#Write2Earn LUNA's success depends on the performance of the new blockchain and rebuilding investor confidence.
In this unpredictable climate, Meme Kombat (MK) emerges as a breath of fresh air. With a transparent team and an ambitious but achievable vision, this project could be the next big success story.
As BTC and LUNA navigate choppy waters, MK's steady, community-driven approach could be just what the crypto world needs, convincing investors to purchase Meme Kombat tokens. Let's take a closer look at the details of the project.
LUNA's price has gained serious momentum in the last month. This resurgence was caused by several factors. The relaunch of the Terra blockchain under the new Luna 2.0 protocol has revived faith in the fundamentals of the project.
Although it is estimated that the LUNA price will end this year positively, it does not seem likely to reach $ 10 anytime soon. However, the trend may reverse as these tokens are prone to large price fluctuations.
As a result, the value of LUNA fell from $0.74 to $0.56 in a week, a loss of approximately 20 percent. Investors are pessimistic about whether LUNA coin will reach the $10 level.
Bitcoin's upward trend in the last month has not only increased investor confidence but also positively impacted the entire crypto industry, including altcoins such as Terra (LUNA) and Terra Classic (LUNC).#Write2Earn
The cryptocurrency market is currently going through a phase of uncertainty with the US Securities and Exchange Commission (SEC) delay in approving some Bitcoin spot ETFs. This development had a ripple effect on the broader altcoin market, including LUNA, which suffered a significant decline.
The recent retreat of the Bitcoin price from the $ 38,000 level has intensified the selling pressure in the altcoin sector. #Write2Earn
Coming to the details of the case, first by Nick Patterson individually and then on behalf of all others similarly situated to Terraform Labs, Jump Crypto, Jump Trading, Tribe Capital, Definance Capital/Definance Technologies, Three Arrows Capital, Nicholas Platias and Do Kwon. A countersuit was filed.
However, according to a notice filed with the court and all parties involved, lead plaintiff Michael Tobias and plaintiff Nick Patterson have completely voluntarily withdrawn the lawsuit against defendants Terraform Labs and Do Kwon.
The notice further clarified that neither the plaintiffs nor their attorneys have received or will receive any compensation for this retraction. #Write2Earn
In a significant development, the recent class action lawsuit filed against Terra (LUNA) in the United States has been voluntarily withdrawn by the plaintiffs. This is the second case to be withdrawn, indicating a positive trend for the company.
Terraform Labs CEO Chris Amani expressed his relief and determination on the issue in his statement. “The last class action lawsuit filed against Terra in the US has been withdrawn by the plaintiffs. Thus, the number increased to two. "As long as these baseless legal claims continue to fail, we will continue to fight." #Write2Earn
$LUNA LUNA has changed +2.16% in the last 24 hours. Its current price has changed -4.77% compared to the 7-day all-time high of $0.6637, and is changed 7.73% compared to the 7-day low of $0.5867. The circulating supply of LUNA is 651.13 M LUNA.
$LUNA Crypto prediction platform Changelly, in its table prepared for the Terra LUNA coin, mentions that the price of the token may be at a maximum level of 37 dollars even in December 2032, which is the farthest date. When we look at the analysis, we do not see any predictions that LUNA will reach $ 100.
The FED interest rate decision meeting will be held on January 31, 2024, and the critical interest rate decision will be announced at 22:00 this evening.
Rabobank Senior US Strategist Philip Marey stated in his evaluation to the AA correspondent that the Federal Open Market Committee (FOMC) will remain on hold tomorrow and will reiterate its commitment to data and its intention to proceed carefully.
"The focus at Powell's press conference will be on how long the market will resist the expectations of an early interest rate cut again," said Marey, adding that the first rate cut could happen in June.
Marey stated that the Fed may continue a 25 basis point reduction every quarter after June.
Stating that the strong growth figure of 3.3 percent for the last quarter of 2023 shows that economic activity is resilient after the technical stagnation in the first half of 2022 and is only moderately affected by the Fed's interest rate hike cycle, Marey said that personal consumption expenditures will increase in 2023. He said he had a solid performance in the second half.
Marey noted that real policy rates have not been positive and restrictive for a long time, so there may still be a slowdown in economic growth and most likely a shallow recession throughout 2024. "However, the economic momentum in the fourth quarter of 2023 and the downward revision in unemployment data will increase our recession forecast by 2024." It shows that we may need to move it to a slightly later date than the first and second quarters. "This also reduces the possibility of the FOMC opting for an early interest rate cut," he said.
FWD Bonds Chief Economist Chris Rupkey also stated that interest rate cuts were not discussed at the Fed meeting in December, but it will definitely be a hot topic at the January meeting.#Write2Earn
There is no maximum supply of LUNC coin. Before the hard fork, users could easily convert USTC to LUNC or LUNC to USTC via the Terra Classic platform. After USTC could not maintain the price balance at 1 USD in May 2022, LUNC supply increased continuously.#Write2Earn
The Terra Classic (LUNC) project was founded in 2018 by Do Kwon and Daniel Shin of Terra Classic form Labs. After the fork of the blockchain, Do Kwon continues to serve as the founder of the new blockchain project called Terra 2.0.#Write2Earn
With the price fluctuation on the USTC side in May 2022 and the disruption of the 1 USD price balance, investors took advantage of the serious arbitrage opportunity between USTC and LUNC. This arbitrage was mainly due to the conversion between USTC and LUNC that we mentioned above. Investors easily converted the USTCs they bought at a low price into LUNC and sold them quickly. In this way, while new LUNC supply is constantly entering the market, the LUNC price has decreased significantly.#Write2Earn
#Write2Earn The Terra Classic protocol consisted of two main cryptocurrencies: Terra Classic stablecoins and LUNC coin. The largest stablecoin on Terra is USTC (USTC before the hard fork), whose price is theoretically equal to the US dollar.
Terra Classic suffered a serious loss in value in May 2022, due to the deterioration of price stability at USTC at 1 USD. While this depreciation reached up to 99.99 percent on the LUNC side, it reached up to 98 percent on the USTC side, whose theoretical value is 1 USD.
Before the hard fork, LUNC coin served as a native staking coin that absorbed the price volatility of stablecoins issued on Terra Classic. Through the Terra Classic platform, users can burn their LUNC coins and create stable cryptocurrencies such as USTC in return. For example, to create 1 USTC, 1 USD worth of LUNC coins must be burned. Since the amount in circulation decreases with each LUNC coin burned, the LUNC price is positively affected by this process. On the contrary, users can convert 1 USTC token into LUNC coin worth 1 USD at the current market price. In this case, negative pressure may occur on the price as the number of LUNC coins in circulation increases.