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Luna Foundation Guard Moving Crypto Holdings, What’s Happening?

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5 months ago

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Luna Foundation Guard, the non-profit linked to Terraform Labs, on Tuesday said it moved the crypto holdings in its wallets to a direct custody solution. The move comes following a settlement with the U.S. Securities and Exchange Commission (SEC) by Terraform Labs and Do Kwon to pay $4.5 billion in total penalties in the civil fraud case.

Luna Foundation Guard (LFG) Shifts Funds

Terra-linked Luna Foundation Guard (LFG) shifts funds including Bitcoin to a direct custody solution, the nonprofit announced in a post on X platform on June 25. This has sparked concerns among crypto investors as Terraform Lab, which is currently under bankruptcy protection, winding down businesses and assets to pay $4.5 billion as part of the settlement with the U.S. SEC.

LFG claims direct custody of crypto assets such as AVAX, BNB, BTC, LUNA, and UST (now USTC) will help improve the security of funds in the wallets. CoinGape recently revealed that LFG shifted a whopping $94.7 million in crypto holdings to a new address. It transferred 1.974 million AVAX worth $71.19 million and 39,499 BNB approximately $23.5 million.

The LFG Reserves Dashboard is established to track funds available in LFG-linked wallet addresses for continued transparency and traceability. The total reserve balance is $124.36 million, with Bitcoin holdings of $19.13 million. It has Avalanche (AVAX) worth $49.71 million and BNB worth $32.87 million.

Terraform Labs CEO Chris Amani recently confirmed burning LUNA holdings in wallets related to TFL and LFG. Terra Luna Classic community will also burn LUNC and USTC in the wallets.

Also Read: Bitcoin ETFs Continue To Bleed With Zero Inflows, Institutions In Panic?

TFL Sells Major Crypto Projects

TFL CEO Chris Amani after the settlement with the SEC revealed that it’s products will continue to run while they wind down. The company has put Pulsar Finance, Station Wallet, and Enterprise Protocol for selling.

Prices of crypto assets held by the company have dropped immensely due to concerns over selloff and overall negative sentiment in the crypto market. AVAX price has dropped 34% in a month, while LUNA and USTC also fell over 30% and 20%, respectively.

Also Read: Altcoins Bounce Back With BTC Dominance Dropping, Is the Bottom In?

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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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BTC Continues To Soar, Ripple’s XRP Bullish

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43 minutes ago

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November 24, 2024

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The crypto universe has concluded yet another week, primarily with riveting developments unfolding across the broader sector. Bitcoin (BTC) continues to pump, hitting a new ATH this week. Simultaneously, Ripple’s XRP garnered significant market attention, recording considerable gains. The broader market continues to leverage investor optimism post-U.S. elections that saw Donald Trump reelected as the president.

Here’s a brief collection of some of the top cryptocurrency market headlines that have significantly impacted investor sentiment over the past seven days.

BTC Hits New ATH Amid Bull Crypto Market

BTC price hit a new ATH near the $100K level this week, echoing a buzz across the broader sector. Notably, the flagship coin gained roughly 10% over the past week to hit an ATH of $99,655. Attributable to this bullish movement post-U.S. elections, Rich Dad Poor Dad author Robert Kiyosaki shared a bold prediction for the coin, anticipating its price to hit $13 million.

Simultaneously, the crypto also saw heightened institutional interest amid its bullish movement, underscoring the potential for further gains. Aligning with this heightened market interest, biopharmaceutical firm Hoth Therapeutics forged ahead with BTC buying plans, sparking additional optimism surrounding the crypto.

Meanwhile, Bitcoin miner MARA completed its $1 billion private offering this week, with some of the proceeds set to be used to buy more BTC. Overall, the flagship coin leveraged significant buying pressure this week, paving a bullish path for future movements.

Ripple’s XRP Steals Attention

On the other hand, XRP’s price witnessed gains worth 40% over the past week, cementing investor optimism amid a bullish digital asset sector. Notably, XRP whales accumulated nearly $526M worth of the token this week, indicating that the Ripple-backed coin could pump higher. Veteran trader Peter Brandt predicted amid this bullish movement that a parabolic rally for the crypto also lies ahead.

Further, Ripple CEO Brad Garlinghouse conveyed bullish sentiments on XRP and a possible end to the SEC lawsuit, primarily attributable to the newly appointed U.S. Treasury Secretary Scott Bessent. Simultaneously, the Ripple vs. SEC lawsuit saw the regulator and FINRA trying to bring “digital asset securities” claims. This mover comes against the backdrop of XRP’s rally to $1, with speculations of a looming $2 target on SEC Chair Garu Gensler’s exit.

Overall, these market updates have sparked significant investor enthusiasm over the crypto realm’s future action, with market watchers being optimistic.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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XRP Price To $28: Wave Analysis Reveals When It Will Reach Double-Digits

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10 hours ago

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November 23, 2024

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Crypto analyst Behdark has predicted that the XRP price can reach $28. This prediction follows his Elliot Wave theory analysis, which also showed when the crypto will reach this double-digit price target. 

When XRP Price Will Reach Double Digits

In a TradingView post, Behdark’s Elliot Wave theory analysis showed that the XRP price can reach double digits by 2026. The analyst’s accompanying chart showed that the first double digits target for XRP will be $15, after which the crypto could eventually rally to $28. Behdark also provided more insights into XRP’s current price action and why this rally could happen. 

XRP Price 1
Source: X

First, the analyst mentioned that the XRP price looks to be currently within a running triangle. In line with this, Behdark remarked that wave D might complete its movement by hunting the all-time high (ATH) at $3.84. He mentioned that there could be a price correction for wave E afterward. 

Once that XRP price correction happens, Behdrak predicts the next move will be the post-pattern movement targeting a level above $15. This is where the price target of $28 comes into the picture, as the analyst’s accompanying chart shows it is a feasible target for the crypto, although it might not happen in this market cycle. 

An XRP price rally to $28 would mean that the crypto would have a market cap of $2.8 trillion. However, Behdrak suggested that this was still feasible. He noted that his focus was on chart analysis and not fundamentals, even though fundamentals are reflected in the chart itself. 

Meanwhile, the analyst told market participants that if a clear and identifiable pattern emerges when the XRP price reaches wave E of the triangle, they could position themselves for the main move to double digits. 

A Confirmation Of This Double Digit Target

Crypto analyst Dark Defender also recently shared an Elliot Wave theory analysis, which showed that the XRP price could indeed reach double digits. Specifically, the analyst’s accompanying chart showed that XRP could rally as high as $18 when the wave 5 impulsive move occurs. 

XRP Price 2
Source: X

Interestingly, unlike Behdark’s chart, which showed that the rally to double digits would happen in 2026, Dark Defender’s chart showed that the rally to $18 could happen as early as mid-2025. Meanwhile, the analyst said that the XRP price is currently in the third wave, with the crypto expected to rally to $5 when this next impulsive move occurs. 

Afterward, the XRP price is expected to witness a corrective move that will cause it to drop to as low as $4. The next impulsive move after this could send XRP to the $18 target. 

At the time of writing, the XRP price is trading at around $1.55, up over 10% in the last 24 hours, according to data from CoinMarketCap. 

XRP price chart from Tradingview.com
Token price moves above $1 | Source: XRPUSDT on Tradingview.com

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



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Crypto Trader Records $2.5M Profit With This Token, Here’s All

Published

15 hours ago

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November 23, 2024

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A crypto trader made a $2.5M profit today by turning 13 SOL into 9,718 SOL through trading 76.46M FATHA tokens. The trader bought the tokens on Pump.fun, capitalizing on a rapid increase in FATHA’s market cap, which surged to over $60M. The trader sold the tokens at the peak, realizing a 750x return.

Trader Makes $2.5M Profit Trading FATHA Token

The crypto trader turned 13 SOL (around $3.3K) into 9,718.5 SOL, making a $2.5M profit by trading 76.46M Slopfather (FATHA) tokens. On November 23, the trader purchased the tokens on Pump.fun, and within 40 minutes, FATHA’s market cap surged to over $60M. After holding the tokens, the trader sold them at the highest point, securing a 750x return.

The trader capitalized on the rapid market shift and seized the opportunity to make a significant profit. As per solscan, 9,500 SOL was swapped for USDC and bridged to Ethereum, demonstrating how quickly substantial profits can be made in the volatile meme coin market. The trade reflects the growing influence of meme coins on the Solana blockchain.

On-chain data indicates that the wallet involved in this trade may belong to BT (@cooksassistant), who has traded 60 tokens over the past three days. With a win rate of 42.37%, BT has generated $2.7M in total profit.

FATHA Token Surge and Solana’s Meme Coin Boom

Slopfather (FATHA) token has surged to $0.03841, with a market cap of $38 million, allowing the crypto trader to book a massive profit. Its 24-hour trading volume is $156 million, reflecting a 4000% increase in the last 24 hours. This dramatic rise shows the growing demand for meme coins in the crypto market.

Solana’s blockchain is becoming a top platform for meme coin launches. Projects like PNUT, WIF, GOAT, and BONK are leading the way. Additionally, Arthur Hayes’ endorsement of the Solana-based FLOWER coin boosted interest, driving the growth of meme coins on Solana.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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