Binance Terra Luna Classic (LUNC) burn approaches new milestone. With the latest 1.7 billion tokens burned in the 29th batch of its LUNC burn mechanism, the community hopes for a massive rally in LUNC price in 2025. With the latest Binance LUNC burn, the total tokens burned by the community reached 395 billion.

Binance Burns 1.7 Billion Terra Luna Classic (LUNC) Tokens

The Terra Luna Classic community saw 1.7 billion LUNC tokens burned by crypto exchange Binance, as per the burn transaction on January 1.

In the 29th batch of the LUNC burn mechanism, the crypto exchange burned $233,156 in trading fees for the period between November 30 to December 30. The total LUNC burned by one of the top crypto exchanges has now reached nearly 68.39 billion LUNC tokens.

Notably, Binance burned 1.72 billion LUNC in the previous batch of the monthly burn mechanism. The top crypto exchange burns 50% of LUNC spot and margin trading fees monthly to support the community’s revival efforts. The community has burned nearly 395 billion LUNC tokens in 2 years and now hopes to see major LUNC and USTC burns as part of the narrative.

Terra Classic validator Lunanauts has launched the Buy Back and Burn USTC initiative, triggering a burn narrative in the community. Other validators have joined the campaign swapping LUNC rewards to USTC and then sending the amount straight to the burn wallet.

LUNC and USTC Price Performance

LUNC price jumped 6% in the last 24 hours, with the price currently trading at $0.0001148. The 24-hour low and high are $0.0001081 and $0.0001153, respectively.

Moreover, the Terra Luna Classic trading volume has increased by 33% in the past 24 hours, indicating a rise in interest among traders. Besides, a recent LUNC price analysis hints at a potential rally for the crypto to $0.000179.

Meanwhile, USTC price also climbed 5% to $0.02053. The price is now trading at $0.02053, with the trading volume also rising by 3% in the last 24 hours.

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The world’s largest crypto exchange Binance on Tuesday said it will support the Terra Classic (LUNC) network scheduled for today. The v3.3.0 upgrade is crucial for the chain and the community for tax handling and boosting utility by attracting developers and projects. The upgrade is now live.

Binance to Support Terra Luna Classic

In an official announcement by Binance, the crypto exchange announced support for the Terra Luna Classic network upgrade. The v3.3.0 upgrade successfully happened at block height 21163600 at 14:05 UTC on December 17, as per StakeBin data.

The leading crypto exchange has supported the Terra Luna Classic revival and USTC repeg, with a monthly LUNC burn mechanism to help the community reduce circulating supply.

Binance will suspend LUNC token deposits and withdrawals on the network to support its major network upgrade, ensuring the best user experience.

“The trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users.”

Other top crypto exchanges such as Bybit and OKX have also announced support for the Terra Classic chain’s major upgrade.

Terra Luna Classic v3.3.0 Upgrade Goes Live

As coinpress reported earlier, the v3.3.0 Terrad upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient’s wallet.

It also boosts security and utility, making it easier for developers and dapps to build on the Terra Luna Classic network. Utility, LUNC burn and USTC repeg are the community’s major focus for LUNC revival.

Lunanauts has successfully upgraded #LUNC terrad to version v3.3.0 – introducing the new tax handling system

Thanks to all that delegate with me #Binance    #LUNCcommunity #LUNC1DOLLAR #luncusdt #luncburn #USTC #USTCREPEG #USTC1DOLLAR #Crypto #Blockchain pic.twitter.com/Z6KmtfZhwI

— Terra Classic Validator by Lunanauts (@Lunanauts_Lunc) December 17, 2024

The community has burned 393.87 billion LUNC, with 68.39 billion incinerated by Binance. The community has expressed thanks to the exchange for supporting the upgrade.

LUNC and USTC Price Performance

LUNC price jumps 1% in the past 24 hours, but trades above the $0.00012 support level. Terra Luna Classic price currently trades at $0.0001306. The 24-hour low and high are $0.0001278 and $0.0001345, respectively. Furthermore, the trading volume has increased by 16% in the last 24 hours, indicating a rise in interest among traders.

As per analysts, the long-term price is healthy and staking is consistent with a recent dip indicating that investors expect a pump incoming.

Meanwhile, USTC price also climbed 1% on broader crypto market cues. The price currently trades at $0.02304, with a 24-hour low and high of $0.02251 and $0.02418, respectively. Moreover, trading volume has surged 25% over the past 24 hours.

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LUNC News: Terra Luna Classic has passed a major proposal to update the CoinMarketCap dashboard with valid details. This comes ahead of the major v3.3.0 upgrade related to simplifying tax handling and increasing utility.

Terra Luna Classic CMC Dashboard Update Proposal Passed

Proposal 12147 to update Terra Classic dashboard on CoinMarketCap passed as it surpassed the pass threshold. Most Terra Luna Classic community members supported the proposal as it could increase the visibility and accessibility of the ecosystem for existing and new investors.

As per current voting details, nearly 217 delegators and 31 validators are in favor of the proposal. The overall voting indicates more than 52% “Yes” votes, with a significantly high “Abstain” votes of 37%. Some members of Terra Luna Classic community including validator HappyCattyCrypto believe the links on CMC are centralized, they do not include any of the key metrics or tools on LUNC.

The LUNC community approved proposal to transfer access to top validator Allnodes, it now has ability to implement changes to LUNC and USTC details on CoinMarketCap.

“The updated dashboard will highlight the most relevant and crucial technical resources to support growth, transparency, and community engagement,” as per the proposal.

The community aims to include links for Galaxy Finder, Galaxy Station, Terra Classic Documentation, GitHub Repository, and Commonwealth Forum.

What’s Next for LUNC and USTC Prices?

Terra Luna Classic will carry out the major v3.3.0 upgrade on December 17. The upgrade introduces a new simplified tax handling. Also, it will help boost utility on the Terra Luna Classic, removing barriers for developers and dapps seeking to build on the chain.

Meanwhile, LUNC price is trading at $0.0001319, trading sideways in the last 24 hours. The price is trading between the $0.00012 support level and $0.00018 resistance level. As coinpress reported earlier, a breakout above the resistance level will trigger an XRP-like rally.

Also, USTC price fell more than 1% on profit booking, with the price currently trading at $0.02413. The 24-hour low and high are $0.02408 and $0.02492, respectively.

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Terra Luna Classic community votes on a crucial proposal to upgrade the chain for simplified tax handling and security. This update will also help developers and dapps from the broader Cosmos ecosystem to build on the Terra Classic network. Meanwhile, LUNC price chart sees a triangle pattern breakout similar to XRP, sparking speculation of a rally to $1.

Terra Luna Classic v3.3.0 Chain Upgrade Proposal

Software upgrade proposal 12148 titled “Upgrade to v3.3.0” is under voting on the Station wallet. The Terra Luna Classic upgrade proposal is added by popular developer StrathCole, as per GitHub data. If the proposal is passed, the chain will be halted block height 21163600, approximately on December 17 at 12:57:47 UTC.

The chain upgrade proposal seeks LUNC validator and community approval to update the terrad client to v3.3.0. The upgrade introduces a new simplified tax handling. This helps boost utility on the Terra Luna Classic, removing barriers for developers and dapps wanting to build on the chain.

The voting details indicate validators and delegators are in favor of the long-awaited upgrade. All 39 validators  who participated in voting, including JESUSisLORD, Burrito Node, Vegas Node, and TerraCVita, have voted “Yes,” indicating major support for the proposal.

XRP-Like Patterns on LUNC Price Chart

XRP price saw a massive rally to break above $1 mark after a symmetrical triangle breakout amid Trump trade. XRP ETF filings, SEC Chair Gary Gensler’s resignation, and RLUSD stablecoin launch hype have further fueled the price of the crypto.

Terra Luna Classic chart also makes a similar triangle pattern and successfully breaks above the triangle in the weekly timeframe. However, traders book profit as the price reached between 0.50 and 0.61 Fibonacci retracement levels.

LUNC price is currently trading at $0.00017, up 6% in the last 24 hours after over 40% rally this week. The price saw a monthly uptrend of more than 90%.

If the price closed above $0.00018 this week, a move to $0.0005 is imminent. However, a further rally like XRP will continue only with high trading volumes. LUNC price surged 30% after a 1.7 billion token burn by Binance.

StakeBin data indicates that delegators have unstaked tokens for trading. The Terra Luna Classic community developments and upgrade may bring the necessary trading volume to push the price to 1 Fibonacci retracement mark.

Meanwhile, USTC price has climbed more than 20% in a week to hit $0.030. Terra (LUNA) price rallied 52% in a week after Binance increased leverage by four times. The price hit a high of $0.79 amid the bullish momentum.

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LUNC News: The world’s largest crypto exchange Binance has increased leverage by four times for Terra (LUNA) trading. The move comes as the exchange extended support for the Terra Luna community amid the bankruptcy of Terraform Labs. LUNA, LUNC and USTC prices all jumped amid the massive buying sentiment in the broader crypto market.

Binance Offering Four Times Leverage on Terra Luna Trading

In an official announcement by Binance, the crypto exchange revealed updated leverage and margin tiers of LUNA2USDT. The exchange has increased leverage and reduced maintenance margin rate, coming as major news for the broader LUNC community.

The changes were exclusively made for traders looking to take a position of 0 to 5000, 5000 to 25,000, and 25,000 to 100,000. The exchange increased leverage from 11-20x to 51-75x for a position of 0 to 5000, indicating support for Terra Luna price rally.

Also, Binance announced changes in XEMUSDT, ORBSUSDT, LOOMUSDT, LUNA2USDT, QNTUSDT, CHRUSDT, and JOEUSDT USD-M perpetual contracts.

LUNC News: Massive Bullish Momentum Signals

Terra (LUNA), LUNC, and USTC show massive bullish momentum as prices move above support levels. The community also seeks another major token burn from wallets related to beleaguered Terraform Labs and Luna Foundation Guard (LFG).

Terra (LUNA) price trades at $0.502, up 9% in the last 24 hours and over 60% in the last thirty days. The 24-hour low and high are $0.4746 and $0.5036, respectively. Derivatives trading activity is on the rise amid Binance’s changes to leverage, as per Coinglass data.

Meanwhile, LUNC’s price has jumped by 4% today and over 36% in the last thirty days. The price currently trades at $0.0001221, with a 24-hour high of $0.0001234. USTC price has climbed 10% in a month. Trading volume has increased by 15% in the last few hours.

Total LUNC futures open interest has surpassed the 100 billion mark, up more than 10% in the last 24 hours. 1000LUNC futures open interests on Binance and Bybit have climbed over 9% in the last 24 hours, indicating buying activity among traders.

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Terra Luna Classic community dismissed a community pool spent proposal by Cosmos developer team BLV Labs for recent work on the blockchain. Some developers and community members highlighted that the developer group failed to follow governance rules as there were no testnet and mainnet deployments. LUNC price saw more than 5% upsurge amid recent developments.

Terra Luna Classic Proposed Rejected By Community

Community pool spend proposal 12146 by BLV Labs faced a roadblock as the developer group failed to execute the developments on the Terra Luna Classic mainnet. The proposal saw nearly 90% “No” votes, including Allnodes, Interstellar Lounge, Interstake One, and other validators. The developer seeks $5000 in LUNC.

Validators responded that there was discussion, with no testnet deployment or mainnet deployment. The community requested the team to finish the work for payout.

The developer worked on the use of Oracle module to update and calculate the minimum deposit required to create a proposal in the governance module. BLV suggested that the system will automatically increase the minimum margin to ensure the value of the proposal is maintained in the event of a sharp drop or spike in LUNC price.

The team claimed the code pushed to GitHub and a pull request created on the Classic Terra repository. After that, we continued to work on all the bugs related to testing and integration. The team plans to EVM, SDK50 upgrade, or IBC improvement.

Meanwhile, the Terra Classic community has approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly.

LUNC and USTC Price Jumps

LUNC price soared 5% in the last 24 hours and 15% in a week. The price currently trades at $0.000118, with a 24-hour low and high of $0.0001102 and $0.0001199, respectively. The $0.00012 is a key resistance level for LUNC, surpassing this level clears a rally to $0.0002.

Moreover, Terra Luna Classic open interest jumped 8% in the last 24 hours, with buying on Binance and OKX. However, Bybit recorded a sell-off in 1000LUNC futures.

Meanwhile, USTC price climbed more than 5%, with the price now trading at $0.0245. However, the trading volume saw a 31% decline in the last 24 hours. The price overall moves in the range for his month.

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Terra Luna Classic has gained investors’ attention lately, especially with the soaring volume of the token. According to reports, the weekly volume of Terra Classic soared past the 2.27 trillion mark on Binance last week, sparking optimism over LUNC price’s potential rally to $0.0005 next. So, let’s take a quick look at the recent report details and see how it could significantly boost the token’s price.

Terra Luna Classic Volume Soars Amid Upcoming Burn Optimism

The Terra Luna Classic Foundation recently revealed that LUNC’s trading volume hit a remarkable 2.27 trillion tokens on Binance last week. In an X post, they announced that 50% of the trading fees generated would go toward buying back and burning LUNC.

This announcement has fueled investors’ optimism over a potential price rally ahead, as reduced token supply often positively impacts prices. Adding to the excitement, Binance is set to conduct its next burn event in 12 days, the post added. Historically, similar burns have bolstered the LUNC price, and this event is no exception to heightened market expectations.

Meanwhile, in parallel, the Terra Classic community has made strides in governance. A proposal to transfer CoinMarketCap dashboard access to Allnodes, a leading validator, was recently approved. This move aims to enhance transparency and streamline operations, further boosting investors’ confidence.

LUNC Price To Hit $0.0005?

The Terra Luna Classic community’s proactive efforts, including token burns and governance updates, have strengthened optimism for a price surge. Besides, the upcoming Binance burn is poised to remove a significant chunk of tokens from circulation, which might also boost the asset’s value higher in the coming days.

However, LUNC price today was down more than 1.5% to $0.0001088, while its trading volume dropped by 65% to $68 million. Over the last 24 hours, the token has touched a high of $0.0001119, while noting a weekly gains of 10%.

Terra Classic Futures Open Interest decreased by 11% to $9.33 million, CoinGlass data showed, indicating investors are taking a pause ahead of the highly anticipated Binance burn. However, a recent LUNC price analysis hints at a potential 480% rally for the crypto, which might send its price to $0.000593.

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LUNC News: The Terra Classic community has approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly. The move comes as the community recently asked Terraform Labs to grant access to the validator, but the beleaguered company failed to transfer the access. LUNC and USTC price gains upside momentum to breakout resistance levels amid the latest developments.

LUNC News: Terra Classic Nods Proposal to Transfer Access

Text Proposal 12145 “Request for CoinMarketCap Dashboard Access to be Transfer to Allnodes” has passed as the community decides to transfer CoinMarketCap dashboard access to Allnodes. The top validator will manage and update Terra Classic’s dashboard information, including social media links, website details, and other essential data.

TFL was asked to transfer CoinMarketCap dashboard access for Terra Classic ecosystem assets to Allnodes, but no action or response was received from anyone.

As reported earlier, Allnodes agreed to act as a temporary custodian of these access rights and agreements, to make any relevant changes on CoinMarketCap after governance voting.

Notably, the proposal saw more than 76% votes in favor, confirming support from the Terra Classic community. It also received 0.20% ‘No’ votes and 0.23% ‘No with veto’ votes, along with an abstain vote from Allnodes.

LUNC and USTC Prices On Bullish Run

Amid the key Terra Classic news, LUNC price soared 18% in the last 24 hours, with the price currently trading at $0.000117. The 24-hour low and high are $0.00009992 and $0.0001293, respectively. Moreover, an analyst expects that the Terra Luna Classic price could soar further in the near term as the burn rate continues to rise.

Coinglass data indicate 1000LUNC open interest on Binance and Bybit skyrocketed more than 45% in the past 24 hours. This indicates that derivatives traders are actively buying LUNC futures.

Meanwhile, USTC price climbed more than 12%, with the price now trading at $0.0248. However, the trading volume saw a 278% decline in the last 24 hours. The price is still down more than 1% in a week.

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The world’s largest crypto exchange Binance burned 1.048 billion Terra Luna Classic tokens in the 27th batch of its LUNC burn mechanism. With the latest Binance LUNC burn, the total tokens burned by the Terra Classic community reached almost 137 billion.

The burn has sparked bullish speculation in the community. Will LUNC price recover to 0.0001 again this week for further rally amid massive token burn by Terraform Labs?

Binance Sends 1 Bln Terra Luna Classic (LUNC) to Burn Address

The Terra Luna Classic community saw 1.048 billion LUNC tokens burned by crypto exchange Binance, as per the burn transaction on November 1. Also, the burn transaction saw tax costs of 5.2 million LUNC.

In the 27th batch of the LUNC burn mechanism, the crypto exchange burned $95,073.99 in trading fees for the period between September 30 to October 30. The total LUNC burned by one of the top crypto exchanges has now reached nearly 66.66 billion LUNC tokens.

It’s important to note that Binance burned 1.14 billion LUNC in the previous batch of the monthly burn mechanism. The exchange burns 50% of LUNC spot and margin trading fees monthly to support the Terra Luna Classic community’s revival efforts.

The community has burned nearly 137 billion LUNC tokens in 2 years. The community now hopes to see major LUNC and USTC burn as part of the bankruptcy court’s decision to Terraform Labs.

LUNC and USTC Price Performance

LUNC price dropped 8% in the last 24 hours and pared all last week’s gains amid the crypto market selloff. The price is currently trading at $0.00008936, with a 24-hour low and high of $0.00008868 and $0.00009834, respectively. Moreover, the Terra Luna Classic trading volume has decreased by 50% in the past 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price tumbled more than 10%, but was up 1% in a week. The price is now trading at $0.0222, with the trading volume also declining by 50% in the last 24 hours.

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Terra Luna Classic community has unanimously passed a proposal to remove the forked mainline modules from the Terra Classic blockchain. The developers have aimed to improve LUNC maintainability, reduce technical debt, and align with the broader Cosmos ecosystem. LUNC price to $1 speculation rises in the community as the burn date for TFL assets approaches.

Terra Luna Classic Passes Forked Modules Removal Proposal

Text proposal 12142 “Removal of Forked Modules from Terra Classic” is approved by the Terra Luna Classic community as the votes have surpassed the pass threshold. Developer group OrbitLabs proposes to remove the forked mainline modules from the Terra Luna Classic blockchain to improve maintainability, reduce technical debt, and align with the broader Cosmos ecosystem.

The proposal has received 99.97% “Yes” votes, indicating unanimous support from validators and delegators. It also saw some ‘No with veto’ and ‘Abstain’ votes. Validators such as Allnodes, Stakely, HappyCattyCrypto, and others voted in favor of the proposal.

The forked versions not only raise operational costs but also increase the risk of missing important security updates, the proposal said. OrbitLabs stressed that without action, Terra Luna Classic would face growing security risks, higher expenses, and diminished competitiveness in the evolving crypto landscape.

As coinpress reported, the Terra Classic proposal plan involves two phases, first focuses on updating the consensus engine and the Cosmos SDK. By doing so, Terra Classic will be more in line with the latest security features and innovations from the Cosmos ecosystem.

On the other hand, the second phase will involve upgrading the Wasmd contract system, ensuring compatibility with existing smart contracts, and minimizing disruptions during migration. Notably, if the proposal passes final approval, the timeline includes eight weeks for phase one and another ten weeks for phase two.

LUNC and USTC Price to Jump

LUNC price climbed 3% in the last 24 hours, with the price currently trading at $0.00009199. The 24-hour low and high are $0.00008911 and $0.00009238, respectively. Moreover, the Terra Luna Classic trading volume has increased by 15% in the past 24 hours, indicating a rise in interest among traders.

Terraform Labs will burn billions of LUNC and USTC tokens from the wallets next week, as per the bankruptcy court order. This has fueled LUNC to $1 speculation in the community.

Meanwhile, USTC price climbed more than 2% and 4% in a week, with the price now trading at $0.0223. However, the trading volume saw a 15% decline in the last 24 hours.

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LUNC news: The Terra Classic community has advanced a proposal that aims to reduce the broader costs of the ecosystem. The proposal, which was submitted on October 20, already received a majority vote in favor of it. Besides, it also comes as the community anticipates a LUNC price breakout in the coming days.

LUNC News: Terra Classic Advances Key Proposal To Reduce Costs

In the latest LUNC News, the Terra Classic community advances a major proposal to remove forked mainline modules from its ecosystem. OrbitLabs, the team behind the proposal, argues that the current system has caused higher maintenance costs and technical debts, which decreases the efficacy of the ecosystem.

So, removing these outdated components and adopting standard modules would help the Terra ecosystem to benefit from improved maintainability, enhanced security, and quicker adoption of upstream updates. Notably, one key issue highlighted in the proposal is the use of outdated versions of Cosmos modules, which has led to increased complexity in the system.

Meanwhile, the forked versions not only raise operational costs but also increase the risk of missing important security updates, the proposal said. OrbitLabs stressed that without action, Terra Classic would face growing security risks, higher expenses, and diminished competitiveness in the evolving crypto landscape.

So, the proposal plan, which involves two phases, will first focus on updating the consensus engine and the Cosmos SDK. By doing so, Terra Classic will be more in line with the latest security features and innovations from the Cosmos ecosystem.

On the other hand, the second phase will involve upgrading the Wasmd contract system, ensuring compatibility with existing smart contracts, and minimizing disruptions during migration. Notably, if the proposal passes final approval, the timeline includes eight weeks for phase one and another ten weeks for phase two.

Once completed, Terra Classic can expect a more sustainable and competitive blockchain, positioning itself as a more appealing platform for future growth.

LUNC Price Eyes Breakout Amid Major Developments

The market speculations also soared over a potential breakout for LUNC price in the coming days amid major developments. For context, the Terra Luna Classic community is on the verge of approving Proposal 12141, which aims to reclaim control of LUNC’s listings on CoinMarketCap and other aggregators.

This LUNC news has also sparked optimism among market enthusiasts. As of writing, LUNC price was up nearly 4% to $0.00009373, while its trading volume skyrocketed 190% to $52.92 million. The token saw a 24-hour high of $0.00009714, and Terra Classic Open Interest rose 9% to $9.57 million.

Meanwhile, the latest Terra Classic price prediction hints at a potential rally to $0.00015 for the crypto. The analysis cites several developments like the LUNC burn and others that could trigger the rally.

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Terra Luna Classic (LUNC) Price has surged significantly, showing a bullish trend over the past 24 hours. The cryptocurrency is witnessing increased momentum, increasing its price after a weekly burn. This upward trend signals the potential for further gains, drawing attention from traders looking to capitalize on the rally. 

Terra Luna Classic Price Surged As Burn Rate Increases To 726 Million

Terra Classic price surged as the recent burn activity gained momentum, with today’s burn volume stands at 2,917,569.30 tokens, with 9.69 tokens burned through direct transactions and 2,917,559.61 through tax mechanisms.

In the past hour, there have been a total of 0.00 $LUNC tokens burned and 0 transactions.

TODAY BURNED
By TX: 9.69
By TAX: 2,917,559.61
Total: 2,917,569.30

Website: https://t.co/q4WijVKbSr#luncarmy #lunc

— LUNC.TECH (@lunc_tech) October 24, 2024

According to Luna Metrics data, a remarkable 332,053,088 tokens were burned in the past seven days, significantly impacting LUNC’s overall supply. This increased burning activity may improve the token’s price dynamics as the supply shrinks. The burning initiative remains vital to altcoin’s strategy of restoring value to the Terra Classic ecosystem.

LUNC Price Gains Momentum Amid Market Correction

Over the past 24 hours, the price of LUNC has shown a slight bearish movement, currently trading at $0.00008957, marking a 2.6% decrease. The price experienced fluctuations, with the low reaching $0.00008710 and the high peaking at $0.00009197.

Despite these gains, most crypto market prices appear to be facing a correction. BTC remains above the $67,000 level, while ETH has exhibited downward trends, raising concerns among market participants. The overall crypto sentiment remains cautious as the market digests these movements.

Can Terra Classic Price Reach $0.00015 Soon?

The Moving Average Convergence Divergence (MACD) indicator shows a positive crossover, suggesting bullish momentum might continue in the near term.

Terra Luna classic price is poised for a potential breakout as market conditions improve. A positive shift could see the top altcoin surpass its current resistance level of $0.0001. If it successfully cross this mark, the next target for the cryptocurrency may be $0.00012. 

If the bullish momentum continues, especially with the ongoing LUNC burn, the price could reach $0.00015 during the next significant rally. 

The recent increase in Terra Classic’s burn activity has fueled bullish momentum, with price gains seen over the past 24 hours. If the positive market sentiment continues, the Terra price could surpass resistance levels and potentially reach $0.00015. The ongoing burns remain a key driver for future price performance and ecosystem value.

The post Terra Luna Classic Price Prediction After Weekly Burn of 320 Million LUNC appeared first on coinpress.

LUNC News: The Terra Luna Classic proposal to take access to the relevant accounts and dashboard maintained with Terraform Labs (TFL) is almost approved by the community. As a result, LUNC and USTC price gains upside momentum to breakout resistance levels amid the latest developments.

LUNC News: Terra Luna Classic Community Approves Proposal

Proposal 12141 titled “Dealing with CoinMarketCap and other listings” is nearly passed by the Terra Luna Classic community. The proposal seeks the community’s approval to obtain access to TFL’s listed Terra Classic on CoinMarketCap and other aggregators. The bankrupt company is the only entity holding the keys to access the relevant dashboards to change links to website, social media, and other information for LUNC and USTC.

TFL is unlikely to make change requests on CoinMarketCap and other crypto exchanges related to LUNC and USTC after October 31. With TFL unlikely to provide access to the terra.money domain or the official Terra Money X account, the community seeks access to CoinMarketCap dashboards and potential other chain information management dashboards to resolve any unwanted issues.

Allnodes has already agreed to act as a temporary custodian of these access rights and agreements, to make any relevant changes according to governance decisions, and to relinquish ownership of these listings at such time as the TerraClassic governance decides.

The proposal has received 99.95% votes in favor, with validators Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First LUNC voted “Yes.”

LUNC and USTC Price Jumps

Amid the key news, LUNC price climbed 2% in the last 24 hours, with the price currently trading at $0.00009136. The 24-hour low and high are $0.00008905 and $0.00009181, respectively. Moreover, the trading volume has increased by 15% in the past 24 hours, indicating a rise in interest among traders.

Coinglass data indicate 1000LUNC open interest on Binance and Bybit has jumped more than 3% in the past 24 hours. This indicates that derivatives traders are actively buying Terra Luna Classic.

Meanwhile, USTC price climbed more than 4%, with the price now trading at $0.02199. Moreover, the trading volume saw a 32% rise in the last 24 hours.

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LUNC News: The Terra ecosystem tokens rallied today after Terra Luna Classic completed the major update needed for the long-anticipated Tax2Gas feature implementation. Meanwhile, the proposal for an upgrade to v3.1.6 has passed with 100% votes in favor of it. It marks a significant milestone for the community, as it aims to enhance transaction efficacy while strengthening the ecosystem security.

LUNC News: Terra Luna Classic Completes Major Upgrade

In the latest LUNC news, the v3.1.6 upgrade introduces critical improvements, including a security patch for the WebAssembly Virtual Machine (wasmvm), now updated to version 1.5.5. This ensures that the Terra Luna Classic blockchain remains resilient against potential security vulnerabilities.

Besides, the upgrade also includes an enhancement to the gas simulation feature for taxable transactions, further optimizing transaction handling across the network. Previously, the gas simulation improvements had only been accessible to endpoint providers, but this upgrade makes it available for broader network use.

Meanwhile, the upgrade also halts the blockchain at block height 20085000, allowing validators to install the latest terrad client. With 100% of the Terra community voting in favor of this proposal, the consensus behind the upgrade was overwhelming.

Notably, Terra Luna Classic developer StrathCole, who initially submitted the proposal, noted that the patch and simulation improvements were key for the upcoming Tax2Gas feature. The support from both validators and community members underscores the growing momentum behind LUNC’s development.

LUNC Price Rallies Amid Community Optimism

This latest LUNC news has sparked the community’s optimism. Commenting on the successful completion of the upgrade, a prominent figure in the LUNC community, Mr. Diamondhandz1, expressed enthusiasm. In a recent X post, he said:

The LUNC blockchain has successfully upgraded to v3.1.6! This upgrade added a security patch for wasmvm and included a gas simulation patch. Well done to all validators and StrathCole for the excellent upgrade.

Meanwhile, the completion of this upgrade comes at a crucial time for Terra Luna Classic as it seeks to regain investor confidence. The much-anticipated Tax2Gas implementation is expected to play a significant role in LUNC’s future growth by streamlining the gas tax system and improving overall transaction efficiency.

Following the development, LUNC price rallied more than 6% today and exchanged hands at $0.00008679, while its trading volume soared 22% to $20.05 million. The crypto has touched a high of $0.00008804 in the last 24 hours.

On the other hand, USTC price jumped over 7% at the same time and traded at $0.02188, while its trading volume rocketed 106% to $49.81 million. The crypto has touched a high of $0.02368 and a low of $0.01992 in the last 24 hours.

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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.

Binance Continues Terra Luna Classic Burn Initiative

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.

LUNC and USTC Prices Rally As Burn Activity Fuels Optimism

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 community votes on another security upgrade proposal. This upgrade includes a security patch to wasmvm and an improvement on the gas simulation of taxable transactions. LUNC price has jumped more than 6% over the last day and more than 15% in a month.

Terra Luna Classic Community Votes on v3.1.6 Upgrade

Terra Luna Classic developer StrathCole submitted proposal 12139 “Upgrade to v3.1.6” for governance voting on the Station wallet. A new Terrad client was released on September 26, as per GitHub repository.

The upgrade will apply an upstream wasmvm security patch, updating wasmvm to 1.5.5. This also includes an improvement on gas simulation of taxable transactions which was only released to endpoint providers as it did not contain consensus-relevant changes (v3.1.5-sim.2). Moreover, it adds support for much-awaited upcoming Tax2Gas implementation.

Currently, the latest proposal has received unanimous support from the community. It has received 100% “Yes” votes from validators and delegators. If approved by the community, the chain will be halted at block height 20085000, which is expected at 1:30 PM UTC on October 4, as per StakeBin countdown.

Recently, Terraform Labs (TFL) and CEO Chris Amani confirmed receiving an order from the bankruptcy court to wind down operations after the SEC settlement. They also plan regarding the shutdown of operations and its products and services in case negotiations with 3rd parties fail.

LUNC Price, USTC In Upside Momentum

Terra Luna Classic ecosystem tokens LUNC and USTC are building upside momentum, targeting to break up above respective resistance levels. The community is optimistic with Binance LUNC burn approaching and Changpeng “CZ” Zhao release today.

LUNC price jumped over 6% in the last 24 hours and 10% in a week, with the price currently trading at $0.00009369. The 24-hour high and low are $0.00008818 and $0.00009459, respectively. Trading volume saw an increase of 50% in the past 24 hours.

Meanwhile, USTC price rose by more than 5%, with the price now trading at $0.0193. Moreover, the trading volume has increased by 55% in the last 24 hours. USTC futures OI rose 7% in the past 4 hours.

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LUNC News: The Terra Luna Classic community has recently initiated a USTC burn proposal, which has gained notable traction from the market participants. This initiative follows TerraForm Labs’ recent move to wind down its operations and burn remaining assets, which has noted significant attention from the community members.

Meanwhile, this latest proposal seeks to safeguard the Terra Classic community by removing inactive contracts and burning USTC holdings.

LUNC News: Terra Luna Classic Community Votes On USTC Burn Proposal

The latest USTC burn proposal has gained traction from the Terra Luna Classic community. According to the proposal, it aims to burn a total of 46.55 million USTC through a contract migration, with a specific focus on wallets linked to the Mirror Protocol.

Notably, this move follows a previous attempt to execute a burn proposal that failed due to insufficient contract balances. Now, the community is revisiting the matter, with renewed urgency. TerraForm Labs CEO Chris Amani mentioned in a community wind-down meeting that TFL intends to burn all Terra Classic assets.

Meanwhile, this approach is driven by a need to ensure security and compliance with ongoing legal requirements. According to Amani, the wallets in question will be destroyed rather than leaving keys vulnerable to future access. “Burning would be the best option,” he emphasized.

In additio, the proposal indicates that with a substantial amount of USTC and LUNC linked to these contracts, the community must act swiftly to secure the assets through migration and burn the funds. Besides, it highlights the importance of this action as part of the larger effort to prevent further complications following TFL’s exit from the Terra ecosystem.

LUNC And USTC Prices Soar

Following the announcement, LUNC price was up nearly 3% to $0.00008976, with its trading volume jumping 17% to $26 million. The crypto has touched a high of $0.00009136 in the last 24 hours. Further, LUNC Futures Open Interest rose 1%, indicating a positive sentiment in the market towards the crypto.

On the other hand, USTC price rose over 2% to $0.01847, while its trading volume dropped 4% to $7.01 million. It has touched a one-day high and low of $0.01884 and $0.01753, respectively.

Meanwhile, the latest LUNC burn by Binance has also fueled speculations over a potential rally in the Terra Luna Classic’s ecosystem token. In addition, the community has also passed a major proposal recently which focuses on enhancing the governance and stability of the ecosystem.

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LUNC News: Terraform Labs (TFL) on Wednesday revealed their plan regarding the shutdown of operations and its products and services in case negotiations with 3rd parties fail. The beleaguered company and CEO Chris Amani confirmed receiving an order from the bankruptcy court to wind down operations after the SEC settlement.

Terraform Labs Adheres to Shut Down Deadline

In an X post on September 25, Terraform Labs revealed progress with 3rd party discussions to take over operations of some of its products and services. With confirmation from Terra CEO Chris Amani, the company’s products and services will be shut down on October 30, 2024.

TFL hints that discussions with 3rd parties are likely failing. This could possibly be due to the US SEC’s scrutiny and low interest in the products. The company is selling four businesses Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub.

Meanwhile, the services under consideration for takeover are Finder Block Explorer, Foundation, IBC Relayers, and Mantlemint, FCD, & API services. Despite the advantages of the services in the industry, the infrastructure requirements for the services remain a challenge for potential parties. Amid this LUNC news, the community is planning to burn tokens.

This date coincides with the shutdown of Shuttle Bridge interface to burn crypto assets such as wLUNC in the contracts. Also, TFL has completed its last update and no longer has the ability to support future chain upgrades. The community-driven initiatives will manage the maintenance and operation of the chain.

LUNA and LUNC Price Action Amid the News

Terra Luna Classic community awaits Binance burn mechanism. Crypto exchange Binance has likely revised its LUNC burn mechanism as the exchange sent more tokens to the burn address.

LUNC price climbed nearly 2% in the last 24 hours and 10% in a week, with the price currently trading at $0.00008775. The 24-hour high and low are $0.00008553 and $0.00008943, respectively. Moreover, the trading volume has increased by 30% in the past 24 hours, indicating a rise in interest among traders.

Coinglass data indicate 1000LUNC open interest on Binance jumped more than 5% in the past 24 hours. This indicates that derivatives traders are actively buying the crypto.

Meanwhile, LUNA price also climbed 1% over the last day, with the price now trading at $0.39. Moreover, the trading volume saw a 41% rise in the last 24 hours as Terra’s bankruptcy plan proceeded further. The price has increased more than 8% in a week amid positive sentiment from traders.

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The Terra Luna Classic community has recently approved a major proposal, sparking market speculations. According to the update, the approved proposal focuses on tackling issues related to governance and stability, fueling discussions over its potential impact on LUNC price.

Meanwhile, the recent LUNC burn by Binance has also bolstered the market sentiment, which could also help in the token’s rally ahead.

Terra Luna Classic Approves Crucial Proposal

The recently approved proposal, led by BLV Labs, aims to enhance the governance (GoV) module. The latest proposal update shows that the team, which consists of three experienced members from the Cosmos ecosystem, focuses on addressing challenges faced while submitting proposals in the Terra Luna Classic blockchain.

The main challenge is the deposit for creating proposals on the blockchain, which is currently set at 5 million LUNC, does not account for the price volatility. In other words, when the LUNC price fluctuates, the deposit amount may either become too low or too high, which causes problems in maintaining the proposals’ value.

However, to avoid this, BLV Labs proposes to use the Oracle module. It will help in automatically adjusting the required deposit amount based on the current LUNC price while ensuring a stable value of $500.

In addition, it is also expected to stop bad actors from spamming the network with proposals when the token’s price slumps drastically. In other words, it will aid in maintaining the integrity of the network’s governance process by stabilizing the depositing value.

Meanwhile, the approval of this proposal, with more than 85% votes cast in favor, reflects the community’s interest in it. In addition, many have speculated that it will help boost LUNC price while creating a more secure and efficient ecosystem.

LUNC Price To Rally?

The LUNC price was up 1.03% to $0.00008641 during writing, with its trading volume staying near the flatline at $15.02 million. However, despite a surge in the price, the crypto’s Futures Open Interest was down over 3.5%.

However, this latest development appears to have boosted the Terra Luna Classic community’s optimism, which may help in LUNC rally. In addition, Binance’s ongoing LUNC burn mechanism also seems to have bolstered market sentiment.

Meanwhile, USTC price rose 3% as of writing to $0.01828, after touching a 24-hour low of $0.01757. On the other hand, LUNA price was up nearly 1% to $0.3884, while reaching a one-day high of $0.3901.

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Crypto exchange Binance performed LUNC burn mechanism multiple times this month, sparking speculation in the Terra Luna Classic community. The exchange is the largest contributor, with 64.47 billion LUNC burned until now to support the revival of chain and price.

Has Binance LUNC Burn Mechanism Revised?

Binance LUNC burn data indicates that the crypto exchange has likely revised its LUNC burn mechanism, increasing the number of burns monthly. According to an earlier announcement, the exchange burns Terra Luna Classic tokens on the first of every month. However, the exchange burned the tokens six times this month.

This has sparked speculations as Binance had earlier reduced its Terra Luna Classic spot and margin trading fees to 50% instead of 100%. It even delayed sending the Terra Luna Classic trading fee burn contribution for months. However, the exchange is burning more tokens this time.

Binance burned 1.19 billion LUNC tokens in the 25th batch of the LUNC burn mechanism, the crypto exchange burned $97,229.23 in trading fees for the period between July 31 to August 29.

In addition to the main burn, the exchange burned 199,389 LUNC tokens in five transactions until now. Some Terra Luna Classic members believe the exchange has changed the way it has burned the tokens.

Terra Luna Classic Ecosystem Tokens Jump

LUNC price climbed 3% in the last 24 hours and 7% in a week, with the price currently trading at $0.00008557. The 24-hour high and low are $0.00008188 and $0.00008622, respectively. Moreover, the trading volume has increased by 16% in the past 24 hours, indicating a rise in interest among traders.

Coinglass data indicate 1000LUNC open interest on Binance and Bybit has jumped more than 5% in the past 24 hours. This indicates that derivatives traders are actively buying the crypto.

Meanwhile, USTC price climbed more than 2%, with the price now trading at $0.0177. Moreover, the trading volume saw a 72% rise in the last 24 hours. Traders are buying the dip, with an increase of 9% in a week.

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