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Tag: LUNC

  • Crypto Veterans Team Up With New Proposal To Send LUNC And USTC To $1

    Crypto Veterans Team Up With New Proposal To Send LUNC And USTC To $1

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    The LUNC community has received a proposal from Genuine Labs, a group of experienced developers who aim to contribute to the Terra Classic ecosystem, something that could help revive the USTC and LUNC tokens. 

    What The Latest LUNC Proposal Is About

    According to the proposal titled ‘Genuine Labs Terra Classic Development Proposal,’ the developers who boast extensive experience in Cosmos stacks aim to work with L1 teams to improve the IBC Hooks and Packet Forward Middleware (PFM) features. They will also enhance the “end-to-end testing and interchain testing for the fee tax charging mechanism.”

    These plans, if implemented, apparently come with a lot of benefits for the Terra Classic ecosystem. For one, the IBC Hooks is said to be capable of enhancing liquidity and cross-chain DeFi applications. IBC-hook token transfers will also help facilitate direct dApp interaction. Meanwhile, the PFM will enable multi-hop transfers and robust interchain applications.

    Improving and integrating testing mechanisms also comes with its benefits. This will ensure that the tax mechanism is efficient and reliable and developers will be able to simulate real-world scenarios for thorough testing. Lastly, implementing this will also help accelerate development in the Terra Classic ecosystem. 

    If the proposal gets approved, Genuine Labs will carry out these plans in two phases. The developers also mentioned that implementation will last for for six weeks and will cost $16,000. So far, most validators seem to be in support of the proposal, as 57.32% of the total votes cast have voted in support of it. 

    The quorum is, however, yet to be met as just over 8% of those meant to vote have actually voted. Voting for the proposal will end on December 30. Therefore, there is still enough time for the proposal to scale through. 

    LUNC price at $0.00015 | Source: LUNCUSDT on Tradingview.com

    Update On The Plan To Burn 800 Million USTC

    Bitcoinist had previously reported the LUNC community’s proposal to burn 800 million USTC from the Luna Classic treasury. Voting on the proposal had begun, and then, it looked more likely than not that the proposal was going to scale through. However, things have taken a drastic turn since then. 

    Data from the voting forum shows that more validators have voted against the proposal since then. In fact, some of these validators have gone as far as voting against the proposal with their veto power. This is significant as the veto votes currently stand at 24.55% of the total votes cast so far, and the veto threshold is 33.40%. 

    Validators seem to be against this move due to the legal repercussions. This proposal was said to have legally absolved them, but they might still not think so and are choosing to be cautious. Voting ends on December 27, and it will be interesting to see how that plays out. 

    Featured image from Block Builders, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Shiba Inu Vs LUNC Burn: Which One Has Had A Better Impact?

    Shiba Inu Vs LUNC Burn: Which One Has Had A Better Impact?

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    Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, there have been significant amounts of tokens sent to burn addresses by members of the community. But which community’s effort has had the best impact on the token price?

    LUNC Community Hits 85 Billion Mark

    The LUNC community burn has gained a lot of traction since it began around a year ago. Every week, millions of tokens are being taken out of circulation in an effort to reduce its over 5.8 trillion supply. This has resulted in tens of billions of tokens being burned so far.

    According to the LUNC Metrics website, the community has been able to hit the 85 billion tokens burned milestone. This was hit after over 1.7 billion tokens were burned by the community in a single-week timeframe, bringing the total all-time token burned to approximately 85 billion.

    On the back of this milestone, the prices of LUNC and USTC have begun to rally once more, suggesting a correlation between the burn and the price performance. Not only the Terra Classic ecosystem tokens are rallying but also the rebranded LUNA token has been on the rise.

    The LUNC burn initiative has seen a lot of support from the Binance exchange which continues to burn fees generated from the altcoin’s trading activity. Burning has also extended to the USTC token which sees thousands of coins burned daily.

    SHIB bulls show strength | Source: SHIBUSD on Tradingview.com

    Shiba Inu Burn Sees 2875% Explosion

    Compared to the LUNC burn, the Shiba Inu community burn has had more impact on the price. Unlike LUNC, around 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin who received half of the SHIB token supply in 2021. Buterin eventually burned the majority of the tokens after donating some of it to a COVID relief fund.

    The community has, however, not relented in its efforts to reduce the supply. Last week, the burn rate saw one of the most significant spikes after rising over 7.6 million percent in a 24-hour period. This increased burn momentum has continued into the new week with Sunday’s figures coming in over 152 million tokens burned.

    This 152 million figure saw the SHIB burn rate rise another 2875%, data from Shibburn shows, starting the week off on a high note. The majority of the burned tokens came from a single wallet which incinerated 107.6 million tokens in a single transaction.

    However, unlike LUNC, the spike in the SHIB burn rate hasn’t seemed to have affected the price much with the token trading at near breakeven for the same time period.

    Featured image from Analytics Insight, chart from Tradingview.com

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    Scott Matherson

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  • USTC skyrockets after LUNC vote, AI altcoin trends Reddit

    USTC skyrockets after LUNC vote, AI altcoin trends Reddit

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    Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

    The crypto world has come to life once again, with the collapsed TerraClassicUSD (USTC) and Luna Classic (LUNC) on the rise.

    They’ve been making some big moves recently, and there’s a lot of chatter about a new revamp proposal. This jump in interest and value has everyone talking about these tokens again, wondering what’s next for them.

    In the midst of all this, there’s a new ICO, InQubeta (QUBE) that’s starting to turn heads, especially on Reddit where investors have made it a trending topic in the AI crypto sector.

    Funding AI tech with crypto investments

    In the world of cryptocurrency, where innovation is the key to success, InQubeta is emerging as a game-changer, particularly in the AI-driven space. The inception of InQubeta was driven by a singular mission: to make AI startup investments accessible to a broader audience.

    Recognizing the immense potential locked within AI startups, InQubeta introduced the QUBE token, a pioneering step towards democratizing AI investments. This unique approach allows investors to buy fractional shares in AI startups through popular NFTs, offering either equity or rewards, and symbolizing a new era in AI investment.

    At the heart of all this innovation is the QUBE token. It’s more than just a top crypto coin; it’s a symbol of everything InQubeta stands for – bringing more people into the fold and moving forward together. The way QUBE tokenomics is set up is pretty rewarding.

    It’s a deflationary ERC20 coin with a special tax system that’s all about encouraging people to think long-term and get involved in the community. Plus, it lets token holders have a say in what direction InQubeta goes in, which is a big deal in a world where decentralized decision-making is key.

    InQubeta has established itself as a trustworthy platform, with its smart contract audited by Hacken and KYC verified by BlockAudit. Having raised over $5.6 million in its presale, InQubeta’s roadmap is ambitious, and this will have a ripple effect on the utility and value of QUBE. If you were wondering what crypto to buy today for long-term investment, this could be it.

    USTC and LUNC’s surge

    The surge in USTC and LUNC comes after a Binance perpetuals contract listing and the reveal of a bitcoin-focused revamp plan. This revamp, outlined by Mint Cash, envisions a successor to Terra’s stablecoin, this time collateralized by BTC to mint tokens. This proposal, along with the airdrop plan for USTC and LUNC holders, has significantly fueled the rally of these tokens.

    The team behind this project has an interesting vision for a Bitcoin-backed stablecoin, and it’s kind of a game-changer in terms of strategy. They’re looking to build more trust in the stability and future of these tokens by tying them to the solid foundation of Bitcoin. And it seems like people are getting on board with this idea.

    Closing thoughts

    The crypto market is in the middle of an exciting time. We’re seeing a big comeback from USTC and LUNC, thanks to some clever new plans to shake things up. On top of that, top altcoins like QUBE are getting more and more popular. It just goes to show how fast-paced and ever-changing this world is.

    InQubeta’s unique way of investing in AI startups and the renewed buzz around USTC and LUNC really shine a light on all the different possibilities and opportunities in digital finance. It’s clear that this market isn’t just quick to adapt; it’s also really open to new ideas and technologies, setting the stage for a future that’s full of potential.

    Learn more about InQubeta’s presale here.

    Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.


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  • LUNC Up 70% – Temporary Spike Or Sustainable Climb Ahead?

    LUNC Up 70% – Temporary Spike Or Sustainable Climb Ahead?

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    Terra has stirred considerable attention of late, experiencing an impressive surge in prices that has left market observers intrigued. The catalyst behind this upward trajectory can be largely attributed to notable advancements within the Terra Ecosystem. A recent substantial capital infusion likely instilled significant confidence among investors, acting as a driving force behind the recent upswing in LUNC prices.

    Examining The Factors Behind LUNC’s Meteoric Surge

    In the last month, LUNC has been on quite a ride, marking an impressive 90% surge in its value. This has triggered discussions, prompting questions about whether this surge is just a momentary spike or the initiation of a more enduring upward trajectory.

    The remarkable boost in LUNC’s value finds its roots in a couple of noteworthy events unfolding within the Terra ecosystem. Specifically, Terra Classic Labs strategically invested around $500,000 into TerraClassicUSD (USTC), the algorithmic stablecoin linked to the Terra platform.

    The considerable token burn that has taken place recently is another key driver of the rally. The quantity of LUNC tokens in circulation has decreased to 5.8 trillion due to the destruction of around 78.24 billion of them, which could put more pressure on the token’s price.

    The cryptocurrency industry frequently uses this process of token burning to control inflation and increase token value by lowering supply.

    LUNCUSD currently trading at $0.0001199 on the daily chart: TradingView.com

    LUNC Showing Bullish Side

    According to data from Coingecko, the price of LUNC has now surged by over 80% this month, with a 71% increase tallied this week in response to the announcement of Mint Cash and Binance’s launch of the USTC perpetual contract.

    Furthermore, the increase happens a week after Terraform Labs allocated $10 million in assets among three different liquidity pools. As of writing, LUNC is trading at $0.00011. With a $513 million daily trading volume, LUNC’s market capitalization of $661 million places it as the 79th largest cryptocurrency asset.

    LUNC’s indicators are all in very positive positions, which is not surprising given that the coin has increased by more than 30% in a single day. Before the present rally loses momentum, its relative strength index (purple) may peak at near to 90.

    The coin’s 24-hour trading volume, which has increased from less than $20 million to more than $600 million virtually overnight, is arguably the most encouraging of all. This surge implies that whales have finally made a comeback to the token, pilfering more of it and igniting a broader rally.

    Meanwhile, LUNC and USTC reported milestone price increases over the previous week, according to data from the crypto intelligence tracker Santiment. As a result of the two coins’ historic weekly gains, LUNC and USTC are now the top moving cryptocurrencies on Santiment’s tracker.

    Source: Santiment

    Santiment’s analysts predict that the milestone price rallies in both cryptocurrencies are probably signs that investors are suffering from FOMO, or the fear of missing out on these tokens’ gains, which has propelled the assets to the top of the list, surpassing both Bitcoin and Cosmos.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from iStock

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    Christian Encila

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