XRP And LUNC Communities Scoff At Gary Gensler’s Call For SEC Tip

XRP and LUNC communities mocks Gary Gensler for asking people to report suspicious market activities to the US SEC, complaining about regulatory overreach.

HIGHLIGHTS

XRP, LUNC, and other communities expressed disdain and mocked Gary Gensler.

Crypto community blamed Gensler for his regulatory overreach on crypto.

XRP and LUNC prices recorded no upside momentum in a year amid lawsuits.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Friday shared an important post asking individuals to report possible securities fraud or violations to the agency. However, XRP, LUNC, and other crypto communities expressed disdain and mocked him for asking people to submit a tip or complaint to the agency despite regulatory overreach concerns.

Gary Gensler Faces Hate From Crypto Communities
SEC Chair Gary Gensler took to X and encouraged individuals to report suspicious market activities to the SEC, asking to submit a tip or complaint directly on the website. The post received over 600 replies from different crypto communities within an hour.

Members from the XRP and LUNC communities mocked Gensler believing that the call to action was unwarranted and undermined the integrity of the crypto market. Crypto market participants view it as a sign of increased regulatory scrutiny.

Some complained about Gary Gensler and the SEC ruined Binance and Paxos’ BUSD stablecoin business. The SEC later dropped the investigation on Paxos over BUSD stablecoin after Judge Amy Jackson rejected the SEC’s securities laws violation claims against BUSD sales.

Crypto community blamed Gensler for his regulatory overreach on crypto, failing to provide regulatory clarity to the burgeoning industry. Lawmakers earlier raised similar concerns about the SEC’s overreach hampered the growth of crypto and blockchain technologies in the United States.

Terra Classic Price Stabilization Efforts and Potential for 12-14% Rally

The Terra classic coin has been under a correction trend for the past four months. Amid the ongoing market consolidation, the LUNC price fell from $0.000255 high to $0.0000711 accounting for a loss of 72.16%.

The downward trend is now trying to stabilize above a support trendline intact since November 2023. The coin price rebounded thrice from the dynamic support indicating a crucial accumulation zone for buyers.

The recent reversal from this support has uplifted the asset 12.8% to trade at $0.000081, while the market cap wavers at $443.2 Million.

However, the overhead resistance at $0.000084 has stalled this recovery, shifting the price trajectory sideways. A look at the 4-hour chart shows a textbook range formation between the $0.000084 and $0.000079 support. 

A potential breakout from the $0.000084 resistance will accelerate the bullish momentum and bolster LUNC to surpass $0.000088 for a 12-14% rally.

However, the potential upswing could face major resistance at a downsloping resistance developing a descending triangle. In theory, the chart setup is known to raise the selling momentum amid a consolidation phase and result in an aggressive downfall.

Thus, a breakout above the overhead trendline is crucial for buyers to regain control over this asset. A successful breach will signal an early sign of trend reversal and bolster buyers to chase the initiated target of $0.000139.

Technical Indicator

EMAs: The 20-day Exponential Moving Average slope offers a dynamic resistance leading to the current correction trend.

ADX: The Average Directional Index value high at 32% indicates an overextended downfall which could witness a consolidation to regain strength.

Terra Classic Price Seeks Stability After 72% Decline: Key Support Levels in Focus

Terra Classic Price aims to stabilize after a 72.16% drop, rebounding 12.8% to $0.000081. A breakout above $0.000084 could trigger a 12-14% rally, but resistance from a descending triangle remains a challenge.

HIGHLIGHTS
The LUNC price may prolong a sideway trend within the formation of a descending triangle.

A negative crossover between the daily EMAs (20, 50, 100, and 200) indicates the path to least resistance is down.

The intraday trading volume in the LUNC coin is $14.6 Million, indicating an 11% loss.

The Terra Classic price has showcased a sluggish sideways trend for over a week, neglecting the broader market rebound. Its daily chart produces short-body candles with long wicks indicating no dominance from bulls or bears to drive this asset. With the overhead supply intact, the LUNC price is posed for another retest to multi-month support to renewed bullish momentum.

Breaking: Binance Burns 1.7 Billion Terra Luna Classic (LUNC), What’s Ahead?

Crypto exchange Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens as the community looks at major change with Tax2Gas implementation. LUNC price to rally?

HIGHLIGHTS

Binance burns 1.7 billion Terra Luna Classic (LUNC) tokens in its 23rd batch of LUNC burn mechanism.

The community's net LUNC burn has now surpassed over 125 billion.

Terra Classic ecosystem tokens LUNC and USTC prices surged amid the market recovery.

The world’s largest crypto exchange Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens in the latest transaction to burn wallet on Monday. After the 23rd batch of the LUNC burn mechanism, Binance has burned nearly 62 billion LUNC to date.

Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 125 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.

Binance Incinerates 1.7 Billion LUNC

The Terra Luna Classic community saw 1.7 billion Terra Luna Classic (LUNC) tokens burned by crypto exchange Binance, as per the burn transaction on July 1. The burn transaction also recorded 8.5 million LUNC in tax. Tax2Gas implementation expected this month will likely boost the burn narrative.

The 23rd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between May 31 to June 29. Binance has now burned nearly 61.99 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

As a result of the latest burn by Binance, the net burn by the Terra Luna Classic community has now surpassed 125 billion LUNC. Binance accounts for over 50% of the total LUNC burned since the community took control of the chain. The reason behind the low burn amount in contrast to the community is due to fewer transactions.

In the 22nd LUNC burn mechanism, Binance burned 1.35 billion Terra Luna Classic (LUNC) tokens.

LUNC Price To Hit $0.0001 In July?

LUNC price dropped over 1% in the past 24 hours, with the price currently trading at $0.00008196. The 24-hour low and high are $0.00008050 and $0.00008366, respectively. However, trading volume has decreased further by 21% in the last 24 hours.

Binance LUNC burn, Terraform Labs’ LUNC and USTC burn, and Tax2Gas implementation in July to provide the necessary push in LUNC price, with the community expecting a recovery above $0.0001.

Meanwhile, USTC price trades at $0.01783, down 1.5% in the last 24 hours. The 24-hour low and high are $0.01755 and $0.01802, respectively. Trading volume has decreased by 12%, indicating a dip in interest among traders.

In the derivatives market, LUNC and 1000LUNC futures open interests have fell in the last 24 hours. Traders now awaiting the monthly close and further cues from macro for trading in July.

Terra Luna Classic To Remove 18 Billion LUNC From Supply, Will LUNC And USTC Rally?

Terra Luna Classic community proposes to burn 18 billion LUNC and 68 million USTC after the approval. How LUNC and USTC prices will perform in July?

HIGHLIGHTS

Terra Luna Classic community to burn 12 billion in LUNC and 68 million USTC.

Proposal will be up for voting to burn these tokens from Anchor bLuna rewards and Lido rewards dispatcher contracts.

LUNC price to likely hit $0.0001 in July amid a number of developments including Tax2Gas implementation.

Terra Luna Classic community to burn 12 billion in LUNC and 68 million USTC in contracts including Lido DAO rewards dispatcher, removing them completely from supply. The move comes as the community started removing LUNC and USTC from circulating circulating supply for revival and repeg to $1.

Terra Luna Classic 12 billion LUNC Burn
The Terra Luna Classic community takes out 12 billion in LUNC and 68 million USTC from circulation. It is the second largest removal from the circulating supply after the recent 7 billion LUNC burned in burn tax that saw 8.34 billion total fees accrued in a single day.

The massive 12 billion LUNC will be burned from Anchor bLuna rewards and Lido rewards dispatcher contracts, as per a proposal. Also, the changes are live on the CoinMarketCap and CoinGecko. Since the contract owner has invalidated itself, the Terra Luna Classic community now owns the contracts.

“These funds are locked since Lido DAO passed a proposal on June 22, 2022 to make all Lido contracts on Terra Classic non upgradable and make their ownership invalid,” revealed an X account named Terra Classic Foundation.

The governance voting on the proposed burn to begin soon to get the community’s approval on burning these funds. Terra Luna Classic developers also remove other LUNC and USTC from circulation that will be burned over time. The community removed 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from the circulating supply.

Terra Luna Classic Seeks 200 Million USTC

Terra Luna Classic developer RedlineDrifter reignited buzz in the community regarding the missing 200 million USTC. He alleges that Coinbase and Pantera Capital-backed Karak Network has not returned USTC worth $8 million that belongs to the community.

RedlineDrifter pointed out Karak Network co-founder Raouf Ben-Har for missing crypto assets that date back to when he operated under Risk Harbor. The Risk Harbor team is now rebranded to Andalusia Labs. The Terra Luna Classic community claims Risk Harbor team used an admin function to withdraw 200 million UST (now USTC).

The community member joined BNB Chain X space featuring Karak Network, Lista DAO, and Listapie to ask about the missing 200 million USTC. Notably, Terra Luna Classic community has burned 800 million USTC and taken out of circulating supply.

“No user funds were ever touched. Foundation sold UST that the Terra Foundation minted and provided (which eventually dissolved) for pennies on the dollar after riding it down to 0, which will carry forward to Karak. Simple as that.” said Victor Cheng, CSO at Karak Network.

LUNC News: Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC

LUNC News: Terra Luna Classic community seeks answers from Coinbase-backed Karak Network on returning the missing 200 million USTC linked to Risk Harbor team.

HIGHLIGHTS

Terra Luna Classic community members claims Karak Network co-founder Raouf Ben-Har stole 200 USTC worth millions.

RedlineDrifter reignited buzz in the community regarding the missing 200 million USTC.

Karak Network CSO Victor Cheng Says "No user funds were ever touched."

LUNC News: Terra Luna Classic community members seek 200 million USTC from Coinbase and Pantera Capital-backed Karak Network, claiming Karak co-founder Raouf Ben-Har has stolen the crypto asset worth millions.

Meanwhile, the community has made significant efforts to remove 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from circulating supply.

LUNC and USTC Price Performance

The Terra Luna Classic community has not yet accounted LUNC and USTC burn from Terraform Labs and Luna Foundation Guard wallets. Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned.

The community will also implement Tax2Gas with the potential to increase LUNC burn massively in the coming months. It is expected to be completed by July.

Terra Classic price trading mostly sideways in the last 24 hours, with the price currently trading at $0.00008137. The 24-hour low and high are $0.000081 and $0.000083, respectively. Moreover, trading volume has decreased by 53% in the last 24 hours, indicating a lack of interest among traders.

The burn events are going to bring enough trading volumes and upside price action, with a breakout above $0.000090 confirming further uprise move.

Meanwhile, USTC price also fell over 0.62% as trading volumes dipped by 40% in the last 24 hours. The 24-hour low and high are $0.01758 and 0.01815, respectively.

LUNC Price To Rally Amid Massive Binance Burn As Over 1 Trillion LUNC Staked

Terra Luna Classic community prepares for massive LUNC price action amid Binance burn mechanism as more than 1 trillion LUNC were staked.

HIGHLIGHTS

Terra Luna Classic eyes massive burn by Binance in the upcoming LUNC burn.

Total LUNC staked has hit over 1 trillion amid decline in prices and massive 7 billion LUNC burn.

LUNC and USTC prices continues to trade mostly sideways in the past 24 hours.

Terra Luna Classic community looks for a massive LUNC burn in the next week by crypto exchange Binance as part of its LUNC burn mechanism. LUNC saw its total supply drop to 6.78 trillion after the enormous trading volumes and burn recently.

Delegators have also staked significantly with Terra Luna Classic validators, bringing the total LUNC staked to over 1 trillion.

Terra Luna Classic Community Eyes Massive Burn

Terra Luna Classic community awaits Binance LUNC burn mechanism to provide the necessary push to reduce LUNC tokens supply. Massive trading volumes this month sparked speculation of a higher amount of LUNC burn by Binance. The crypto exchange has burned nearly 60.42 billion LUNC, accounting for 48.8% of the total LUNC burned by the community.

The community has burned nearly 124 billion LUNC until now, with 71 billion by sending to burn wallet and 53 billion through on-chain burn.

In the last 7 days, almost 7 billion LUNC burn came from as whales and investors moved LUNC from centralized crypto exchanges. Total fees accrued from these transactions were 8.34 billion LUNC.

Total LUNC staked has skyrocketed to above 1 trillion, providing enough support from validators and the community. The staking ratio has increased to 14.83%. Moreover, the community pool reserve saw the required boost, with 6.22 billion LUNC and 12.37 million USTC. It gives the community enough funds for development activity.

Luna Foundation Guard Moving Crypto Holdings, What’s Happening?

Luna Foundation Guard (LFG) linked to Terraform Labs moved crypto holdings to a direct custody solution after settlement with the US SEC.

HIGHLIGHTS

Luna Foundation Guard confirms moving crypto holdings to a direct custody solution for security.

Terraform Labs and Do Kwon to pay $4.5 billion in total penalties in the civil fraud case by the U.S. SEC.

Crypto linked to TFL and LFG continue to fall.

Luna Foundation Guard, the non-profit linked to Terraform Labs, on Tuesday said it moved the crypto holdings in its wallets to a direct custody solution. The move comes following a settlement with the U.S. Securities and Exchange Commission (SEC) by Terraform Labs and Do Kwon to pay $4.5 billion in total penalties in the civil fraud case.

Luna Foundation Guard (LFG) Shifts Funds

Terra-linked Luna Foundation Guard (LFG) shifts funds including Bitcoin to a direct custody solution, the nonprofit announced in a post on X platform on June 25. This has sparked concerns among crypto investors as Terraform Lab, which is currently under bankruptcy protection, winding down businesses and assets to pay $4.5 billion as part of the settlement with the U.S. SEC.

LFG claims direct custody of crypto assets such as AVAX, BNB, BTC, LUNA, and UST (now USTC) will help improve the security of funds in the wallets. CoinGape recently revealed that LFG shifted a whopping $94.7 million in crypto holdings to a new address. It transferred 1.974 million AVAX worth $71.19 million and 39,499 BNB approximately $23.5 million.

The LFG Reserves Dashboard is established to track funds available in LFG-linked wallet addresses for continued transparency and traceability. The total reserve balance is $124.36 million, with Bitcoin holdings of $19.13 million. It has Avalanche (AVAX) worth $49.71 million and BNB worth $32.87 million.

Terraform Labs CEO Chris Amani recently confirmed burning LUNA holdings in wallets related to TFL and LFG. Terra Luna Classic community will also burn LUNC and USTC in the wallets.

LUNC and USTC Prices Jump Defying Market Sentiment

Terra Classic ecosystem tokens gained upside momentum amid a rearrangement of LUNC positions after BtcTurk crypto exchange delisted LUNC after the hack. LUNC futures open interest rises 24% in the last 4 hours.

LUNC price soars more than 10% in 24 hours. The price currently trades at $0.00008246, with a 24-hour low and high of $0.00007255 and $0.00008257, respectively. Moreover, trading volume has increased by 50% in the last 24 hours.

Meanwhile, USTC price also jumped more than 5%, with the price currently changing hands at $0.0181. The 24-hour trading volume saw a rise of 136%. USTC futures open interest also rise over 21% in the past few hours, implying a possible reversal.

LUNC News: Terra Classic And LUNA’s Initial Merger Effort Faces Major Roadblock

LUNC News: Terra Classic community rejects proposal to bring validators from LUNA community to the chain. LUNC and USTC prices saw massive upside move.

HIGHLIGHTS

Terra Luna Classic community rejects proposal to increase the validators set to 130.

Top validators such as Allnodes and Luna Station 88 believed the chain isn't ready for bringing Luna v2 validators.

LUNC and USTC prices jump and futures open interests hints at reversal.

LUNC News: The Terra Luna Classic community rejected a highly debated proposal to increase the validators set to 130 on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. Some saw the proposal as an initial merge effort with Terra (LUNA) community by bringing Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization.

Terra Luna Classic Rejects Proposal

The Terra Luna Classic community is currently reluctant to increase the validator limit to 130 from 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement. Proposal 12116 “Increase Validator Active Set to 130” failed to reach pass threshold in the governance voting.

The proposal received a mere 30.59% “Yes” votes. Notably, 46.17% “No” and 22.59% “Abstain” votes took down the LUNC proposal after denial by top delegates and validators. Among 46 validators who voted, only 10 such as Allnodes, Luna Station 88, LuncGoblins, Austism Staking, and others voted against the proposal.

Allnodes stated the chain is not currently ready for it, stating “The amount of LUNC required to get into the active set is not burdensome.”

Proposer suggested that expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.

LUNC and USTC Prices Tumble

The Terra Luna Classic ecosystem tokens tumbled massively as whales and other investors sold LUNC. Despite the selloff, Terra Luna Classic members have expressed confidence in LUNC price increase in the future, with Tax2Gas implementation also under works.

LUNC price crashed over 19% in the past 24 hours, with the price currently trading at $0.00007486. The 24-hour low and high are $0.00007206 and $0.00009188, respectively. Moreover, trading volume has increased by 630% in the last 24 hours, indicating interest among traders.

LUNC futures open interest on Binance and other crypto exchanges has jumped over 50% in the last 24 hours, with major interest coming in the last few hours.

Meanwhile, USTC price also fell over 7% as signs of recovery faded despite the upcoming huge USTC  burn. The price is currently changing hands at $0.01723. The trading volume has increased by 20%.

Why Terra Luna Classic (LUNC), USTC Prices Crashed Amid Massive 6.5 Bln LUNC Burn

Terra Luna Classic saw over 6 billion LUNC burned as whales and other investors sell tokens after Terraform Labs CEO confirmed huge LUNC and USTC burn.

HIGHLIGHTS

Large wallets selling LUNC and wallet movements on centralized crypto exchanges led to 6.5 billion in LUNC burned.

Total LUNC burned by the community reaches above 123 billion.

LUNC and USTC prices dropped 19% and 7%.

Terra Luna Classic saw over 6.5 billion LUNC burned in the last 24 hours as large wallets are selling LUNC tokens, raising concerns in the community. The move comes after Terraform Labs CEO Chris Amani confirmed yesterday to burn LUNC and USTC they hold in their TFL and LFG wallets.

Almost 6.5 Billion Terra Classic (LUNC) Tokens Burned

Large wallets selling LUNC and wallet movements on centralized crypto exchanges caused LUNC burn count in the last 24 hours to rise above 6.5 billion. This has contributed to a massive drop in LUNC’s total supply and circulating supply, as well as an increase in LUNC in the community pool.

LUNC trading volumes increased by more than 600% over 24 hours, indicating buying and selling by many traders and investors. The selloff hours after Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned. He even agreed to blacklist and burn wallets that hold LUNC and USTC by the Terra Classic community if the firm somehow doesn’t have access to any wallet.

With the latest burn, the total burn by the community has reached over 123 million LUNC. Binance holds the top burner position with 60 billion in LUNC burned so far through their monthly burn mechanism.

Some believe these wallets may belong to people linked to TFL and Do Kwon. US court filings revealed that Milojko Spajic, Prime Minister of Montenegro, was as an early investor in Terraform Labs.

LUNC Price: Will Community Support, Explosive Token Burns Drive Terra Classic Price to $0.001?

Terra Classic Price Prediction: LUNC sees significant volatility and burns, with market trends showing mixed signals. The community support enjoyed by LUNC could see it overcome bearish trends and regain its upward trajectory.

HIGHLIGHTS

LUNC's trading volume decreased by 16%, indicating notable market volatility.

Terra Classic's weekly decline reflects cautious optimism among investors.

Technical indicators reveal mixed signals in recent LUNC trading sessions.

LUNC price has experienced notable volatility over the past 24-hour period. The token hovered at $0.0000911, with a slight increase of 0.23% during the US session on Friday. According to CoinMarketCap data, Terra Classic’s market cap is approximately $501 million, ranking it 122nd among cryptocurrencies.

Terra Classic price has shown significant volatility within the day, as indicated by the 16% decrease in trading volume, which totaled approximately $15 million.

Terra Classic Price Prediction: Navigating Market Volatility

Over the past week, Terra Classic saw an 8% decline, indicating a cautiously optimistic sentiment among investors despite unstable markets. The cryptocurrency traded in the range of $0.000106 to $0.000083, indicating a persistent bearish trend. Additionally, the past month has seen a 17% dip, underscoring the inherent volatility of this digital asset.

Most of the cryptocurrencies today have experienced market corrections, with many seeing significant price adjustments. Bitcoin, Ethereum, and other major cryptocurrencies have notably declined, reflecting broader market trends.

Terra Luna Classic Validator Set Boost Proposal

Proposal 12116 “Increase Validator Active Set to 130” is currently undergoing governance voting on the Station wallet. If passed, the Terra Lunc Classic community will increase the validator limit to 130 from the current 100, as they look to welcome back validators from Terra Luna v2 after Terraform Labs and the U.S. SEC settlement.

Expanding the validator set to 13o will strengthen Terra Classic network’s decentralization and benefit the LUNC community.

At press time, the proposal has received 38.04% “Yes votes” after top validator Allnodes voted “No” citing “The amount of LUNC required to get into the active set is not burdensome.” Nevertheless, the proposal received 93.43% votes from delegates, indicating major support from the community.

Among validators, 16 voted in favor of the proposal while five voted “No”, one “No with veto” and four “Abstain” votes. Vegas Node, Jesusislord, Nitawa, SolidVote, Hexxagon and other validators voted in favor of the proposal.

LUNC News: Terra Classic Highly Debated Proposal After TFL And SEC Settlement

LUNC News: Terra Classic votes to increase validator count to 130 by inviting Terra (LUNA) validators to the chain after TFL and US SEC settlement.

HIGHLIGHTS

Terra Luna Classic community votes to increase the validators set to 130 on the blockchain.

The proposal aims to bring Luna v2 validators after the TFL and SEC settlement

LUNC and USTC flash buy signals amid buying by derivatives traders.

LUNC News: The Terra Luna Classic community started voting again on a highly debated proposal to increase the validators set on the blockchain. The move comes after Terraform Labs and Do Kwon agreed to settle with the U.S. SEC for $4.5 billion. The proposal aims to bring Luna v2 validators to Terra Classic after the TFL and SEC settlement, bolstering the network’s decentralization and benefiting the LUNC community.

Terra Luna Classic Community Passes Major Tax2Gas Proposal, LUNC Price To $1?

Terra Luna Classic community approves Genuine Labs' Tax2Gas implementation proposal in governance voting, will LUNC price rally to $1.

HIGHLIGHTS

Terra Luna Classic proposal by core developer Genuine Labs to implement Tax2Gas passed in governance voting.

The proposal aims to remove the need for separating handling and calculation of tax faced by dApps developers and others.

Allnodes voted Abstain and warned the community over lack in interaction.

LUNC and USTC prices jump as the community believes $1 is possible in this bull market.

LUNC News: Terra Luna Classic community has finally passed the proposal to implement Tax2Gas, which removes the need for separating handling and calculation of tax. Tax2Gas will incorporate the tax into the gas and decrease complexities for dApp developers and others, as stated StrathCole and Genuine Labs.

With Tax2Gas almost near implementation, the Terra Classic community members started discussions on raising the burn tax to 1.2%. Once it is implemented all crypto exchanges will burn on buys and sells and drive LUNC price higher.

BREAKING: TFL CEO @fleece_cannon says TFL and LFG funds holding $LUNC and $USTC will NOT be sold to creditors and the keys will be burned.