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Terra Classic price has surged significantly, aligning with November’s broader crypto market rally. This bullish trend has sparked optimism among investors, with the potential for a 170% rally.
The surge is further supported by a rising number of LUNC token burns, which could strengthen price momentum as market interest intensifies and traders eye long-term growth opportunities.
LUNC Burn Fuels Terra Classic Price to Eye Huge 170% Rally
The recent burn of 1 billion LUNC tokens by Binance has reignited investor interest in Terra Luna Classic price. The token’s trading volume on Binance has surged, fueling optimism about its price prospects.
The Terra Classic Foundation announced that 50% of trading fees will be used to buy back and burn LUNC tokens. This strategy aims to reduce the token’s circulating supply, boosting market expectations for a potential price rally.
According to LUNC metrics, 393 million LUNC tokens were burned in the past seven days. Since May 13, 2022, the total burn count has reached 389.25 billion tokens. Despite this, the current circulating supply remains high at 6.51 trillion tokens, with the total supply slightly above 6.52 trillion.
LUNC Price Prediction: Is $0.0003 Within a Reach?Over the past month, the LUNC price has surged by more than 30%, marking a significant rebound in market activity.
The latest LUNC price trades at $0.0001092, reflecting a slight 1.14% decline within the last 24 hours. The token’s value remains volatile, fluctuating between a daily low of $0.0001071 and a high of $0.0001128. Despite this minor dip, the coin has shown a steady upward trend over the past few weeks.
Today, November 19th, the crypto market has seen a slight surge. The BTC price remains strong, hovering above the $91,000 mark. Similarly, Ethereum’s price has stabilized over $3,100.
A shift in market sentiment could drive Terra Classic price beyond its current resistance at $0.00019. Breaking this barrier may open the path toward $0.00025, creating an optimistic investor scenario.
If the cryptocurrency sustains its bullish momentum, a surge to $0.0003 could be within reach. This projected 170% rally aligns with the growing interest surrounding the token’s market activity.
The  Moving Average Convergence Divergence (MACD) shows a bullish crossover. The MACD line is above the signal line, further supporting positive sentiment.
Terra Classic’s recent burn events and strong market activity have fueled optimism for significant price gains. With bullish technical indicators and growing investor interest, the token could break resistance levels and achieve a 170% rally in the coming weeks.
#Terra #terraClassicLunc #Binance #Cryptonews

Blockchain sharding is a method to boost the scalability of a blockchain by dividing it into smaller parts, or shards. Each shard can process transactions independently, improving overall efficiency and allowing parallel transaction handling. This approach addresses scalability issues, leading to increased transaction throughput, decreased congestion, and lower fees. The key advantage is overcoming the limitations of traditional blockchains, making the technology more practical for widespread use. Sharding enhances transaction speed, reduces costs, and supports decentralized applications more effectively, contributing to a more scalable and user-friendly blockchain ecosystem.#Blockchain $BTC #BTC #ETH #Terra #ftx

#Terra Luna Classic (LUNC), the #cryptocurrency which powers the original Terra blockchain that experienced catastrophe after its associated algorithmic “stablecoin” UST lost its 1:1 per to the US dollar last May, is close to 12% higher versus its Tuesday lows in the $0.000085 area.

LUNC/USD was last changing hands around $0.000094, with the cryptocurrency having experienced extreme volatility in recent days.

On Sunday, the cryptocurrency saw a huge 33% surge following the bullish breakout above a short-term pennant structure and the cryptocurrency’s 21DMA.

But the cryptocurrency for now holding to the north of a downtrend from the earlier yearly highs, the prospect of a retest of recent highs in the $0.0001150 area are good.

Readers might recall that, when UST lost its 1:1 peg to the US dollar last May, this triggered a “bank run” that caused a so-called “death spiral” in LUNC.

LUNC holders lost everything as the supply was hyper-inflated as UST owners redeemed their UST tokens on masse via the protocol’s mint-burn mechanism.

The Terra ecosystem saw an exodus of nearly all its capital, users and developers and has never recovered.

LUNC represents a long-dead and gone cryptocurrency network – the disaster of May 2022 dealt a fatal blow to the Terra project and its credibility and LUNC holders might want to consider giving in and selling whilst they still can.

Can #LUNC Reach $1?

A rally to $1.0 per token is unlikely, unless the Luna Classic community implements big changes to the cryptocurrency’s tokenomics.

That’s because, at present, there are close to 7 trillion LUNC tokens in circulation.

Most would agree that Luna Classic is unlikely to ever reach a $7 trillion market cap, not least because the blockchain’s entire web3 ecosystem was obliterated in mid-2022 when UST depegged from the US dollar and triggered hyperinflation in LUNC.

Do Kwon might have to go to court soon because the court has decided on a deadline before the trial. This is happening while there’s a request for him to be sent to the US for trial.
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The court in the United States is taking action in the case involving Terraform Labs and its co-founder Do Kwon. They’ve set deadlines and other steps before the trial starts. This is happening while Do Kwon is being sent from Montenegro to the US for trial.

Court Sets Pretrial Deadline and Trial Adjournment
In the latest development regarding the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs, Judge Jed S. Rakoff has signed an order approving amended stimulation and proposed orders outlining pretrial deadlines.
After extensive discussions, both parties have agreed to adjourn the trial until March 25. This decision allows the SEC and Terra lawyers to complete oppositions to motions, depositions, and counter-designations by March 11, ensuring adequate preparation time for the pretrial phase.
The court has instructed the SEC and Terra to submit a proposed consent order before March 18. Additionally, in accordance with Individual Rule 7, the parties must present proposed jury charges to the court by the same date.
All parties are mandated to fulfill these requirements at least 48 hours before the pretrial deadline.
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This order coincides with a Montenegro court’s approval to extradite Do Kwon, co-founder of Terra, to the United States. Notably, the extradition request to South Korea has been overturned.

Do Kwon’s Potential Attendance at Court Proceedings
While the timing of Do Kwon’s arrival in the United States remains uncertain, it’s likely that he will participate in court proceedings on the scheduled trial date. Do Kwon was apprehended in Montenegro in March 2023 and subsequently sentenced to four months in prison. Extradition proceedings continued during his custody.
Former Terra CFO Han Chang-joon was extradited to South Korea. However, Do Kwon successfully appealed in the Court of Appeals of Montenegro to be extradited to South Korea, citing various ambiguities with the ruling.
SEC’s Legal Victory: The US District Court of the Southern District of New York has ruled in favor of the SEC, affirming that LUNA and MIR tokens are classified as securities.

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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