Binance CEO LUNC holdings disclose renewed Terra Luna Classic community sentiment to revive LUNC and USTC to $1.

The world’s largest crypto exchange Binance has successfully completed six years of operations. Binance CEO Changpeng “CZ” Zhao shared the crypto exchange’s key events and challenges in an official statement, in which he also disclosed that Binance invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings. Binance currently supports the Terra Luna Classic community with monthly LUNC burns and committing to the revival roadmap.

“we saw our initial $3M investment back in 2018 turn into $1.6bn at Terra’s 2021 peak, and then down to close to $0 in 2022. Until today, the LUNA (now LUNC) tokens we received still sit on the address we originally received them on, never moved and never sold.”

After the May 2022 Terra-LUNA crisis, the Binance team asked CEO “CZ” whether to sell the tokens, he said “no, let’s just hold.”

Terra Luna Classic Community Reacts to Binance CEO Statement

The community reacted positively to Binance still holding LUNC tokens, committing to the development and revival of the Terra Luna Classic chain. It has renewed the sentiment among members to revive LUNC and USTC to $1, taking inspiration from Binance CEO “CZ.”

Binance burned 2.65 billion LUNC tokens in the 11th batch of its burn mechanism. The crypto exchange has burned 35.58 billion LUNC in total, while the community has burned 69 billion LUNC.

Joint L1 Task Force (L1TF) and Quant developer teams are working with Binance and other exchanges to repeg USTC to $1, with the Quant team in direct discussion with Binance.

The community and developer groups to focus particularly on reducing LUNC and USTC circulating supply in Q3. L1TF has revealed its plan of action for Q3, with expert developers Edward Kim and Superman returning back to the chain.

#LuncBurn #Lunc #ustc

$LUNC $USTC

The world’s largest cryptocurrency exchange, Binance, has once again drawn attention by burning 1.14 billion #TerraLunaClassic (LUNC) tokens. This move, part of the 26th round of the #LUNC✅ burn mechanism, caused a significant price increase for both LUNC and USTC by more than 10%. This surge has also fueled optimism among investors, who believe in the continued growth of these cryptocurrencies.
Binance Continues to Burn Terra Luna Tokens
#Binance is continuing its LUNC burn policy, a crucial step towards reducing the overall supply of tokens. In the latest round, the exchange burned 1.14 billion tokens, reaffirming its commitment to the Terra Luna Classic community. This action contributed to a price rise not only for LUNC but also for USTC, signaling growing market confidence in the future development of these assets.
Influential community members, such as LuncLive validator owner Diamondhandz, publicly praised Binance for its support. "Binance burned over 1.1 billion LUNC during their regular monthly burn! Thank you, CZ and the Binance team, for supporting the community since 2022!" he wrote on the platform X. This comment highlights the importance the community places on Binance’s actions.

Binance’s Key Role in Supporting the LUNC Ecosystem
Binance has played, and continues to play, a crucial role in supporting the Terra Luna Classic ecosystem. Since early 2022, the exchange has burned over 64 billion LUNC tokens. This mechanism reduces the overall supply, which can lead to a price increase over time if demand remains strong. Binance thus solidifies its position as the largest contributor to the #LuncBurn effort.
Market Optimism: LUNC and USTC Prices Rise
The frequency of token burns by Binance has significantly increased in recent months. In September alone, the exchange burned LUNC six times, a substantial increase from the previous monthly schedule. This new approach has fueled speculation that Binance is intensifying its efforts to restore the value of LUNC.
As a result, LUNC and USTC ( #USTC... ) prices have started to rise. In the last 24 hours, LUNC reached a high of $0.00009944, while USTC traded at $0.02433, with a peak of $0.02535 during the same period. The trading volume for USTC surged by 65% to $93.54 million, indicating growing investor interest. Market analysis suggests that after the latest Binance burn, LUNC could experience an additional 40% price increase.

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Date: Mon, Nov 04, 2024, 09:08 AM GMT
Following the todays completion of a major token burn by Terraform Labs (TFL), Terra’s main tokens, Terra Classic (LUNC) and TerraClassicUSD (USTC), saw little spark on their prices. Despite TFL’s burn of a substantial 251 billion $LUNC and 264 million $USTC , both tokens have remained relatively flat, with LUNC up by only 0.41% and USTC by 0.02% as of today.

Source: Coinmarketcap
Shuttle Bridge Shutdown and Token Burn Details
As part of its recent settlement with the U.S. Securities and Exchange Commission (SEC), TFL committed to burning specific assets held in its Shuttle Bridge wallets by the end of October. The Shuttle Bridge, which allowed for cross-chain transfers, was permanently shut down by TFL on October 31, 2024, to prevent further use.

Source: classic-bridge.terra.money
The tokens held there—251 billion LUNC and 174 million USTC—were burned in this process today, marking a significant step toward reducing circulating supply.

Source: X
With this burn, a total of 251 billion LUNC and 264 million USTC have been removed from circulation. This represents a sizeable reduction in absolute terms, yet it hasn’t significantly influenced the token’s market performance.
Why Didn’t the Burn Trigger a Price Pump?
Though the burn numbers are high, they are still modest relative to the massive circulating supply of these tokens. For example, as per coinmarketcap LUNC has a total circulating supply of 5.45 trillion tokens , while USTC stands at 5.56 billion. The recent burn accounted for about 4% of LUNC’s circulating supply—a reduction, but not substantial enough to create scarcity in a way that would impact the price notably.

Source: Coinmarketcap
The muted market reaction suggests that more drastic supply control measures may be needed to bring about meaningful price changes. With the Terra Classic community focused on restoring value, this event may pave the way for further steps aimed at boosting token value.
Market Sentiment and Future Outlook
While today’s burn was a significant logistical move for TFL and the Terra Classic community, market sentiment has remained cautious. Many investors may be awaiting further supply reduction events or utility enhancements to drive sustainable price increases for LUNC and USTC.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and is not financial advice. Always conduct your own research before investing in cryptocurrencies.
#Terra #LuncBurn

The LUNC community has approved the Terra Luna Classic v2.3.0 upgrade proposal through governance voting. This proposal, which has updated the Terrad client to v2.3.0., now includes a dynamic validator commission system. The community accepted the proposal favorably, and it has much to offer to the LUNC ecosystem.
The v2.3.0. introduces the dyncomm module. This module determines the minimum commission paid to validators using protocol logic based on their voting power. According to StakeBin, the proposal implementation is set for block 15493370, which is approximately 11:18:44 UTC on November 20.
With a 93% “Yes” vote and a 7% “Abstain” vote, the proposal has arguably gained unanimous support from the community. Out of the 60 participating validators, 58, including prominent validators like Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, and TerraCVita voted for the proposal.
What’s Next for Terra Classic (LUNC)
LUNC is currently trading at $0.000077, up 0.34% in 24 hours but down 8.47% in the past week. LUNC experienced a 45% surge a few days ago, thanks to a new measure from the community to control USTC minting.
This measure is another one in a long list of proposals aimed at restoring USTC, the stablecoin of the Terra Classic ecosystem, to its $1 peg and restoring LUNC to its status as a major player in the crypto market.
With this proposal, the community has halted the minting of new USTC tokens, and the surge that accompanied this proposal almost erased a zero from LUNC’s price. Despite the seven-day decline, LUNC is up by almost 40% in the past month.
Another notable measure taken to achieve this goal is the move to burn 50% of USTC trading fees on Binance, the world’s largest crypto Exchange. The hope is that other exchanges will follow Binance’s lead and burn USTC trading fees. However, it may take a little longer before we start seeing the effects of these proposals on LUNC’s price.
With all eyes on LUNC and the series of new proposals, many in the community are wondering if these measures will help LUNC surpass its all-time high. A notable machine learning algorithm from Coincodex recently weighed in on this issue.
CoinCodex is a widely recognized platform tracking over 28,000 cryptocurrencies across 420+ exchanges, and its AI prediction tool does not expect LUNC to reach its all-time high soon. However, it provides some bullish predictions for the cryptocurrency over the next few years.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#TerraLunaClassic #LuncBurn $LUNC

A remarkable comeback has been launched by LUNC in spite of the turbulent year 2023, which saw major exchanges de-list Terra Luna Classic. However, the price of Terra Luna Classic has dropped by twenty percent, raising the question of whether or not it will ever reach zero.
The upward price movement appears to have been energized by a mechanism known as quick-fire burn, which has been causing a continuous reduction in the overall supply of LUNC.

It is true that over 150,000,000 LUNC have been burnt in the previous twenty-four hours; nevertheless, the decrease in price comes amid mounting difficulties for Do Kwon, the creator of Terraform Labs. Just last week, a judge ruled in conjunction with the Securities and Exchanges Commission that Kwon had breached the law.
A month-long bleed-out that has seen price collapse a frightening -64% has left price action teetering on the brink of slipping back into rock-bottom price levels. This comes as price retraces from upper trendline resistance around $0.00027960. The bleed-out has been going on for a month.
After losing its supporting footing from the 20-day moving average on December 15, moving averages have played a big part in the price movement that has been moving in a downward direction over the previous two weeks.
The LUNC
The 20-day moving average, which is currently located at $0.00014990, has become a barrier, which has resulted in a descendant capstone that has caused the price to move downward.

In the meantime, the 200-day moving average (DMA) continues to mirror the current upswing recovery, with a continuous but steady ascent at $0.00008945 levels.
There is now a vital local support at $0.00011525 that serves as the last hope for those who are anxious to hold LUNC and are afraid of a return to surrender.
However, there is a ray of light that comes from the Relative Strength Index (RSI), which has dramatically cooled down during the course of the retracement move and is currently displaying major oversold bullish divergence at 35.31, which suggests that price may soon resume upward moves.
On the other hand, this is in contrast to the negative emotion that is being displayed by the MACD, which is indicating bearish divergence at -0.00000523, highlighting the ephemeral momentum.
All things considered, Terra Luna Classic appears to be in a precarious position, with the rally structure on the edge of collapsing in the midst of terrible project fundamentals as a result of the Do Kwon court verdict.
This leaves LUNC with the objective of achieving a rebound to higher support above $0.00013525, which may result in a probable increase of 15.84 percent.
However, there is a possibility that LUNC will fall to a lower price level of $0.0000805, which would represent a potential decrease of 31%.
As a result, Terra Luna Classic is currently facing a risk: reward ratio of 0.51, which indicates a poor entrance that is dominated by the danger of being negatively affected.
#LUNC #USTC #LuncBurn $LUNC