNC price fluctuations.
The deposit amount could be too high or too small amid price volatility, leading to challenges in ensuring the proposal’s value.
Moreover, scammers spam the blockchain with proposals when LUNC’s price plummets sharply.
Meanwhile, the suggested changes will maintain the platform’s integrity by stabilizing the deposit amount. The announcement read,
“In the current gov module logic, when creating a proposal, the creator will have to deposit LUNC (5 million LUNC) first to push the proposal to the voting stage. So what will happen if the LUNC price drops sharply? Or rises sharply? This leads to the value of the proposal is not guaranteed. When the price is too small, it can lead to bad guys being able to spam many proposals online.”
Thus, BLV Labs suggests using the Oracle module to determine the minimum deposit needed to create proposals in the governance module.
The new system will automatically modify the minimum margin amid price fluctuations to ensure the proposal’s stability.
Meanwhile, the latest proposal has seen massive community support, with over 85% of participants voting in favor.
That underscores a colossal interest in the suggested changes.
Can LUNC and USTC capitalize on this optimism for price rallies? On-chain indicators confirm positivity and trust in the altcoins’ future performance.
BLV Labs led the recently passed proposal, which prioritizes the governance module.
It aims to address the challenges participants face when submitting proposals within the LUNC network.
The primary issue is the deposits for launching proposals, currently at 5 million.
Meanwhile, the current module doesn’t account for LUNC price fluctuations.
The deposit amount could be too high or too small amid price volatility, leading to challenges in ensuring the proposal’s value.
Moreover, scammers spam the blockchain with proposals when LUNC’s price plummets sharply.
Meanwhile, the suggested changes will maintain the platform’s integrity by stabilizing the deposit amount. The announcement read,
“In the current gov module logic, when creating a proposal, the creator will have to deposit LUNC (5 million LUNC) first to push the proposal to the voting stage. So what will happen if the LUNC price drops sharply? Or rises sharply? This leads to the value of the proposal is not guaranteed. When the price is too small, it can lead to bad guys being able to spam many proposals online.”
Thus, BLV Labs suggests using the Oracle module to determine the minimum deposit needed to create proposals in the governance module.
The new system will automatically modify the minimum margin amid price fluctuations to ensure the proposal’s stability.
Meanwhile, the latest proposal has seen massive community support, with over 85% of participants voting in favor.
That underscores a colossal interest in the suggested changes.
Can LUNC and USTC capitalize on this optimism for price rallies? On-chain indicators confirm positivity and trust in the altcoins’ future performance.
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Coin exchange rate
$BTC 60971.455 USD (-1.23%) 🔴$LUNC 0.00008343 USD (-7.81%) 🔴$LUNA 0.35756627 USD (-8.08%) 🔴LUNC and USTC price outlook
The altcoins maintained bullish trajectories amidst the voting developments. LUNC climbed from a daily low of $0.00008565 to $0.00008942.
The alt has dipped from its 24-hour pick to trade at $0.00008741, but the 35% increase in trading volume indicates buyer favoritism.
Meanwhile, USTC hovers at $0.01836 after a 1.15% 24-hour increase.
It soared from $0.0179 to $0.01868 before retracing to its press time value as bulls overpowered bears the previous day. USTC’s 24-hour trading volume increased by 15%, indicating surged participation from enthusiasts.
Enthusiasts will likely watch how the recently approved proposal will shape Terra Luna Classic’s governance and ecosystem stability.
Moreover, how will such modifications influence LUNC and USTC price movements in the upcoming trading sessions.
The altcoins maintained bullish trajectories amidst the voting developments. LUNC climbed from a daily low of $0.00008565 to $0.00008942.
The alt has dipped from its 24-hour pick to trade at $0.00008741, but the 35% increase in trading volume indicates buyer favoritism.
Meanwhile, USTC hovers at $0.01836 after a 1.15% 24-hour increase.
It soared from $0.0179 to $0.01868 before retracing to its press time value as bulls overpowered bears the previous day. USTC’s 24-hour trading volume increased by 15%, indicating surged participation from enthusiasts.
Enthusiasts will likely watch how the recently approved proposal will shape Terra Luna Classic’s governance and ecosystem stability.
Moreover, how will such modifications influence LUNC and USTC price movements in the upcoming trading sessions.
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Coin exchange rate
$BTC 61451.948 USD (+0.79%) 🟢$LUNC 0.00008787 USD (+5.32%) 🟢$LUNA 0.37858002 USD (+5.88%) 🟢👍1
The world’s largest crypto exchange Binance has burned 1.14 Terra Luna Classic tokens in the 26th batch of LUNC burn mechanism. This move has sparked optimism, as evidenced by the surge of over 10% in LUNC and USTC prices. Besides, the latest LUNC burn frenzy by the leading exchange has also fueled investors’ sentiment, who are anticipating a further rally in the crypto’s price.
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In the latest move, the top crypto exchange Binance has burned 1.14 billion LUNC tokens. This reflects the exchange’s commitment to the Terra Luna Classic community, which has sparked market optimism. Besides, this substantial burn has pushed the prices of LUNC and USTC higher today by more than 10%, indicating a growing market confidence.
LuncLive validator owner, Mr. Diamondhandz, highlighted the importance of Binance’s contribution to social media platform X, expressing his gratitude to Binance CEO Changpeng Zhao and his team. He said, “Binance burned 1,142,098,248.09 LUNC for their monthly burn! Thank you CZ and company for supporting the LunaClassic community since 2022! LUNC to the moon!” His statement reflects the community’s optimism and ongoing support for the revival of the Terra Classic ecosystem.
Binance has played a key role in supporting the LUNC ecosystem, burning over 64 billion tokens through September. The LUNC burn mechanism is crucial to decreasing token supply, which in turn, could boost its price as demand rises. Binance’s sustained efforts have made it the largest contributor to the LUNC burns.
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Coin exchange rate
$BTC 62091.138 USD (+1.04%) 🟢$LUNC 0.00008762 USD (-0.29%) 🔴$LUNA 0.37426965 USD (-1.14%) 🔴Binance has increased its frequency of burns in recent months. In September alone, the exchange performed the LUNC burn six times, a significant jump from its previous once-a-month schedule. This revised approach has led to speculation within the Terra Luna Classic community that Binance may be ramping up its commitment to reviving the token’s value.
The burning mechanism has fueled market optimism, sparking a rally in both LUNC and USTC prices. During writing, LUNC price traded at $0.00009723, after touching a high of $0.00009944 in the last 24 hours.
Simultaneously, the USTC price exchanged hands at $0.02433, while its trading volume jumped 65% to $93.54 million. Notably, the crypto has touched a high of $0.02535 in the last 24 hours, indicating the growing confidence of the market towards the crypto. In addition, a recent LUNC price analysis hints at a potential 40% rally following the latest Binance burn.
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The Terra Luna Classic (LUNC) ecosystem has risen from the ashes thanks to an ambitious burn initiative of its stablecoin, Terra Classic USD (USTC).
Recently, the community approved proposal #12138, which involves the burning of 46,556,271 USTC through the Mirror Protocol. This is part of a strategy designed to reduce the oversupply of tokens in circulation and boost the value of LUNC, which has seen an increase in its price as a direct result of these actions.
The USTC burn is framed within the bankruptcy process of TerraForm Labs, the entity behind the creation of LUNC and USTC. The court has ordered TerraForm to eliminate all remaining digital assets before winding down operations, with a deadline set for October 30, 2024, to execute these burns.
In a recent conversation with the community, TerraForm’s CEO, Chris Amani, highlighted the necessity of opting for the burning of tokens instead of the destruction of private keys, a decision that underscores the urgency of the company’s current context.
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Coin exchange rate
$BTC 61955.122 USD (-0.22%) 🔴$LUNC 0.00009036 USD (+3.11%) 🟢$LUNA 0.38132292 USD (+1.88%) 🟢🔥2
The burn proposal has reignited market interest, resulting in a 20.23% increase in the price of USTC over the last week, reaching a value of $0.02189. Despite the rebound, USTC remains far from its initial re-peg target of $1. Meanwhile, LUNC also recorded a slight increase. However, the bearish wave currently facing the crypto market has undermined the achievements made. It currently trades at $0.00008916, reflecting a loss of 4.83%.
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To address immediate challenges, the LUNC community is implementing the Tax2Gas mechanism, which will increase the mandatory burn rate from 0.5% to 1.5% per transaction. This approach aims not only to reduce supply but also to stimulate demand, which is essential for the token’s revitalization.
In parallel, the community also anticipates the monthly LUNC burn from Binance, one of the largest exchanges in the world, which conducts burns at the beginning of each month using the fees generated from the relevant trading pairs. This dual burn strategy, both at the community level and by major platforms, could have a lasting effect on the perception and value of LUNC and USTC.
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$BTC 63540.434 USD (+2.56%) 🟢$LUNC 0.00009091 USD (+0.61%) 🟢$LUNA 0.38830076 USD (+1.83%) 🟢Amid the current volatility in the cryptocurrency market, Terra Classic (LUNC) has come into the limelight, with popular traders sharing a bullish outlook for the altcoin. Crypto analyst Candle Calls shared a chart suggesting a significant upward trend while fueling speculations that the LUNC price can reach new highs.
As of press time, the Terra Classin (LUNC) price is trading 10% down at $0.00008898 amid the broader market correction, with daily trading volumes surging by 66% to $60 million. However, the analyst is predicting a significant price surge of LUNC to $1 and $5.
At the time of Candle Calls’ analysis, Terra Classic (LUNC) was trading at $0.0001014, with the 24-hour chart showing a consolidation phase followed by a sharp rise, hinting at a potential breakout. The price surge reflects increasing investor confidence and buying momentum. Yesterday’s surge came as crypto exchange Binance burned a total of 1.14 Terra Luna Classic tokens as part of the LUNC burn mechanism.
The chart also identified a support level around $0.00008901, offering a solid base for the upward trend, while resistance at $0.00010870 tested the rally’s strength, reported CNF.
Candle Calls’ prediction mirrors the bullish sentiment shared by many in the community. Fundamental analysis, favorable market conditions, and anticipated developments within the Terra Classic ecosystem typically drive this optimism.
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In the latest development, the top crypto exchange Binance has continued with its initiative to burn the Terra Classic (LUNC) tokens, per the CNF report. This also shows the exchange’s commitment to the LUNC community.
LuncLive validator owner, Mr. Diamondhandz, emphasized the significance of Binance’s support on social media platform X, expressing his appreciation to Binance CEO Changpeng Zhao and his team. The validator owner further added:
Binance burned 1,142,098,248.09 LUNC for their monthly burn! Thank you CZ and company for supporting the LunaClassic community since 2022! LUNC to the moon!
Binance has been instrumental in supporting the LUNC ecosystem, burning over 64 billion tokens as of September. The LUNC burn mechanism is vital for reducing the token supply, potentially driving up its price as demand increases. Thus, Binance’s ongoing contributions have positioned it as the largest participant in the LUNC burn initiative.
Binance has also intensified its LUNC burn efforts in recent months, executing six burns in September compared to its earlier once-a-month schedule. This increased activity has sparked speculation within the Terra Luna Classic community that Binance is heightening its commitment to boosting the token’s value.
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LUNC price is showing signs promising signs of potential additional gains ahead of the upcoming Binance burn event. Recent analysis suggests that the asset could see a significant rise, especially since it just broke out of a bullish reversal pattern. On September 27, the Terra Luna Classic community passed a vote on a USTC burn proposal, further provoking more bullish bias from investors. Is LUNC on the path to recovering its previous lost glory?
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According to the Binance official LUNC support page, the crypto exchange has changed the Burning of Terra Luna Classic (LUNC) trading fees. The changes aim to enhance burns “to contribute to the supply decrease of LUNC.” The monthly LUNC burns are scheduled to be completed by Wednesday, October 2, 2024, at the latest.
Binance LUNC burns have always been bullish catalysts for the LUNC price. Since May 13, 2022, the crypto exchange has burnt 64.47 billion LUNC and 4.38 million USTC.
Meanwhile, the community has been working on more ways to eliminate the humongous supply and repeg USTC to $1. The most recently passed proposal of burning USTC tokens from wallets linked to the Mirror Protocol that have been inactive since the May 2022 crash.
Additionally, a correlation has emerged between the FTX token (FTT) and LUNC price action today, as there are rumors of FTX distributing $1.6 billion to creditors today. However, this is unconfirmed and pending court approval on October 7.
Analysts think that with FTX starting back again, there is a chance that USTC could repeg to $1, which will automatically influence the LUNC price to surge higher.
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The chart presents a reversal pattern— specifically an Inverse Head and Shoulders pattern, which is a bullish reversal signal. The price has been trending downward, but this pattern indicates a potential shift to the upside.
Key Support and Resistance Levels
$0.0001: This is the neckline of the inverse head and shoulders pattern. Below it, there’s major support at $0.000008 from recent lows.
$0.000142: This is the projected breakout target based on the height of the head-to-neckline distance. It represents a potential gain of approximately 43.78% from the breakout level.
After completing the right shoulder, the price rose up and broke above the neckline, indicating bullish momentum. If the price sustains above the neckline, it will confirm the breakout, triggering a significant bullish move higher.
A volume-confirmed breakout above the neckline suggests a potential long-term bullish reversal. However, if the LUNC price fails to sustain above the neckline, it could signal crypto market weakness and could fall below 0.000008, the low of the right shoulder, invalidating the current bullish thesis.
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