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Tag: luna

  • From timber wars to cannabis crash: Scotia’s battle to survive as California’s last company town

    The last time Mary Bullwinkel and her beloved little town were in the national media spotlight was not a happy period. Bullwinkel was the spokesperson for the logging giant Pacific Lumber in the late 1990s, when reporters flooded into this often forgotten corner of Humboldt County to cover the timber wars and visit a young woman who had staged a dramatic environmental protest in an old growth redwood tree.

    Julia “Butterfly” Hill — whose ethereal, barefoot portraits high in the redwood canopy became a symbol of the Redwood Summer — spent two years living in a thousand-year-old tree, named Luna, to keep it from being felled. Down on the ground, it was Bullwinkel’s duty to speak not for the trees but for the timber workers, many of them living in the Pacific Lumber town of Scotia, whose livelihoods were at stake. It was a role that brought her death threats and negative publicity.

    Julia “Butterfly” Hill stands in a centuries-old redwood tree nicknamed “Luna” in April 1998. Hill would spend a little more than two years in the tree, protesting logging in the old-growth forest.

    (Andrew Lichtenstein / Sygma via Getty Images)

    The timber wars have receded into the mists of history. Old-growth forests were protected. Pacific Lumber went bankrupt. Thousands of timber jobs were lost. But Bullwinkel, now 68, is still in Scotia. And this time, she has a much less fraught mission — although one that is no less difficult: She and another longtime PALCO employee are fighting to save Scotia itself, by selling it off, house by house.

    After the 2008 bankruptcy of Pacific Lumber, a New York hedge fund took possession of the town, an asset it did not relish in its portfolio. Bullwinkel and her boss, Steve Deike, came on board to attract would-be homebuyers and remake what many say is the last company town in America into a vibrant new community.

    “It’s very gratifying for me to be here today,” Bullwinkel said recently, as she strolled the town’s streets, which look as though they could have been teleported in from the 1920s. “To keep Scotia alive, basically.”

    a woman stands on the street in front of a building with the words Town of Scotia written on it

    Mary Bullwinkel, residential real estate sales coordinator for Town of Scotia Company, LLC, stands in front of the company’s offices. The LLC owns many of the houses and some of the commercial buildings in Scotia.

    Some new residents say they are thrilled.

    “It’s beautiful. I call it my little Mayberry. It’s like going back in town,” said Morgan Dodson, 40, who bought the fourth house sold in town in 2018 and lives there with her husband and two children, ages 9 and 6.

    But the transformation has proved more complicated — and taken longer — than anyone ever imagined it would. Nearly two decades after PALCO filed for bankrupcty in 2008, just 170 of the 270 houses have been sold, with 7 more on the market.

    “No one has ever subdivided a company town before,” Bullwinkel said, noting that many other company towns that dotted the country in the 19th century “just disappeared, as far as I know.”

    The first big hurdle was figuring out how to legally prepare the homes for sale: as a company town, Scotia was not made up of hundreds of individual parcels, with individual gas meters and water mains. It was one big property. More recently, the flagging real estate market has made people skittish.

    Many in town say the struggle to transform Scotia mirrors a larger struggle in Humboldt County, which has been rocked, first by the faltering of its logging industry and more recently by the collapse of its cannabis economy.

    “Scotia is a microcosm of so many things,” said Gage Duran, a Colorado-based architect who bought the century-old hospital and is working to redevelop it into apartments. “It’s a microcosm for what’s happening in Humboldt County. It’s a microcosm for the challenges that California is facing.”

    a power plant in a rural setting

    The Humboldt Sawmill Company Power Plant still operates in of Scotia.

    The Pacific Lumber Company was founded in 1863 as the Civil War raged. The company, which eventually became the largest employer in Humboldt County, planted itself along the Eel River south of Eureka and set about harvesting the ancient redwood and Douglas fir forests that extended for miles through the ocean mists. By the late 1800s, the company had begun to build homes for its workers near its sawmill. Originally called “Forestville,” company officials changed the town’s name to Scotia in the 1880s.

    For more than 100 years, life in Scotia was governed by the company that built it. Workers lived in the town’s redwood cottages and paid rent to their employer. They kept their yards in nice shape, or faced the wrath of their employer. Water and power came from their employer.

    But the company took care of its workers and created a community that was the envy of many. The neat redwood cottages were well maintained. The hospital in town provided personal care. Neighbors walked to the market or the community center or down to the baseball diamond. When the town’s children grew up, company officials provided them with college scholarships.

    “I desperately wanted to live in Scotia,” recalled Jeannie Fulton, who is now the head of the Humboldt County Farm Bureau. When she and her husband were younger, she said, her husband worked for Pacific Lumber but the couple did not live in the company town.

    Fulton recalled that the company had “the best Christmas party ever” each year, and officials handed out a beautiful gift to every single child. “Not cheap little gifts. These were Santa Claus worthy,” Fulton said.

    But things began to change in the 1980s, when Pacific Lumber was acquired in a hostile takeover by Texas-based Maxxam Inc. The acquisition led to the departure of the longtime owners, who had been committed to sustainably harvesting timber. It also left the company loaded with debt.

    To pay off the debts, the new company began cutting trees at a furious pace, which infuriated environmental activists.

    A view of the town of Scotia, sometime in the late 1800s or early 1900s.

    A view of the town of Scotia and timber operations, sometime in the late 1800s or early 1900s.

    (The Pacific Lumber Company collection)

    1

    Redwood logs are processed by the Pacific Lumber Company in 1995 in Scotia, CA.

    2

    Redwood logs are trucked to the Pacific Lumber Company

    1. Redwood logs are processed by the Pacific Lumber Company in 1995 in Scotia, CA. This was the largest redwood lumber mill in the world, resulting in clashes with the environmental community for years. (Gilles Mingasson / Getty Images) 2. Redwood logs are trucked to the Pacific Lumber Company in 1995 in Scotia, CA. (Gilles Mingasson / Getty Images)

    Among them was Hill, who was 23 years old on a fall day in 1997 when she and other activists hiked onto Pacific Lumber land. “I didn’t know much about the forest activist movement or what we were about to do,” Hill later wrote in her book. “I just knew that we were going to sit in this tree and that it had something to do with protecting the forest.”

    Once she was cradled in Luna’s limbs, Hill did not come down for more than two years. She became a cause celebre. Movie stars such as Woody Harrelson and musicians including Willie Nelson and Joan Baez came to visit her. With Hill still in the tree, Pacific Lumber agreed to sell 7,400 acres, including the ancient Headwaters Grove, to the government to be preserved.

    A truck driver carries a load of lumber down Main Street

    A truck driver carries a load of lumber down Main Street in Scotia. The historic company town is working to attract new residents and businesses, but progress has been slow.

    Then just before Christmas in 1999, Hill and her compatriots reached a final deal with Pacific Lumber. Luna would be protected. The tree still stands today.

    Pacific Lumber limped along for seven more years before filing for bankruptcy, which was finalized in 2008.

    Marathon Asset Management, a New York hedge fund, found itself in possession of the town.

    Deike, who was born in the Scotia hospital and lived in town for years, and Bullwinkel, came on board as employees of a company called The Town of Scotia to begin selling it off.

    Deike said he thought it might be a three-year job. That was nearly 20 years ago.

    He started in the mailroom at Pacific Lumber as a young man and rose to become one of its most prominent local executives. Now he sounds like an urban planner when he describes the process of transforming a company town.

    His speech is peppered with references to “infrastructure improvements” and “subdivision maps” and also to the peculiar challenges created by Pacific Lumber’s building.

    “They did whatever they wanted,” he said. “Build this house over the sewer line. There was a manhole cover in a garage. Plus, it wasn’t mapped.”

    two people look through doorways of rooms being converted into apartments

    Steven Deike, president of Town of Scotia Company LLC, and Mary Bullwinkel, the company’s residential real estate sales coordinator, examine a room being converted into apartments at the Scotia Hospital.

    The first houses went up for sale in 2017 and more have followed every year since.

    Dodson and her family came in 2018. Like some of the new owners, Dodson had some history with Scotia. Although she lived in Sacramento growing up, some of her family worked for Pacific Lumber and lived in Scotia and she had happy memories of visiting the town.

    “The first house I saw was perfect,” she said. “Hardwood floors, and made out of redwood so you don’t have to worry about termites.”

    She has loved every minute since. “We walk to school. We walk to pay our water bill. We walk to pick up our mail. There’s lots of kids in the neighborhood.”

    The transformation, however, has proceeded slowly.

    And lately, economic forces have begun to buffet the effort as well, including the slowing real estate market.

    Dodson, who also works as a real estate agent, said she thinks some people may be put off by the town’s cheek-by-jowl houses. Also, she added, “we don’t have garages and the water bill is astronomical.”

    But she added, “once people get inside them, they see the craftsmanship.”

    Duran, the Colorado architect trying to fix up the old hospital, is among those who have run into unexpected hurdles on the road to redevelopment.

    A project that was supposed to take a year is now in its third, delayed by everything from a shortage of electrical equipment to a dearth of workers.

    “I would guess that a portion of the skilled workforce has left Humboldt County,” Duran said, adding that the collapse of the weed market means that “some people have relocated because they were doing construction but also cannabis.”

    He added that he and his family and friends have been “doing a hard thing to try to fix up this building and give it new life, and my hope is that other people will make their own investments into the community.”

    A year ago, an unlikely visitor returned: Hill herself. She came back to speak at a fundraiser for Sanctuary Forest, a nonprofit land conservation group that is now the steward of Luna. The event was held at the 100-year-old Scotia Lodge — which once housed visiting timber executives but now offers boutique hotel rooms and craft cocktails.

    Many of the new residents had never heard of Hill or known of her connection to the area. Tamara Nichols, 67, who discovered Scotia in late 2023 after moving from Paso Robles, said she knew little of the town’s history.

    But she loves being so close to the old-growth redwoods and the Eel River, which she swims in. She also loves how intentional so many in town are about building community.

    What’s more, she added: “All those trees, there’s just a feel to them.”

    Jessica Garrison

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  • Florida Rep. Luna Co-Sponsors Bipartisan Legislation for Additional FEMA Funding

    Florida Rep. Luna Co-Sponsors Bipartisan Legislation for Additional FEMA Funding

    Florida Congresswoman Anna Paulina Luna co-sponsored bipartisan legislation to support recovery efforts following Hurricane Helene’s devastating impact on Florida and other states across the nation.

    “My constituents in Pinellas County depend on Congress to take swift and decisive action in the wake of this unprecedented disaster caused by Hurricane Helene,” said Republican Congresswoman Luna. “I am ready and willing to return to Washington and ensure our communities receive the critical resources necessary for a rapid recovery. Americans are counting on us, and we must take immediate action to address their life-saving needs.”

    The bill, introduced by Democratic Florida Congressman Jared Moskowitz, allocates an additional $15 billion in response to Hurricane Helene, including $10 billion for the Federal Emergency Management Agency (FEMA) for disaster relief and emergency assistance and $5 billion in supplemental funding to the U.S. Department of Housing and Urban Development (HUD) through the Community Development Block Grant Disaster Recovery (CDBG-DR) program.

    The office of Representative Anna Paulina Luna is committed to supporting constituents during this challenging time by providing a variety of resources. She provided a list of updated federal and local resources to help with assistance that is needed, and told residents do not hesitate to reach out directly to the Congresswoman’s office.

    Here is the list of resources provided by Florida Representative Anna Paulina Luna:

    Important Steps for Assistance:

    1. Contact Your Insurance Provider:
      If you have experienced damage to your home, business, or vehicle, your first step is to file a claim with your insurance company. Be sure to take photographs of all damages and submit them along with your claim.
    2. Filing a Claim with FEMA:
      After contacting your insurance company, you can also apply for disaster relief through FEMA. Below are links to the FEMA website and their mobile app, where you can access the application for disaster assistance:
    1. FEMA Helpline: 800-621-3362
    2. DisasterAssistance.gov (The fastest way to apply)
    3. FEMA Mobile App (Available for download on app stores)

    Please be aware that after disasters, scammers may take advantage of vulnerable individuals by offering fraudulent assistance or services. It’s essential to protect yourself. Be cautious of anyone who arrives uninvited and offers to perform repairs. Always verify that the contractor provides a valid address, telephone number, and license information. For more details or to file a complaint, you can contact Pinellas County Consumer Services at 727-464-6200.

    Federal Resources:

    FEMA (Federal Emergency Management)-

    Link to Application: DisasterAssistance.gov.

    Mobile App: FEMA mobile app.

    Helpline: 800-621-3362

    SBA (Small Business Administration)-

    Small Business Association (SBA)’s Office of Disaster Assistance

    provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace real estate, personal property, machinery & equipment, inventory, and business assets that have been damaged or destroyed in a declared disaster.

    Disaster Unemployment Assistance-

    https://oui.doleta.gov/unemploy/disaster.asp

    Veteran Resources:

    • If you or a veteran you know needs immediate housing assistance in the aftermath of Hurricane Helene, call the National Call Center for Homeless Veterans (24/7) – 1-800-424-3838
    • If you’re unable to receive a benefit payment after a disaster, contact the VA National Call Center at 1-800-827-1000 to request a special one-time payment.
    • If you’re a displaced Veteran and receive VA employment services, you may qualify for two additional months of Employee Adjustment Allowance. Contact your local VA regional office to speak with a Veteran Readiness & Employment specialist to learn more.
    • American Red Cross Services for Veterans:

    https://www.redcross.org/get-help/military-families/services-for-veterans.html

    Local & State Resources:

    Pinellas County Information Center:

    The County Information Center remains open daily from 8 a.m. to 6 p.m. until further notice.

    Call (727) 464-4333.

    Residents who are deaf or hard of hearing can contact the County Information Center via online chat at bit.ly/PinellasChat

    Disaster Distress Hotline:

    The Disaster Distress Helpline provides 24/7 toll-free, multilingual disaster crisis counseling for anyone experiencing emotional distress related to disasters. Call or text1-800-985-5990

    American Red Cross Tampa Bay Chapter: 

    (Can provide emergency medical assistance/medications, disaster recovery planning, meals and water.)

    Phone Number: 813-348-4820

    Website: https://www.redcross.org/local/florida/central-florida/about-us/locations/tampa-bay.html

    Salvation Army Disaster Assistance: 

    https://disaster.salvationarmyusa.org/HeleneServiceLocations

    PODS (Points of Distribution): 

    Food, water, and tarps are available at three points of distribution on Pinellas barrier islands:

    • St. Pete Beach: 4700 Gulf Bvd. Food, water and tarps
    • Treasure Island: 10451 Gulf Blvd. Food, water and tarps
    • Tierra Verde Fire Station: 540 Sands Point Drive. Water only

    Crisis Cleanup 

    This is for people who need help cleaning up damage from Hurricane Helene and connects people with volunteers from local relief organizations, community groups, and faith communities who may be able to assist with jobs such as mucking (cleaning up), trees, tarp, and debris. All services are free, but service is not guaranteed. This hotline will remain open through Oct. 11, 2024.

    They have activated the Hurricane Helene Cleanup Hotline: (844) 965-1386.

    Website: https://crisiscleanup.org/disasters/171

    Temporary Place to Live / Shelter:

    Help with food/groceries:

    -Feeding Tampa Bay’s food distribution Disaster Relief

    St. Pete Free Clinic:

    • We Help Free Pantry at 863 Third Ave. N (8:30am-3pm)
    • Deuces Drive-Thru at 2198 15th Ave. S (2pm-6pm).

    3 Daughters Brewing– 222 22nd Street S, St. Petersburg, FL 33712

    -Fresh Meals from various local restaurants:

    • 4-6pm Monday, 340 E Davis Blvd.
    • 8-10am Tuesday, 2219 S Dale Mabry Highway
    • 4-6pm Wednesday, 3644 S West Shore Blvd.
    • 8-10am Thursday, 1700 W Fig Street and 340 E Davis Blvd
    • 4-6pm Friday, 340 E Davis Blvd.

    Fare Free Bus Services: 

    To assist residents affected by Hurricane Helene, the City of St. Petersburg and PSTA are offering a two-week period of fare-free bus service within St. Pete city limits, starting Monday, September 30 through Sunday, October 13.

    • Applies to: Regular bus trips that begin and end within St. Pete city limits
    • Exclusions: Does not apply to Access, MOD, or other mobility services
    • SunRunner Update: SunRunner is turning around at Pasadena due to westbound access limitations
    • Fares Resume: Monday, Oct. 14, 2024

    For more information on routes and schedules, visit psta.net.

    Free Laundry Services: 

    • Parking lot across from Allendale United Methodist Church (3803 Haines Rd. N) – 7 a.m. – 7 p.m.
    • Easy Kleen Laundromat (2970 54th Ave. S) – 6 a.m. – 10 p.m. (last wash at 8:30 p.m.)

    Cooling Stations

    These will provide a place for residents to cool off and charge their phones.

    Clearwater:

    Recreation Centers – Open Monday, Sept. 30, to Friday, Oct. 4:

    • Morningside Recreation Center, 2400 Harn Blvd, Clearwater – 6 a.m. to 8 p.m.
    • Long Center, 1501 N Belcher Road, Clearwater – 6 a.m. to 9 p.m.
    • Countryside Rec Center, 2640 Sabal Springs Drive, Clearwater – 5 a.m. to 8:30 p.m.
    • McMullen Tennis Complex, 1000 Edenville Ave., Clearwater – 8 a.m. to 1 p.m. and 4 p.m. to 8:30 p.m.
    • Moccasin Lake Nature Park, 2750 Park Trail Lane, Clearwater – CLOSED MONDAY; 10 a.m. to 5 p.m. Tuesday to Friday
    • North Greenwood Recreation and Aquatic Center, 900 N Martin Luther King Jr Ave., Clearwater – 8 a.m. to 9 p.m.

    Libraries:

    • Clearwater Countryside Library, 2642 Sabal Springs Dr, Clearwater – Monday-Thursday 10 a.m. – 7 p.m.; Friday-Sunday 12 p.m. – 5 p.m.
    • Clearwater East Community Library at St Petersburg College, 2465 Drew St, Clearwater, FL 33765, Monday-Thursday 9 a.m. – 8 p.m.; Friday-Saturday 9 a.m. – 5 p.m., closed Sunday
    • Clearwater Main Library, 100 N. Osceola Ave, Clearwater, FL 33755, Monday-Wednesday 10 a.m. – 7 p.m.; Thursday 10 a.m. – 6 p.m.; Friday-Saturday 12 p.m. – 5 p.m., closed Sunday
    • Clearwater North Greenwood Library, 905 N. Martin Luther King, Jr. Ave., Clearwater, FL 33755, Monday-Thursday 10 a.m. – 7 p.m., Friday 12 p.m. – 5 p.m., Saturday 10 a.m. – 5 p.m., closed Sunday.

    St. Petersburg: 

    • St. Luke’s United Methodist Church, 4444 5th Ave N, St. Petersburg – Monday to Thursday, 9 a.m. to 12 p.m.
    • Lakewood United Methodist Church, 5995 Dr. M.L.K. Jr. St. S., St. Petersburg – Monday to Thursday, 9 a.m. to 12 p.m. (Pets welcome)

    St. Pete Beach:

    • St. Pete Beach Community Center, 7701 Boca Ciega Dr., St. Pete Beach – 9 a.m. to 4 p.m.

    Madeira Beach:

    • Madeira Beach City Hall, 14225 Gulf Blvd, Madeira Beach, Open daily 9 a.m. to 8 p.m. until further notice.

    Seminole: 

    • Seminole Recreation Center, 9100 113th St, Seminole, – 8 a.m. to 2 p.m.

    Largo: 

    • Largo Public Library, 120 Central Park Dr, Largo – Monday – Wednesday from 9 a.m. to 8 p.m., Thursday – Friday from 10 a.m. to 6 p.m. and Saturday from 10 a.m. to 5 p.m.

    Gulfport: 

    • Gulfport Senior Center, located at 5501 27th Ave. S., Gulfport – open through Oct. 4, 8 a.m. to 7 p.m.

    Dunedin: 

    • First United Methodist Church of Dunedin, 421 Main St., Dunedin – Monday, Sept. 30, through Thursday, Oct. 10, 9 a.m. to 3 p.m.

    Lost Pets:

    • If you have lost or found a pet, visit pinellas.gov/lost-and-found.
    • You can visit the Pinellas County Animal Services’ Found Center to check for your lost pet or drop off a found pet at 12450 Ulmerton Road, Largo. Found Center hours are Monday through Friday from 9:30 a.m. to 6 p.m. and Saturdays from 9 a.m. to 1 p.m. You can check other local animal shelters as well.

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  • Four current and former L.A. Sheriff’s Department employees died of suicide in a 24-hour span

    Four current and former L.A. Sheriff’s Department employees died of suicide in a 24-hour span

    Warning: This story includes discussion of suicide.

    The suicide deaths of four current and former Los Angeles Sheriff’s Department employees over a 24-hour span have prompted a plea from Sheriff Robert Luna urging deputies to check on the well-being of their colleagues and friends.

    “We are stunned to learn of these deaths, and it has sent shock waves of emotions throughout the department as we try and cope with the loss of not just one, but four beloved active and retired members of our department family,” Luna said in an emailed statement Tuesday. “During trying times like these it’s important for personnel regardless of rank or position to check on the well-being of other colleagues and friends.”

    Suicide prevention and crisis counseling resources

    If you or someone you know is struggling with suicidal thoughts, seek help from a professional and call 9-8-8. The United States’ first nationwide three-digit mental health crisis hotline 988 will connect callers with trained mental health counselors. Text “HOME” to 741741 in the U.S. and Canada to reach the Crisis Text Line.

    Luna said he had the “deepest concern for our employees’ well-being,” adding that the department was “urgently exploring avenues to reduce work stress factors to support our employees’ work and personal lives.” He said the department’s Homicide Bureau would investigate the deaths.

    There is no indication that that the deaths were related or that foul play was involved, but department sources who spoke on the condition of anonymity because of the ongoing investigation said the third and fourth deaths were discovered as word of the earlier deaths were spreading through the agency.

    Luna’s comments came a day after the suicides of one former and three current employees, which occurred within a 24-hour span that began Monday.

    Among them was Cmdr. Darren Harris, who became a recognizable figure on TV news over a 25-year career during which he served as a chief department spokesperson. Harris was found dead in his home in Santa Clarita on Monday morning, according to multiple sources. He died from a self-inflicted gunshot wound, said the sources, who agreed to speak with The Times on the condition of anonymity because his death hasn’t been publicly acknowledged.

    Harris rose steadily through department ranks, with several stopovers in media relations, along with stints in which he oversaw the Transit Services Bureau and ran the Santa Clarita station.

    Sometime after noon Monday, authorities found the body of Greg Hovland, a sergeant who worked in the Antelope Valley before his retirement, at his Quartz Hill home, according to the sources. Another employee was found dead shortly after sunset at a residence in Stevenson Ranch. The fourth death was reported at 7:30 a.m. Tuesday, when sheriff’s homicide detectives responded to a hospital in Pomona where an employee died from suicide.

    Observers said the suicides underscored a long-standing problem for law enforcement officers across Los Angeles as elsewhere. In recent years, studies have shown that more officers have died by suicide than the number killed in the line of duty. Officers also have higher risks of suicide than the general population, a disparity that some researchers have attributed to the stresses of police work and heightened public scrutiny over recent high-profile law enforcement killings — combined with their easy access to firearms.

    The risk is particularly acute among members of smaller departments, researchers say, which tend to have fewer resources available for officers struggling with suicidal thoughts. According to the website Blue H.E.L.P., which tracks officer suicides, 81 officers have taken their lives this year across the country; in 2022, there were 172 suicides.

    In his statement, Luna said the department’s Psychological Services Bureau and the Injury and Health Support Unit were working to provide counseling and other resources to the families of the officers.

    “Additionally, the department has a Peer Support Program that members can use for additional assistance,” Luna said in his statement.

    Four other Sheriff’s Department employees died by suicide this year, said Nicole Nishida, an agency spokesperson.

    Libor Jany, Richard Winton

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  • Analyst Predicts Terra LUNA To Surge By 80-100% Following Key Event

    Analyst Predicts Terra LUNA To Surge By 80-100% Following Key Event

    LUNA, the native token of the Terra 2.0 blockchain, was among the many gainers in the past week positively affected by Bitcoin’s impressive rally toward the $35,000 mark.

    According to data from CoinMarketCap, LUNA is up by 13.96% in the last seven days, providing some relief for investors who have had to endure the token’s bearish form in the previous weeks leading to this price rise. 

    As expected, LUNA’s current bullish form has now attracted much attention, with some analysts speculating there could be more gains in the coming weeks. 

    LUNA Could Double Its Value After Breaching Major Trendline, Analyst Says

    In a post on X on Sunday, crypto analyst Captain Faibik shared with his 67,000 followers an intriguing bullish prediction on LUNA’s price trajectory.

    Faibik, who claimed to not be a LUNA enthusiast, noted that the altcoin has recently broken a major bearish trendline and could potentially gain by 80-100%.

    According to Faibik’s analysis, LUNA traded above $0.47 in the past week, breaching a bearish trendline that stretches as far back as January 2023 on the token’s daily chart.

    Traditionally, trendlines are used by traders to connect several price points together and provide some insight into the potential direction of an asset’s price movement. 

    When an asset’s price moves out of an established trendline, as in the case of LUNA, it can be interpreted as an impending price reversal.

    Since the start of 2023, LUNA has produced an overall negative price performance, losing over 63% of its value in the last 10 months. However, if Faibik’s prediction proves true, the popular altcoin could be on its way to a remarkable recovery. 

    At the time of writing, LUNA trades at $0.468 with a 0.70% decline in the last day. With an 80-100% price increase, this price could rise as high as $0.934 in the coming weeks.

    Meanwhile, LUNA’s daily trading volume is currently down by 3.73% and valued at $48.67 million. With a market cap of $263.92 million, LUNA is ranked as the 117th largest cryptocurrency.

    Related Reading: Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?

    Terra Community Approves New Proposal 

    In other news, the Terra Community has recently passed governance proposal 4790 aimed at the active and aggressive development of the Terra ecosystem with resources provided by Terraform Labs.

    Under this newly approved proposal, Terraform Labs, alongside Terra community partners, will explore opportunities to utilize non-LUNA capital in driving the growth of the project’s economy. 

    In addition, 125 million LUNA will be staked by a Terra community council to encourage and reward active network engagement, offer essential services to support the ecosystem, and guarantee equitable decentralization.

    LUNA trading at $0.4696 on the daily chart | Source: LUNAUSDT chart on Tradingview.com

    Featured image from iStock, chart from Tradingview

    Semilore Faleti

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  • The Good, The Bad And The Ugly From 2022, Bitcoin’s Year Of The Bear

    The Good, The Bad And The Ugly From 2022, Bitcoin’s Year Of The Bear

    This is an opinion editorial by Aleks Svetski, author of “The UnCommunist Manifesto,” founder of The Bitcoin Times and Host of the “Wake Up Podcast with Svetski.” It is part four of his “Remnant Series.”

    What a year. Many of us said that it would only get stranger, but I’m not sure anyone was truly ready for what would transpire.

    In this short article, I’m going to have a quick look at the good, the bad and the ugly of 2022, and I’ll talk a little about what decisions I’m making for 2023 onwards. I’ve been controversial at the best of times, to say the least, and perhaps unnecessarily toxic at the worst. I’ve decided that this needs to change because it’s neither healthy, nor useful. There are others who can hold that mantle. My focus herein shall be education. And more of it.

    Aleksandar Svetski

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  • Saying Hello To Bitcoin

    Saying Hello To Bitcoin

    This is an opinion editorial by Pierre Rochard, the Vice President of Research at Riot.

    Ben Sixsmith has published a thoughtful piece in The Spectator entitled “Saying Goodbye To The Crypto Nerd Utopia,” providing an outside perspective on the crisis facing the broader crypto economy.

    While there’s a lot I agree and disagree with in his piece, I’ll focus on the primary line of reasoning: Bitcoin is one of many cryptocurrencies, cryptocurrencies have no intrinsic value, and cryptocurrencies are speculatively traded on exchanges like FTX; therefore, the scandalous collapse of FTX reveals that Bitcoin is no better than the status quo.

    Pierre Rochard

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  • ‘Revival Plan’ Boosts ‘Essentially Zero’ Luna Price By 1,000% Amid Bitcoin, Ethereum And Crypto Crash

    ‘Revival Plan’ Boosts ‘Essentially Zero’ Luna Price By 1,000% Amid Bitcoin, Ethereum And Crypto Crash

    Luna
    LUNA
    , the collapsed cryptocurrency that was designed to support the terraUSD (UST
    UST
    ) stablecoin, has rocketed higher over the last 24 hours despite falling to near zero this week—a dramatic collapse that shook the wider bitcoin and crypto market.

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    The luna price, which was trading as high as $100 per luna just last month, crashed to near zero this week—causing the algorithmic stablecoin UST to completely lose its peg to the U.S. dollar—amid a $1 trillion crypto crash that sent the bitcoin price down by over 20%.

    Now, the chief executive of UST and luna developer Terraform Labs, Do Kwon, has pitched a revival plan that could see ownership in the network distributed across UST and luna holders—causing the luna price to surge over 1,000% as traders bet the project could recover.

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    “While UST has been the central narrative of Terra’s growth story over the last year, the Terra ecosystem and its community is what is worth preserving,” Kwon wrote in a post on a Terra discussion forum, adding the Terra community “must reconstitute the chain to preserve the community and the developer ecosystem.”

    The reconstitute—effectively a restart of the terra blockchain—would create 1 billion tokens to be distributed among various community stakeholders, with 40% going to luna holders before the UST de-pegging, 40% to go to UST holders “pro-rata at the time of the new network upgrade,” 10% to luna holders before the chain halt, and 10% to the “Community Pool to fund future development.”

    The blockchain underpinning luna and UST was shut down multiple times this week to “prevent governance attacks” following “severe [luna] inflation.”

    Terraform Labs and the Luna Foundation Guard, tasked with supporting UST, this week printed several billion luna tokens—increasing the luna supply from 340 million last week to 6.5 trillion—in a failed attempt to maintain the UST peg to the dollar.

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    “Terra needs a community to continue to grow and make its blockspace valuable again—the only way to do this is to make sure that token holders before the attack commenced, the most loyal community members and builders, stick around to keep providing value,” Kwon wrote, adding, the ecosystem will not survive “in its current state.”

    In a follow-up tweet thread, Kwon said he’s “heartbroken” about the collapse of luna and UST but said he’s confident the “community will form consensus around the best path forward for itself and find a way to rise again.”

    Others in the crypto community have also suggested the project could still survive in some form with Binance chief executive Changpeng Zhao, often known simply as CZ, saying there has been “progress” made.

    “Luna blockchain resumed, no more minting,” CZ posted to Twitter. “And deposits, withdrawals and trading resumed. Trading is important for existing holders.”

    The luna and UST collapse this week came amid a bitcoin, ethereum and wider crypto market downturn that made UST vulnerable, with some speculating there may have been an orchestrated attack on the stablecoin.

    “The pullback in general markets created the conditions for an attack on UST, which was inherently fragile,” Cory Klippsten, the founder and CEO of bitcoin-buying app Swan Bitcoin, said in a Telegram message, adding, “the effects of the unwind are wide reaching, and the ultimate magnitude still unknowable.”

    Billy Bambrough, Senior Contributor

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