Cremation Coin is now 30 million tokens away from overtaking Allnodes as the sixth-largest LUNC burner on LUNCDash.

Cremation Coin has burned a whopping 30.6 million Terra Classic (LUNC) as part of its weekly contribution to the Terra Classic burn initiative. The project now boasts 326 million token burns since it began its contributions to the campaign.

The Cremation Coin team called attention to the latest burn through its official Twitter handle today, soliciting more adoption to expedite the burns for this week. The burn transaction occurred at 02:46 (UTC) today and represents a portion of the project’s volume for last week.

Transactional proof of the burns…

Let's burn even more next week!https://t.co/xkjpHjAQWFhttps://t.co/DrwjZwGcMo$lunc #lunc #bnb #bsc #binance #luncburn #lunccommunity $shib #shib #btc $btc #1000x #crypto #cryptocurrency #luncarmy #CREMAT #CREMATburn #ETH $ETH #Ethereum pic.twitter.com/7B4MnoIO6D

— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) April 4, 2023

Cremation Coin’s previous burn involved 18.3 million tokens last week. The latest burn brings the project’s total burns to 326.6 million LUNC tokens in three months. Nonetheless, LUNCDash puts its total burns at 314.4 million Terra Classic, having begun indexing its burns at a later date.

Despite the discrepancy, Cremation Coin has quickly moved to seventh position on the list of biggest Terra Classic burners, with just 30 million tokens away from overtaking prominent validator Allnodes as the sixth largest burner. Cremation Coin is also 109 million tokens away from reaching LUNC DAO’s total burns of 434 million.

This Week’s Burns

Cremation Coin’s 30.6 million burns represent 91% of this week’s total Terra Classic burn transaction, currently at 33.4 million LUNC. Besides Cremation Coin, LUNC DAO also contributed weekly to the campaign.

The LUNC DAO transaction occurred yesterday at 01:31 (UTC) and involved the incineration of 1.57 million tokens. LUNC DAO has remained consistent in token burns ever since the start of the burn initiative. Despite a reduction in burn rate, the validator has been incinerating millions of tokens occasionally.

#LUNC #LUNA #TERRA #crypto2023 #Binance

After a 26% decline over the past month, LUNC’s price has stabilized above $0.000080. The upcoming LUNC burn by Binance has sparked optimism in the market, even though trading volume has dipped.
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Meanwhile, Terra Luna Classic’s staking ratio has increased to 14.83%, with over 1 trillion LUNC tokens now staked.

Terra Classic’s LUNC Token Faces Volatility Amid Upcoming Binance Burn
Terra Classic’s LUNC token has faced a significant downturn over the past month, dropping more than 26%. Data from CoinMarketCap shows that LUNC peaked at $0.0001253 before falling sharply to a low of $0.00007334. Despite this drop, the token has stabilized, holding above the $0.000080 support level. Recent trading activity indicates a slight recovery, with LUNC showing a modest increase of 1.67%. At press time, LUNC was trading at $0.00008396, and its intraday market cap had risen to $460,930,474, ranking it 128th in the market.

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Source: Coinmarketcap
This recovery is occurring just before a significant LUNC burn event scheduled by Binance next week, which has generated some market optimism. However, the token’s 24-hour trading volume has decreased by 14.83% to $20,613,785, reflecting a decrease in investor interest. In contrast, the USTC token has seen a slight increase of 1.51%, reaching $0.01829, despite a 31% drop in trading volumes over the past day. The price of USTC fluctuated between $0.01803 and $0.01842 during this period.

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Terra Luna Classic Anticipates Key Binance Burn and Staking Boost
The Terra Luna Classic community is eagerly awaiting the Binance LUNC burn mechanism, which is expected to play a pivotal role in reducing the total LUNC supply. Recent data indicates that LUNC’s total supply has dropped to 6.79 trillion following significant trading volumes and burn events.

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At the same time, there is a growing enthusiasm for staking with Terra Luna Classic validators. Over 1 trillion LUNC have been staked, pushing the staking ratio up to 14.83%. This increased staking activity highlights the community’s commitment to the token’s long-term success.
The community pool reserve has also seen a significant increase, now holding 6.22 billion LUNC and 12.37 million USTC. This ample reserve is set to support upcoming development projects and further bolster the ecosystem.

Source: Tradingview

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Analyzing the 4-hour chart, the LUNC/USD pair has recently rebounded from a support level around $0.000071462 observed on Monday. The token is now approaching the $0.00008411 mark, which acts as an intraday resistance level. This rebound follows a substantial downward channel that LUNC has been navigating since its May high of $0.00013, representing a 45.50% decline.
Looking ahead, the scheduled burn events in the coming month could inject significant momentum into the trading volume, potentially driving LUNC’s price upwards. A breakout above the $0.000090 level could unlock further gains, with the possibility of reaching $0.000094. This upward movement might even pave the way for a retest of the $0.00011 level, suggesting a promising future for LUNC’s value.

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However, the path forward remains uncertain. If the resistance at $0.00008411 holds firm, LUNC could face a retreat towards the June low of $0.0000714, as it searches for a new support base.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#LUNC  #USTC  #TERRA  #US_Inflation_Easing_Alert #MiCA $LUNC $USTC $LUNA

Terraform Labs has been authorized to reopen the Shuttle Bridge for 30 days. During this period, the company plans to transfer and burn 125 million LUNA tokens to reduce their circulation.

Additionally, creditors must submit their claims by August 9, 2024, for debts incurred before January and July. The new court order also facilitates the redemptions of wrapped assets, marking a significant development for Terraform Lab.
Terraform Lab’s Court-Approved Shuttle Bridge Reopening
The court’s order permits Terraform Lab to reopen the Shuttle Bridge, a platform for redeeming wrapped assets on Terra Classic. This move will enable users to access their assets through a new, more secure interface.

Source: X
The Shuttle Bridge will operate for up to 30 days once Terraform Lab’s Chapter 11 plan becomes effective. After this period, the bridge will be permanently closed, and any remaining assets will be burned. The Chapter 11 plan is anticipated to be effective no earlier than late September 2024.
Meanwhile, the General Bar Date for filing claims is set for August 9, 2024, at 5:00 p.m. ET. Creditors with claims against Terraform Lab from before January 21, 2024, or against TLL from before July 1, 2024, must file their claims by this deadline.
Terraform Lab’s Token Management and SEC Settlement Compliance

In line with a settlement agreement with the SEC, Terraform Lab (TFL) will initiate the transfer of 125 million LUNA tokens from 49 validators, as advised by the Terra Delegation Committee.
Source: X
Furthermore, TFL plans to burn 25 million LUNA tokens allocated for liquidity provisioning. This strategy aims to reduce the circulating supply of LUNA and manage the token’s value more effectively.

These steps are part of TFL’s broader efforts to restructure and meet financial obligations amid bankruptcy proceedings. They are expected to have significant effects on both the Terra Classic community and LUNA’s market dynamics.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#LUNC #USTC #LUNA #TERRA #ETH_ETF_Approval_23July $LUNC $USTC $LUNA

Following a ruling against Terraform Labs and its co-founder Do Kwon in a fraud lawsuit, the company is considering the option of appealing the decision amid ongoing legal hurdles.
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On April 5, Terraform Labs and co-founder Do Kwon were found guilty by a Manhattan jury for defrauding investors, following SEC accusations. Terraform Labs plans to appeal the verdict, challenging the SEC’s jurisdiction and the jury’s decision. Additionally, Do Kwon faces further criminal charges in the US and South Korea related to the collapse of Terra’s LUNA cryptocurrency.

Terraform Labs and Co-Founder Do Kwon Face Civil Verdict Over Fraud Allegations
A jury in Manhattan delivered a significant civil verdict on April 5, ruling against Terraform Labs and its co-founder Do Kwon for defrauding clients. The allegations stemmed from charges brought forth by the US Securities and Exchange Commission (SEC), marking a notable development in the ongoing scrutiny of the cryptocurrency industry.

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The accusations centered around purportedly misleading investors about the stability of the UST stablecoin and making false claims regarding the utilization of their technology in the Korean payment system, Chai.
Following the verdict, Terraform Labs publicly expressed disagreement with the jury’s decision, contending that the case lacked clear arguments necessary for the jury’s determination. Moreover, they challenged the SEC’s authority to pursue the action.

The company announced its intention to carefully deliberate on the next course of action, hinting at the possibility of pursuing an appeal for support. This stance underscores the company’s resolute defense against the accusations and its steadfast commitment to contesting the legal outcomes.
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SEC Hails Verdict Against Terraform Labs as a Win for Investor Protection
Gurbir Grewal, Director of the SEC Enforcement Division, responded positively to the verdict, emphasizing the importance of regulatory compliance within the crypto industry. He highlighted the case as a glaring example of the significant losses incurred by investors due to the actions of Terraform Labs. Grewal’s remarks underscore the SEC’s vital role as a guardian of retail investors and the broader market. The judgment is intended to serve as a deterrent to other crypto entities, cautioning them against engaging in fraudulent practices.

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The SEC’s case against Terraform Labs aligns with its ongoing efforts to regulate the crypto market effectively. This ruling contributes to the formulation of future regulations and fosters investor confidence. The SEC aims to proactively combat fraud and enhance public awareness of the rapidly evolving cryptocurrency landscape. Consequently, the outcome of this case could shape future regulatory approaches in the crypto sphere for an extended period.
Legal Woes Mount for Do Kwon Amidst Terra’s LUNA Crypto Crash
In addition to the SEC lawsuit, Do Kwon faces criminal charges in both the US and South Korea related to the collapse of Terra’s LUNA cryptocurrency. These charges signify a deeper legal entanglement for Kwon, extending beyond civil proceedings.

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The extradition proceedings involving Kwon have encountered delays in Montenegro, where initial approval for extradition was later stayed by the Supreme Court. As a result, Kwon’s fate now rests with the Ministry of Justice, which will determine the next course of action.
Also Read:   Bitcoin's Long-Term Fate: Divergent Analyst Predictions
This legal saga has garnered international attention, casting a shadow over Terraform Labs and its global community. The uncertainty surrounding Kwon’s legal battles reverberates across the crypto sphere, underscoring the gravity of the situation for all involved parties.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#LUNC #USTC #TERRA #Dokown #BullorBear $USTC $LUNC $SOL

In spite of their efforts to redeem themselves, FTX and Terra are considered to be two of the most significant flops in the history of cryptocurrency.
During the previous two weeks, the price of FTT has experienced a decrease of 38%, although the price of the other alternative cryptocurrencies has shown rise.
Over the course of this month, the price of Luna Classic had a decline of 42 percent, which demonstrates a decline in trust in these assets in front of 2024.
In light of the fact that the entire market value increased by 117% year to far, the cryptocurrency industry experienced a positive year. A number of cryptocurrencies, including Bitcoin, Solana, Render, and Avalanche, all had phenomenal growth over this period of time. On the other hand, as the year draws to a close, it appears like a certain category of tokens is falling into the bear's grasp before the year 2024 begins.
The price of Luna Classic did not vary significantly in the year 2023.
The price of Luna Classic may have seen fluctuation over the course of the previous year, with periods of ups and downs as well as times of rallies and corrections; nonetheless, the value of the asset remains almost unchanged in comparison to what it was worth at the beginning of 2023.

With a price of $0.0001465 at the time of this writing, the value of LUNC has increased by little more than 1.3% over the course of the past year. It was possible that the token of the insolvent firm would have seen a rise of 75%; however, the correction that has been observed since the beginning of December has eliminated this option as well.
The cryptocurrency had a fall of 42 percent over the course of the last three weeks, during which it made a fleeting attempt to test the $0.0001780 line as a support level but ultimately failed to do so.
As a result of the fact that investors would most likely prefer to shift their money into assets that have genuine potential for growth, the prospects of experiencing growth in 2024 are low, despite the fact that the market as a whole is showing signs of increased optimism.
Ever since the beginning of 2023, the native token of the controversial cryptocurrency exchange FTX, which has since gone bankrupt, has managed to track a growth of 312%. On the other hand, this does not change the reality that the alternative cryptocurrency will have significant outflows in the year 2024.
It is anticipated that the establishment of a spot Bitcoin exchange-traded fund (ETF) would largely direct investors and institutions toward Bitcoin and other top assets. The other option will be assets that are fundamentally solid, such as layer 2 and DeFi tokens. The final point is that meme currencies and trending tokens have a lot higher chance of recognizing gains than FTT does because the latter does not serve any particular function.
The fact that Sam Bankman-Fried, the originator of FTX, was found guilty means that the "trend" part of the asset has been destroyed. This is demonstrated by the fall of 38 percent that has been witnessed over the last two weeks. The token, in and of itself, is worthless in any fundamental sense.

Bearishness is also being displayed by price indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), which lends support to the idea that there is a possibility of a downturn moving into the year 2024.
#FTX #TERRA #crypto2024 $FTT $LUNC