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LUNC Price To Rally Amid Massive Binance Burn As Over 1 Trillion LUNC Staked
Terra Luna Classic community looks for a massive LUNC burn in the next week by crypto exchange Binance as part of its LUNC burn mechanism. LUNC saw its total supply drop to 6.78 trillion after the enormous trading volumes and burn recently.
Delegators have also staked significantly with Terra Luna Classic validators, bringing the total LUNC staked to over 1 trillion.
Terra Luna Classic Community Eyes Massive Burn
Terra Luna Classic community awaits Binance LUNC burn mechanism to provide the necessary push to reduce LUNC tokens supply. Massive trading volumes this month sparked speculation of a higher amount of LUNC burn by Binance. The crypto exchange has burned nearly 60.42 billion LUNC, accounting for 48.8% of the total LUNC burned by the community.
The community has burned nearly 124 billion LUNC until now, with 71 billion by sending to burn wallet and 53 billion through on-chain burn.
In the last 7 days, almost 7 billion LUNC burn came from as whales and investors moved LUNC from centralized crypto exchanges. Total fees accrued from these transactions were 8.34 billion LUNC.
Total LUNC staked has skyrocketed to above 1 trillion, providing enough support from validators and the community. The staking ratio has increased to 14.83%. Moreover, the community pool reserve saw the required boost, with 6.22 billion LUNC and 12.37 million USTC. It gives the community enough funds for development activity.
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LUNC and USTC Price Performance
The Terra Luna Classic community has not yet accounted LUNC and USTC burn from Terraform Labs and Luna Foundation Guard wallets. Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned.
The community will also implement Tax2Gas with the potential to increase LUNC burn massively in the coming months. It is expected to be completed by July.
Terra Classic price trading mostly sideways in the last 24 hours, with the price currently trading at $0.00008137. The 24-hour low and high are $0.000081 and $0.000083, respectively. Moreover, trading volume has decreased by 53% in the last 24 hours, indicating a lack of interest among traders.
The burn events are going to bring enough trading volumes and upside price action, with a breakout above $0.000090 confirming further uprise move.
Meanwhile, USTC price also fell over 0.62% as trading volumes dipped by 40% in the last 24 hours. The 24-hour low and high are $0.01758 and 0.01815, respectively.
Also Read: Binance To Delist Shiba Inu, Chainlink, Memecoin, & 4 Other Crypto, Prices To Dip?
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.
Terra Luna Classic community to burn 12 billion in LUNC and 68 million USTC in contracts including Lido DAO rewards dispatcher, removing them completely from supply. The move comes as the community started removing LUNC and USTC from circulating circulating supply for revival and repeg to $1.
Terra Luna Classic 12 billion LUNC Burn
The Terra Luna Classic community takes out 12 billion in LUNC and 68 million USTC from circulation. It is the second largest removal from the circulating supply after the recent 7 billion LUNC burned in burn tax that saw 8.34 billion total fees accrued in a single day.
The massive 12 billion LUNC will be burned from Anchor bLuna rewards and Lido rewards dispatcher contracts, as per a proposal. Also, the changes are live on the CoinMarketCap and CoinGecko. Since the contract owner has invalidated itself, the Terra Luna Classic community now owns the contracts.
“These funds are locked since Lido DAO passed a proposal on June 22, 2022 to make all Lido contracts on Terra Classic non upgradable and make their ownership invalid,” revealed an X account named Terra Classic Foundation.
The governance voting on the proposed burn to begin soon to get the community’s approval on burning these funds. Terra Luna Classic developers also remove other LUNC and USTC from circulation that will be burned over time. The community removed 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from the circulating supply.
Also Read: LUNC New — Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC
LUNC Price To Hit $0.0001 In July?
LUNC price dropped over 1% in the past 24 hours, with the price currently trading at $0.00008196. The 24-hour low and high are $0.00008050 and $0.00008366, respectively. However, trading volume has decreased further by 21% in the last 24 hours.
Binance LUNC burn, Terraform Labs’ LUNC and USTC burn, and Tax2Gas implementation in July to provide the necessary push in LUNC price, with the community expecting a recovery above $0.0001.
Meanwhile, USTC price trades at $0.01783, down 1.5% in the last 24 hours. The 24-hour low and high are $0.01755 and $0.01802, respectively. Trading volume has decreased by 12%, indicating a dip in interest among traders.
In the derivatives market, LUNC and 1000LUNC futures open interests have fell in the last 24 hours. Traders now awaiting the monthly close and further cues from macro for trading in July.
Also Read: US SEC Delays Spot Ethereum ETF Launch, Sends Back S-1 Forms
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.
Hamster Kombat, a Telegram-based tap-to-earn game, has recently gained significant traction across the crypto realm. Soon after its inception, the P2E game boasted an enormous user base, marking a monumental stride.
Now, with the project’s plans for a token launch ahead, the P2E crypto sector is brimming with optimism. It’s worth noting that P2E cryptos have emerged as the current trend across the broader market, as also seen by the significant traction gained by Telegram-based Notcoin. Also, Telegram-based projects, in particular, have stolen the spotlight.
So, let’s take a closer look at Hamster Kombat’s recent advancements and future endeavors.
Hamster Kombat TGE In July
According to the Hamster Kombat official site, the TGE (Token Generation Event) and Token in-game utility launch are all set to take place in the coming month, July. Meanwhile, the project has already undergone significant upgrades.
As per the community, a stockpile of upgrades happened in June, encompassing on-chain infrastructure development, wallet in-game implementation, and Web3 pre-listing quest. Further, since its inception in March 2024, the project has seen developments such as mining updates, integration of the TON wallet for the collection of coins before token launch, and many more.
In a post shared by the Hamster Kombat community on X recently, it was further pointed out that the project’s user base spiked to 200 million. These chronicles, emerging amid a P2E season, have sent tongues wagging across the market.
In addition, the TGE also glimmers hope for the P2E crypto sector, given Hamster Kombat’s colossal user base.
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P2E Coins Market Performance
In tandem with Hamster Kombat’s recent buzz, the P2E sector’s market cap jumped 8.95% to $10.62 billion. Moreover, popular P2E cryptos, The Sandbox, FLOKI, and others, have noted considerable gains in recent days.
FLOKI’s weekly chart showed a 0.65% upswing and is currently trading at $0.0001706. The Sandbox (SAND) price soared 1.21% over the past week and is resting at $0.3353
Axie Infinity (AXS) price jumped 1.89% during the same duration to reach $6.08. Decentraland price (MANA) price gained 2.35% to $0.3392 in the past seven days.
Collectively, the price gains within the P2E sector, emerging in tandem with Hamster Kombat’s buzz, have garnered noteworthy attention.
Lastly, it’s worth noting that Notcoin, a Telegram-based game, also gained unprecedented popularity in recent days, sparking hope for the abovementioned game as well.
Also Read: US SEC Delays Spot Ethereum ETF Launch, Sends Back S-1 Forms
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.
The spot Ethereum ETFs that experts such as Bloomberg ETF analysts Eric Balchunas and James Seyffart estimated to launch next week have been further delayed by the U.S. Securities and Exchange Commission (SEC). The SEC issued a few comments on the S-1 form submitted by spot Ethereum ETF issuers, with refiling expected in the coming weeks.
SEC Comments Postpones Spot Ether ETF Launch
The U.S. SEC in the latest comments has asked the spot Ethereum ETF issuers to submit the S-1 forms by July 8, according to people familiar with the matter. This means the spot Ethereum ETFs launch is delayed to mid-July or July-end.
SEC Chair Gary Gensler recently confirmed that the approval process for spot Ethereum ETF is going smoothly after issuers including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco. The Ether ETF issuers such as VanEck have also filed Form 8-A in preparation for listing on exchanges by July 8.
The delay puts Ethereum holders in limbo. ETFstore President Nate Geraci earlier noted that the last round of S-1 revisions was quite “light” and the regulator will likely clear issuers for trading within the next 14-21 days. While the exact timeline is unclear, the SEC hinted at a potential launch this summer.
Also Read: ETH/BTC Pair Eyes Major Breakout With Ethereum ETF on Horizon, What’s Next?
ETH Price to Drop Due to Delay?
Market participants have criticized the move by the SEC as Ethereum and the broader crypto market are already trading under selloff pressure. The odds of Ethereum ETF launch next week ignited hopes of altseason as ETH/BTC price was finally moving above the 365 simple moving average.
ETH price fell over 1% in the past 24 hours, with the price currently trading at $3,384. The 24-hour low and high are $3,363 and $3,467, respectively. Furthermore, the trading volume has decreased further by 8% in the last 24 hours, indicating a decline in interest among traders.
Also Read: Ripple Vs SEC – Judge Torres Doctrine Stands, XRP Secondary Sales Are Not Securities
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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