$LUNC Agreement with the SEC Could Drive Cryptocurrency Price to $1.00

The token from the old Terra network, now known as Terra Classic (LUNC), has recently shown a significant increase in the cryptocurrency market. The price of LUNC is currently at $0.0001207, reflecting an 8.45% increase from the previous day.
Although the appreciation is small compared to the cryptocurrency standard, the rise indicates a strong upward trend and renewed investor confidence. Another factor of confidence is that Terra Classic is close to finalizing an agreement with the United States Securities and Exchange Commission (SEC) regarding its bankruptcy two years ago.
If this agreement materializes, the network should get rid of the fraud accusations filed by the SEC. Therefore, the arrangement could help boost the price of LUNC back to levels that could reach $1.00.

This week, the SEC, Terraform Labs, and Do Kwon signed a provisional fine payment agreement. The agreement comes after a jury found Kwon and his company guilty of deceiving investors and causing $40 billion in damages.
The agreement with the SEC has sparked significant interest in Terra Classic ecosystem tokens. According to Coinglass data, open futures positions for LUNC and 1000LUNC increased by 15% in the last 24 hours.
This increase includes a 20% growth in open positions on Binance, indicating substantial buying activity by derivatives traders. When futures grow, the trend is for the asset's price to appreciate as well.

LUNC's market value is $699.65 million and it has risen by 8% in the last 24 hours. Its 24-hour trading volume increased by 273.87%, reaching $128.13 million. Just like in futures, a strong rise in volumes can help LUNC reach even higher values.

Last week, LUNC's price appreciated by 8% driven by growing market optimism and renewed investor interest. Additionally, last month, the token experienced a steady increase of 15%, trading in the range of $0.0001 to $0.00012, reflecting positive market sentiment.
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Terra Luna Classic Rejects LUNC Burn Proposal

LUNC Burn Proposal
Proposal 12105 “Increase burn tax” is rejected by the Terra Luna Classic community, with most holders criticizing the proposal for lack of reasoning and “lazy effort”. This is a text proposal and not a parameter change, so even if it passed it would not change the tax. A new proposal is required with a compelling description and discussion time on Commonwealth.
$LUNC

The proposal received a mere 21.35% “Yes” votes. Terra Luna Classic community voted 32% “No” and 38% “No with veto” votes, turning down the narrative for revising the burn tax. Validators also voted against the proposal as there is no data to support the tax increase, no complimentary strategies to support the tax increase, and no volume projections.

Recently, the community changed the LUNC burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal. Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to Oracle pool

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$LUNC Terra Luna Classic (LUNC): A Quick Introduction

The Terra Classic blockchain was initially created to support the TerraUSD (UST) cryptocurrency.

The concept was that Terra’s #LUNA✅ ✅ cryptocurrency would keep UST tied to the US Dollar. When UST’s value rose above its peg, more LUNA was created, and when it fell below $1, LUNA was burned or destroyed.

This system worked well initially, with LUNA reaching a market cap in the billions and ranking among the top ten largest cryptocurrencies.

However, in May 2022, everything changed. UST lost its peg, and LUNA’s value plummeted, causing a significant downturn in the entire crypto market. It can be argued that the market has not fully recovered since.

A new blockchain was established with a new version of the $LUNA cryptocurrency, which took the LUNA name. The original blockchain, now called Terra Classic, continues to support the original cryptocurrency, now called $LUNC , and is managed by the #TerraClassic community.

It’s important to note that #DoKwon , the founder, has been arrested by United States authorities and charged with eight offenses, including securities fraud, commodities fraud, wire fraud, and conspiracy. He is also imprisoned in Montenegro for forging official documents. As of now, #kwon faces extradition from Montenegro, but it is still unclear whether it will be to the United States or South Korea.

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Terra Classic Proposal: Addressing Concerns on Liability Ambiguity

This ambiguity leaves stakeholders vulnerable to various interpretations and legal risks, impacting their effective engagement and casting doubt on the project’s future.

To address these concerns, there’s momentum for adopting the Apache 2.0 license. Advocates argue that integrating this license would offer clarity and protection for contributors, mitigating risks and ensuring project sustainability.

The Apache 2.0 license is esteemed for defining liability scopes in software development projects, promoting collaboration while safeguarding contributors’ interests.

However, there’s a pressing need to refine LUNC proposal 12059’s liability terms to align with Apache 2.0 standards.

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Terra Luna Classic (LUNC) Community Selects CertiK For Secure L1 Developments

Text proposal 12058 “Add Certik as a recognized KYC provider” has surpassed the pass threshold, grabbing major support from the community. Passing before the Feb 18 deadline indicates community sentiment on the importance of the proposal.

Following approval of KYC proposal 12033 with high voter turnout, two follow-up proposals were put up for voting on the Station wallet. Text proposals 12058 and 12059 set further requirements and provide clarification on KYC providers and contributions to the chain without KYC.

As per the proposal, CertiK will be recognized KYC provider for all L1 development on Terra Classic. It will a recognized KYC provider as per the framework outlined in Proposal 12033. CertiK KYC Teams will also be accepted with KYC results on their leaderboard.

The proposal has received 75% votes in favor, with 10% No with veto votes along with some “No” and 15% “Abstain” votes. 37 validators including Allnodes, StakeBin, and TerraCVita voted in favor. Interstellar Lounge has voted “No with veto” amid recent contradictory beliefs related to KYC.

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7 Crypto Under $1 With Strong Potential For Growth

Cardano

Cardano is the first crypto asset on the list. ADA is rated among the top coins with enormous potential for growth during a bull market due to the constant development being carried out by the team.

XRP

Ranked as the sixth-largest cryptocurrency by market cap, XRP is currently the only crypto asset with legal clarity in the United States. While this development has not yet impacted the asset’s price, several market analysts predict that XRP would rank among the top gainers in the peak of the bull market.

Polygon

MATIC, the official token of the Polygon ecosystem, is the third coin on our list of crypto assets under $1 that has strong potential for growth.

Dogecoin

Dogecoin is one of the cryptocurrencies that are expected to experience tremendous growth in the upcoming bull market. The top meme-based cryptocurrency has recorded widespread adoption in recent times.

Shiba Inu

Shiba Inu is a popular name in the crypto market, and it is currently trading far below the $1 mark. At press time, Shiba Inu was changing hands at $0.00000935, representing a 13.7% decline over the past week.

VeChain

In recent times, many crypto analysts have been bullish on VeChain (VET), speculating that the digital asset would rally massively in the coming months. Following the recent emergence of a golden cross on VET’s 2-Day chart, popular analyst A.J. speculated that the coin could repeat a major milestone it recorded in 2020.

Stellar

Stellar is a major rival to Ripple. The company offers crypto payments service just like Ripple. Notably, the XLM coin is also used as a bridge currency for cross-border settlements, with top financial institutions, like Mastercard, leveraging the solution

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LUNC BURN

Although Terra Classic (LUNC) has surged 5.45% in the past 24 hours to $0.0001223, the impressive performance extends beyond mere price gains. The community’s concerted efforts have resulted in a staggering 420,331,290 LUNC tokens being burned over the past week alone.

These burns bring the total number of burned tokens to an impressive 98.69 billion LUNC, with only 1.31 billion separating it from the coveted 100 billion mark.

Diving deeper into the tokenomics, the total circulating supply of Terra Classic (LUNC) currently sits at 5.78 trillion, representing just over 85% of the total supply of 6.81 trillion. The community’s unwavering commitment to reducing this circulating supply through burning shows their long-term vision of driving up the token’s value.

#Will LUNC Price Hit $0.0002 In February

The daily chart backs the bullish theory in LUNC price as it seeks to debut about the 61.8% Fibonacci retracement level. This level is also a liquidity-rich area, where some investors may choose to take early profits, increasing volatility.

In recent developments, Vinh Nguyen, a Terra Classic developer, reportedly forked the Osmosis test tube to improve the Astroport practicality as well as to test planned upgrades that include a proposed 800 million USTC burn to solidify the ecosystem’s tokens; LUNC, and USTC.

As reported the Osmosis test tube will kill two birds with one stone: Fix Astroport and support the testing go the 800 million USTC burn contract migration.

If completed, these steps will improve the ecosystem’s liquidity and steady the price of the stablecoin USTC. Based on live data from CoinGecko, USTC rallied 40% in the last 24 hours to $0.038, affirming the community’s commitment to the project.

For now, traders are on the lookout for a second confirmation of the uptrend above the 61.8% Fibonacci level, approximately at $0.00014. More long positions will be opened as confidence in the uptrend grows for a breakout to $0.0002 in the next few days as well as the rally to the recent $0.00028 peak before the end of February.

Profit-taking activities might hamper the growth in the value of Terra Classic, compelling traders to keep tabs on support areas at $0.00012, and $0.0001, respectively. Dips could also serve as signals to buy into LUNC while focusing on the potentially massive rally in 2024

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Terra Classic holders are in a jubilant mood as LUNC price joins the bullish party, exploding by 15% to $0.0001335 on Thursday. The crypto market has generally exhibited strength this week, influenced by Bitcoin price swinging above $52,000.

It is believed that the growing interest in Bitcoin ETFs among institutional investors is the biggest force driving the rally. On top of this, the upcoming halving in April is improving market sentiment as investors take positions to benefit from the pre-halving rally and the bull run later in the year.

#Write2Earn #BTC #TrendingTopic #LUNC.