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Terra Luna Classic Moves Closer to Tax2Gas Implementation

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4 months ago

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Terra Luna Classic developer Genuine Labs on Tuesday announced progress on the Tax2Gas implementation, with the most anticipated upgrade expected in July-end. The move comes as the community passed proposal 12115 “Genuine Labs Tax2Gas Implementation” last month.

Genuine Labs earlier said they require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.

Terra Luna Classic Set For Tax2Gas Implementation

Terra Luna Classic L1 developer Genuine Labs shared a biweekly update on June 9 regarding developments for Tax2Gas implementation. According to the developer, the team worked on implementing Tax2Gas module, changes related to wasm handler plugin, and upgrading the handler. The work progress for Tax2Gas implementation can be found at Terra Classic GitHub.

Genuine Labs revealed that the module will now hold gas price values of 22 denoms of Terra Classic. It will define the logic of the AnteHandler and PostHandler. Notably, the taxes now get converted to gas and the fee will only be consumed upon success transaction.

In the next two weeks, the team will work on tasks such as unit tests for the new module and implementation, E2E tests, and manual tests and testnet.

As CoinGape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.

Also Read: XRP Lawsuit — Parties File Administrative Motions Ahead Judge Order

LUNC Price To $1?

Terra Classic chain and LUNC price will get a major boost after the Tax2Gas implementation. The community believes LUNC will hit $1 after Tax2Gas due to listings on crypto exchanges and return of dApps to the chain. Other mechanisms like LUNC burn will also get a further boost.

LUNC price mostly trading sideways in the last 24 hours, with the price currently trading at $0.00007074. The 24-hour low and high are $0.0000683 and $0.00007123, respectively. Moreover, trading volume decreased by 43% in the last 24 hours.

Meanwhile, USTC price is trading at $0.01567, down 12% in a week. The 24-hour trading volume saw a 41% drop in the last 24 hours as uncertainty rose amid BTC selloff by German Government.

Also Read: Worldcoin Layer 2 World Chain Announces Developer Preview

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Cardano Unlikely To Outperform Other Major Coins, Ben Armstrong Explains Why

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2 hours ago

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November 12, 2024

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Cardano recently reached $0.657, marking its highest price since March 30 and a 138% increase from its year-to-date low. However, the cryptocurrency has since corrected, as ‘BitBoy’ Ben Armstrong recently predicted.

Ben Armstrong, known as BitBoy Crypto, has expressed skepticism about Cardano’s performance in the next bull run. He cited several reasons, including declining user engagement, lagging Total Value Locked (TVL), and a lack of institutional investment.

‘BitBoy’ Ben Armstrong Doubts Cardano’s Shine in Next Bull Run

Ben Armstrong, also known as BitBoy Crypto, has pointed out his doubts over Cardano’s performance when the next bull run occurs. He gave some reasons for his skepticism as well.

First, Cardano is losing its user battle in comparison to other Layer 1 blockchain. Besides this, Cardano is lagging in Total Value Locked, or TVL, compared to its competitors.

The second aspect is that no evidence can prove Cardano’s founder, Charles Hoskinson, has any close link to persuading former President Donald Trump. ADA also lacks significant investment by institutional investors- a factor dampening its prospects for a strong performance.

 

This criticism is milder compared to Armstrong’s stance in July, when he strongly doubted ADA’s long-term potential. He then termed ADA a “dead” asset, one which was not appealing to venture capitalists and one that did not have institutional interest, which for him meant the death of any credible investment in it.

He said ADA might produce returns in the current bull run, but they would likely be smaller compared to other assets.

Armstrong restated this after Cardano founder Charles Hoskinson had declined to engage with him, citing Armstrong’s history of criticism toward ADA.

Cardano’s Impressive 138% Rally: What’s Driving the Surge?

Cardano recently touched $0.657, the highest price since March 30, up 138% from its year-to-date low. The cryptocurrency had entered correction and changed hands at $0.578 at press time, down 12% from this week’s high. It also recorded $14B in transactions within 24 hours that helped boosting its price.

It works within the bigger pullback of major cryptocurrencies, which saw Bitcoin retreat from nearly $90,000 to $86,000.

Investors are taking profits to lock in gains, a common practice after significant rallies, causing the pullback. This pullback has been attributed to profit-taking, which is common when investors want to lock in gains after significant rallies.

Cardano is rallying now for a few reasons. First, its founder, Charles Hoskinson, has shown that cryptocurrency could get more involved in US policy, which many have seen as a reaction to Donald Trump’s election victory. Charles Hoskinson recently confirmed plans to support the US government under Donald Trump to help shape cryptocurrency legislation. His aim is to contribute to creating clear regulatory frameworks for the digital asset sector.

The initiative seeks to address the years of uncertainty and regulatory challenges faced by the crypto industry. This move underscores Hoskinson’s intent to drive positive change for the broader adoption of digital assets.

Cardano’s DeFi TVL climbed to $350 million, a seven-month high, and could rise further with BitcoinOS integration, potentially unlocking $1.3 trillion in liquidity.

Cardano also jumped in unison with a massive spike in futures open interest, which, for the first time since March, has breached above $500 million for the third consecutive day, a sign of developing confidence among market players in the asset’s near-term potential.

Crypto Community Divided Over BitBoy’s Account Hack

Besides that, BitBoy Crypto’s account once shared a scam link, which reportedly drained the wallets of some followers. Armstrong then went to Twitter to address the issue, saying someone hacked his account and he had assured his followers it was already fixed.

He went on to warn that attacks on crypto holders and influencers would probably worsen as the bull run goes on.

However, many also feel Armstrong himself fabricated the incident, which served as a cover-up story for his compromised account.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Price Breaks Legendary Pennant Pattern, Here’s The Next Target

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3 hours ago

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November 12, 2024

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The Dogecoin price is racing towards its next bullish target, as an analyst projects a rise to $15 for the number one meme coin. This optimistic price forecast comes as the Dogecoin price breaks out of a legendary Bull Pennant pattern, which the analyst has indicated is a major bullish signal.

Dogecoin Price Breaks Out Of Legendary Pennant Pattern

In an X (formerly Twitter) post on November 11,  crypto analyst Trader Tardigrade disclosed a significant update on the Dogecoin (DOGE) price dynamics. According to the analyst, the Dogecoin price has officially broken out of a “Legendary Bull Pennant” pattern. 

The analyst shared a price chart illustrating Dogecoin’s price movements from 2019 to the present. Trader Tardigrade highlighted that Dogecoin began forming this unique triangle pattern in 2021, during a period of heightened popularity for the meme coin. 

Dogecoin price pennant
Source: X

However, as the analyst points out, 2024 is set to mark a major year, as the Dogecoin price has broken out of the Bull Pennant formation, signaling a new bullish phase for the popular meme-based cryptocurrency. The Bull Pennant pattern is a technical indicator often associated with a potential uptrend, and according to the crypto analyst, Dogecoin may be on the verge of a massive price rally to $15.

While this price target may sound overly ambitious to some investors, it’s important to note that in just one month, Dogecoin has increased by 260.94% and is still on the rise. Today, Dogecoin skyrocketed by 44.69%, and its market capitalization is stirring closer to the $60 billion mark. 

Dogecoin’s recent break out of the Bull Pennant formation could be attributed to a confluence of bullish factors that have been driving its price upwards for the past few weeks. The shift in market sentiment fueled by SpaceX CEO Elon Musk’s D.O.G.E proposal and the 47th US President, Donald Trump, backing Musk has propelled the Dogecoin price to new highs. The popular meme coin is now achieving gains not seen since its last bull run four years ago.

If these bullish factors continue to drive Dogecoin, and the meme coin maintains its momentum, its price could be making new ATHs this cycle. As of writing, the Dogecoin price is trading at $0.4, jumping more than 2X its initial value earlier this month. 

DOGE To Be The Biggest Gainer This Cycle

Given its massive momentum since Trump won the US Presidential elections, crypto analyst Jeremey has declared that Dogecoin is poised to be the greatest runner in this bull run. With the crypto bull run officially starting, Dogecoin has been one of the top gainers, following Bitcoin (BTC), which has risen to multiple massive all-time highs and is currently inching closer to the $90,000 mark. 

Jeremy suggested that Dogecoin could reach the $1 mark under certain conditions. He mentioned that if Musk publicly claims a co-founding status of Dogecoin and if both the SpaceX CEO and Trump integrate Dogecoin into the US economy, the price of the meme coin could experience unprecedented growth. 

Dogecoin price chart from Tradingview.com
DOGE price sees small retracement | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Will XRP Price Rally To $1.2 As XRP Market Cap Reaches $40B

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4 hours ago

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November 12, 2024

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The XRP price has risen over 13% in the last 24 hours and has reached a $40 billion market cap in the process. This recent rally has led to predictions about how high the coin could rise if the XRP bull run has indeed begun.

XRP Price Could Rally To $1.28

In an X post, crypto analyst Crypto Insight predicted that the XRP price could rally to $1.28. He stated that he believes a clean break above the $0.66 level would send XRP above $1.

The crypto has touched $0.7 on the daily chart, which suggests that the price rally above $1 could soon happen. Crypto Insight raised the possibility of XRP replicating Dogecoin and Cardano’s recent run.

For context, the Dogecoin price and Cardano price have surged over 100% and 60% in the last seven days. A similar run could be massive for the XRP price, which recently lost its sixth spot in the crypto rankings to Dogecoin.

In an X post, crypto analyst Mikybull Crypto stated that an XRP god candle was imminent and told market participants to get ready. In an earlier post, the analyst had said that a massive surge was imminent for XRP, similar to the one DOGE is currently enjoying. He added that the crypto will probably rise to $2 by year-end.

Crypto analyst Dark Defender also recently stated that $1.03 was next for XRP following its recent rally. Interestingly, the analyst had not long ago said that the XRP price would flip the Ethereum price. Like Crypto Insight, he had also mentioned that the rally to $1 could easily happen once the crypto breaks above $0.66.

Price Could Reach Between $3 And $10 If This Happens

Crypto analyst Zach Humphries suggested it might be time for the XRP to shine and revealed what needs to happen for the crypto to rise between $3 and $10 in this market cycle.

The analyst stated that XRP could rise to between $3 and $5 if the crypto moves through this bull run without full clarity, with the appeal case between the US Securities and Exchange Commission (SEC). The analyst explained that this would likely happen since XRP is again listed on top crypto exchanges, allowing retail investors to invest in the crypto easily.

Meanwhile, Humphries predicts that XRP could witness a parabolic run to between $8 and $10 if the lawsuit ends and the SEC approves the pending XRP ETF applications. The analyst also cited other factors, such as the RLUSD stablecoin, which provides a bullish outlook for the crypto.

Humphries is, however, confident that his base scenario of $3 for XRP will happen. He said this would happen since the crypto rose to $2 in the 2021 bull amid uncertainty thanks to the Ripple SEC lawsuit.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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