Terra Luna Classic ($LUNC) has returned to positive territory for the first time in over a week, posting a gain of nearly 4% in the past 24 hours, according to data from CoinGecko. The move, while modest, has been enough to lift sentiment among holders who watched the asset shed more than 30% at its lowest point last week.
The recovery is partial at best. $LUNC remains down approximately 15% over the past 30 days, reflecting a broader period of weakness that followed a sharp rally earlier in the year.
A Tough Month Despite the BounceThe 30-day picture puts the latest gain in context. Terra Classic's price declined nearly 20% over the past month, reversing a 150% surge from April to early May 2026 that had been driven by a strong Binance burn event. The sell-off that followed erased much of those gains, pushing $LUNC back toward multi-week lows before this week's tentative recovery.
Trading volume for Terra Luna Classic reached $7.73 million in the last 24 hours, representing a 1.30% increase from the prior day, signalling a recent rise in market activity. Whether that volume is sustained will be a key test of whether the recovery has legs.
Burn Program Continues in the BackgroundOne factor the community continues to monitor closely is Binance's monthly token burn program. Binance burned 604,278,995 $LUNC tokens on July 1, 2026, as part of its monthly buyback-and-burn program. That brought Binance's cumulative direct burns to approximately 87.37 billion $LUNC, with the exchange accounting for roughly 19.5% of all burned tokens tracked by LUNC Metrics.
The total supply remains at 6.46 trillion, with 5.52 trillion in circulation, meaning the daily burn rate, while consistent, is a marginal fraction of the overall supply. Analysts note that significant price appreciation would require a dramatic and sustained increase in burn volume beyond the current pace.
For now, the $LUNC community is taking the short-term green candle as a sign of life after a bruising stretch. Whether this marks the beginning of a sustained recovery or simply a brief relief rally remains to be seen.
Sources
CoinGecko: Terra Luna Classic (LUNC) Live Price
CoinReporter: Binance Executes July 1, 2026 LUNC Burn
DailyCoin: Binance Nears 90B LUNC Torched Following Mega Burn
LUNC Slides Nearly 20% in 30 DaysTerra Luna Classic ($LUNC) is under renewed selling pressure. According to CoinGecko data, the token has declined by nearly 20% over the past 30 days, a drop steep enough to push its 12-month performance into negative territory, below 10% on a yearly basis.
The selloff reflects a broader cooling of sentiment that had built around LUNC earlier in 2026. The token surged as much as 150% between April and early May following a strong burn event from @Binance, but much of those gains have since unwound. Despite periodic social media attention, underlying data has shown weakness, with Google search interest for LUNC falling sharply and capital seeing persistent outflows from both spot and futures markets.
Volume Picks Up Even as Price FallsOne nuance in the current picture is that trading activity has not followed the price lower. Volume has increased by almost 10% over the period, with @Binance continuing to handle the bulk of flow. Binance handles more LUNC volume than the next four exchanges combined and remains the only top-five platform running a large-scale burn program tied to its own trading activity.
That burn program remains active. On July 1, 2026, Binance burned 604,278,995 LUNC tokens as part of its monthly buyback-and-burn program, funded by 50% of LUNC spot and margin trading fees collected during June, pushing its cumulative direct burns to approximately 87.37 billion LUNC. The July burn was more modest than earlier months, likely reflecting lower June trading volumes, but it underscores the program's ongoing deflationary pressure on LUNC's still-massive circulating supply.
The structural challenge for the token remains unchanged. The total supply of LUNC stands at 6.46 trillion, with 5.52 trillion in circulation, and the daily burn rate, while consistent, represents only a marginal fraction of that overall supply. At current rates, supply reduction alone is insufficient for a fundamental revaluation. Significant price appreciation would require a dramatic, sustained increase in burn volume or a massive reduction in circulating supply.
Whether LUNC can stage a recovery from the current red zone will depend on whether trading volumes hold, burn momentum accelerates, and broader market sentiment shifts back in favour of speculative altcoins. For now, the token remains one of crypto's more closely watched, and debated, comeback stories.
Sources
CoinGecko: Terra Luna Classic (LUNC) Live Price
CoinReporter: Binance July 1 2026 LUNC Burn
CoinMarketCap: Terra Classic Live Price
USTC and LUNC see major price surges, driven by Terra Classic Labs' investment and community efforts, sparking renewed hope for recovery.
TerraClassicUSD (USTC) and Terra Classic (LUNC) Price surged recently, surprising everyone and showing how dedicated the Terra Classic community are to reviving these assets. USTC has increased by over 283% within 24 hours, now priced at $0.63997, as it moves towards regaining its US dollar peg that has been lost in May 2022.
Terra Classic Labs recently made a strategic purchase of 25.6 million USTC, people believe that this is the reason for the sudden surge in USTC’s price. This investment didn’t just boost USTC's price but also restored some life to the Terra Classic ecosystem.
LUNC is also benefiting from USTC's rally, as it also increased by 57%. This rise in both tokens demonstrates the power of community efforts in influencing the value of digital assets.
Overall, the recent price increases for USTC and LUNC bring renewed optimism for the project’s recovery, showcasing the major effects of community actions in the crypto market.
Below is a chart showing USTC and LUNC Price movement in the past 24 hours
USTC
LUNC
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The Terra Classic community has successfully burned over 700 million LUNC and 230,000 USTC tokens as part of its revival strategy. This burning initiative addresses the inflated supply issue contributing to the ecosystem’s previous downfall. Using data from StakeBin, Alex Crypto Bull reported the value of the burned LUNC at approximately $70,840 and USTC at around $6,187. Terra Classic community has successfully executed the burning of over 700 million LUNC and 230,000 USTC tokens. This move forms a part of the broader strategy to restore the Terra Classic (LUNC) and TerraUSD Classic (USTC) after their notable collapse over 20 months ago.
Ongoing efforts in reviving LUNC The Terra Classic community remains steadfast in its efforts to rejuvenate the ecosystem. A key strategy in this endeavor is the systematic burning of the LUNC and USTC supply. This method addresses the bloated supply issue, a significant factor in the ecosystem’s downfall. Recently, the network achieved a milestone by burning over 700 million LUNC, valued at approximately $70,840, and 230,000 USTC, worth around $6,187. These figures were reported by Alex Crypto Bull, citing data from StakeBin.
While the amount burned might seem modest in the context of Terra Classic’s vast supply, the community is confident about the long-term positive impact of these actions. The burning mechanism is linked to network activity, implying that the number of tokens burned will increase during heightened user engagement.
Binance’s role and market impact Binance, a leading cryptocurrency exchange, has played a pivotal role in supporting the Terra Classic community. The exchange has been actively involved in the burning campaign, using trading fees on its platform to burn Terra Classic tokens. Earlier this month, Binance completed its latest burning program, destroying 5.5 billion Terra Classic coins, which, at current prices, are valued at over $550,000. This contribution places Binance at the forefront of the Terra Classic burning initiative, accounting for over 52% of the total burned assets.
Despite these efforts, the short-term market response has been mixed. After an initial surge, both LUNC and USTC have experienced price declines. In December, LUNC reached a trading high of $0.00025, and USTC peaked at $0.069. However, both assets have since faced a downturn, with LUNC currently trading at $0.000102 and USTC at $0.025. These price movements are attributed to a combination of profit-taking activities and a broader correction in the crypto market.
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Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life’s work is to introduce the concept of decentralization to people worldwide.
TerraClassicUSD (USTC) price has jumped 9% over the last 24 hours, backed by a strong trading volume increase of over 800%. USTC is currently ranked 67 in terms of trading volume, surprising the crypto community due to the sudden boost. Are plans for USTC revival to $1 in effect?
Terra Luna Classic Proposal For USTC Repeg Proposal 12102 “The Ultimate Repeg Plan – A Community-Driven Repegging Proposal” is under voting stage on Terra Classic Station wallet. The proposal’s aim is to establish a resilient and community-driven mechanism focused on incrementally restoring and preserving the stability of the USTC peg.
The proposal is based on three mechanism. These are — stakers need to lock a specific amount of USTC along their LUNC delegations to fully earn their staking rewards and stakers must lock additional USTC when the price of USTC falls for full staking rewards. Also, after the repeg, stakers are not required to maintain the additional USTC balance to earn rewards and allow them to sell extra USTC at a profit.
The proposal hasn’t received much voting from the community, with 18% “Yes” votes. It saw high number of “No” votes at 78.45%. Validators such as Interstellar Lounge, JESUSisLORD, Community First LUNC and others have voted against the proposal, believing that the proposal holds no value. Whereas, LBUN Project, StakeBin, and other think the narrative can help repeg USTC.
Also Read: Ripple Vs SEC News: Settlement, Appeal, & Judge Torres’ Final Ruling Timeline
LUNC Price Follow Similar Rally? Analyst Javon Marks reaffirmed a more than 5 times rally possible in LUNC. It could take the price to $0.000593, which is post-Terra Classic high.
LUNC price jumped 1% in a day amid market-wide buying. The price is currently trading at $0.0001091. The 24-hour high and low are $0.0001084 and $0.0001221, respectively. Moreover, trading volume has increased by 370% in the last 24 hours.
The massive increase in trading volume in USTC and LUNC are due to buying by futures traders. Total USTC futures open interest skyrocketed 70% in the last 24 hours.
Also Read: Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
The world’s largest crypto exchange Binance expands support for key cryptocurrencies including SingularityNET (AGIX), Shiba Inu (SHIB), TerraClassicUSD (USTC) and others. Notably, Binance will adjust the tick size of trending spot trading pairs to increase market liquidity and improve trading experience by next week.
Binance Expands Support For SHIB, USTC, AGIX Binance in an official announcement said it will adjust the tick size for some listed cryptocurrencies via API by May 23 at 05:00 UTC. The crypto exchange cites increasing market liquidity and improving trading experience as the reasons behind the move.
“The tick size update will not affect existing spot orders. After the tick size is updated, orders placed before the update will still be matched with the original tick size,” as per the announcement.
The tick size is decreased for AGIX/FDUSD, AGIX/TRY, AGIX/USDT, ALT/BNB, ALT/FDUSD, ALT/TRY, ALT/USDC, ALT/USDT, ARKM/BNB, ARKM/FDUSD, ARKM/TRY, ARKM/TUSD, ARKM/USDT, EDU/USDT, FET/FDUSD, FET/TRY, FET/USDC, and FET/USDT.
Whereas, the tick size is increased for ID/TRY, ID/USDT, REN/USDT, SHIB/TRY, STX/FDUSD, STX/TRY, STX/USDC, STX/USDT, TRX/TRY, TRX/XRP, USTC/FDUSD, USTC/TRY, USTC/USDT, VANRY/USDT, XAI/BNB, and XAI/TRY.
SHIB, USTC, AGIX Saw Price Increase SHIB price jumped 2% in the past 24 hours and 12% in a week, with the price currently trading at $0.000025. The 24-hour low and high are $0.0000242 and $0.0000253, respectively. However, the trading volume has decreased by 50% in the last 24 hours.
USTC price climbed over 4% in the last 24 hours with the price currently trading at $0.02244. The 24-hour low and high are $0.02157 and $0.02283.
Meanwhile, AGIX price has increased by 7% in the past 24 hours. The price currently trades at $0.980, with a 24-hour low and high of $0.912 and $0.989, respectively.
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Terraform Labs (TFL) has executed a large-scale token burn of 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation. The burn was part of a settlement with the U.S. Securities and Exchange Commission (SEC) that required TFL to dispose of specific assets held in its Shuttle Bridge wallets.
This move has fueled speculations of a potential rally in the LUNC price, sparking discussions in the crypto community about the possibility of LUNC reaching the $1 mark.
Terra Luna Classic Burns LUNC and USTC Holdings According to an update on X (formerly Twitter), the recent burn event is linked to TFL’s decision to permanently shut down the Shuttle Bridge, a cross-chain transfer solution for Terra Classic tokens. As a precautionary measure and to avoid any legal complications, TFL closed the bridge on the 31st of October, 2024. In the US SEC settlement, TFL committed to destroying the tokens stored in the Shuttle Bridge wallets with a view to meeting regulatory requirements.
The burn took out around 4% of the LUNC supply, which stands at around 5.45 trillion tokens.
Although this could be seen as significant when looking at the numbers, market experts posit that this could be insufficient to make the prices skyrocket due to lack of enough demand. TerraClassicUSD (USTC) also received a significant reduction with its 264 million tokens burnt while this accounts for a lesser part of its 5.56 billion circulating supply.
LUNC and USTC Price Reaction Despite the substantial reduction in circulating supply, the market reaction has been restrained. LUNC price saw an increase of 3%, while USTC price rose by 1.70%, according to CoinMarketCap data.
Analysts attribute the limited price movement to the overall large supply of these tokens, as the recent burn represents only a fraction of the total amount in circulation.
‘It’s a good thing that supply is down, but since there are still billions still in circulation it’s doubtful this will have much effect on prices,’ said a market analyst. This relative calm suggests that although burns can cut down on supply, token utility and consumer appetite are needed for more significant gains.
While the immediate price impact was limited, technical indicators suggest the possibility of a future uptrend. Analysts have identified a “falling wedge” pattern on LUNC’s price chart, a formation that typically signals a bullish reversal. This pattern forms when prices oscillate between converging trendlines, often hinting at a potential breakout.
LUNC/USD 1-day price chart (Source: TradingView) Support levels for LUNC are currently around $0.000083572, where strong buying interest has been observed. Resistance within the pattern is gradually decreasing, pointing to diminishing bearish sentiment.
If LUNC breaks through the upper trendline, some analysts believe it could aim for a target price around $0.0001, potentially setting the stage for further gains if market conditions align.
Ongoing Community and Exchange Initiatives The Terra Luna Classic community has continued to support the ecosystem with additional burn initiatives and tax reforms. Binance has also been contributing to the burn efforts. In its 27th batch of LUNC burns, Binance recently eliminated over 1 billion tokens from circulation. With these contributions, the total LUNC burned by the community now stands near 137 billion.
Furthermore, the community recently approved a new tax proposal aimed at simplifying transactions on the Terra Classic blockchain.
This “Reverse Charge” tax mechanism is designed to streamline how taxes are deducted, making it easier for both users and developers to engage with the platform. These community-driven efforts demonstrate an ongoing commitment to boosting LUNC’s value, though the path to $1 remains uncertain.
SponsoredUpdated May 11, 2023, 4:41 p.m. Published Apr 4, 2022, 12:59 p.m.
3 min read
Frax Finance’s FXS governance tokens have surged nearly 80% in the past week as Terra developers introduced the “4pool” liquidity pool on stablecoin swap service Curve Finance.
Sentiment among traders increased amid increased utility for FXS tokens. These tokens accrue value from the newly minted FRAX stablecoins and fees from Frax Finance. Frax founder Sam Kazemian said in a tweet that any stablecoin that uses 4Pool for its base liquidity will get direct support from both Terra and Frax.
"My own personal goal is to make sure any project that holds FRAX is getting more than $1 of value per FRAX," Kazemian said in the tweet, suggesting added benefits in the form of rewards and platform support to platforms that use Frax.
FXS traded at $22 on Friday before the proposal was made public. Since then, it surged to as high as $44 on Sunday, before dropping to as low as $37 Monday morning as traders took profits.
FXS neared all-time highs on Sunday night. (TradingView)FXS had a market capitalization of over $2.2 billion at the time of writing. The token, however, remains nearly 10% below its January highs of $45.71.
What is the 4pool?4pool is composed of two decentralized stablecoins, UST and Frax’s FRAX, and two centralized stablecoins, USDC and USDT. It aims to increase the utility of Terra’s UST stablecoins through a partnership with Frax and Redacted Cartel, a tool for earning yields on locked tokens.
Decentralized, or algorithmic stablecoins, keep their dollar peg based on the value of assets, or a basket of assets that are provided by users, while their centralized counterparts rely on actual fiat backing held by their issuers.
“Curve Finance is more like an algorithmic savings account,” Kazemian said in another tweet. “The terms of the savings account? The A factor (aka the peg affinity of your deposits). And gamma (the new v2 pool parameter). This allows anyone to build a "term sheet for a savings account" when they create a Curve pool.”
Depositors on Curve earn annual yields of up to 4% from one of the many pools on the platform. Curve offers a highly efficient way to exchange stablecoins while maintaining low fees and low slippage, according to documents from Curve Finance.
Pools currently deployed on Curve are backed by centralized or decentralized stablecoins, wrapped tokens – such as wrapped bitcoin – or a basket of various assets. 4pool, however, will bring together UST and FRAX, the two largest decentralized stablecoins with a cumulative backing of over $19.6 billion, and USDT and USDC, the two largest centralized stablecoins, with a cumulative backing of $133 billion.
4pool will initially be tested on the Fantom and Arbitrum networks, and later on Ethereum, according to its developers, with its creators aiming to make it one of the most liquid trading pools on Curve. Curve remains the biggest decentralized finance platform on Ethereum with over $21 billion in value locked.
At the time of this writing, “tricrypto2” was the largest Ethereum-based pool on Curve by value locked, holding over $78 million worth of USDT, wrapped bitcoin and wrapped ether.
The LUNC price has dived by over 45% from its highest point this week, a move that has erased millions of dollars in market value.
Summary
Terra Luna Classic token has crashed by over 45% from this week’s high. The crash happened as investors reacted to Do Kwon’s sentencing. A judge sentenced the crypto mogul to 15 years in prison. Terra Luna Classic (LUNC) token dropped to a low of $0.00004587, its lowest level since Dec. 5. It remains ~85% above its lowest level this month, making it one of the best-performing tokens in the crypto market this week.
LUNC’s crash has coincided with the ongoing drop in other similar tokens like Terra (LUNA) and USTC, which have erased millions of dollars in value.
Terra Luna Classic token has dropped after a judge sentenced Do Kwon to 15 years in prison, longer than the five years that his defense had requested.
It was also longer than the 12 years that government prosecutors had recommended, citing the losses suffered by its holders, who lost over $40 billion.
At its peak, Terra operated two tokens, all of which collapsed in 2022, a move that accelerated the crypto crash that happened during the year. It was also a key cause of the FTX collapse during that year.
After the collapse, the community members took over LUNC and USTC, as Do Kwon and his team launched Terra 2.0, which he hoped would help stage a comeback, a move that has stalled since his legal issues emerged.
LUNC still has a vibrant community that constantly votes on proposals, with the ultimate goal being its recovery. It is also widely supported by Binance, the biggest crypto exchange in the world, which burns millions of Terra Classic tokens a month.
LUNC price technical analysis Terra Luna Classic price chart |Source: crypto.news The daily timeframe chart shows that the LUNC price jumped from this month’s low of $0.00002488 on Dec. 1 to a high of $0.00008055 on 6th. The rally happened ahead of Do Kwon’s sentencing.
LUNC token has now plunged as investors sell the news now that the sentence has happened. It has moved below the important support level at $0.000047, which was the neckline of the double-top pattern.
Therefore, the most likely LUNC price forecast is bearish, with the next key support level being at $0.00002488, its lowest level this month, which is ~45% below the current level. A move above below that level will point to more downside in the near term.
The cryptocurrency markets continue to experience significant fluctuations, drawing attention to the latest developments surrounding Terra Luna Classic (LUNC). Following the sentencing of Do Kwon, a notable decline in LUNC’s price occurred, which reignited discussions about the project’s ecosystem. Nevertheless, the token remains a standout asset in the market by maintaining a strong performance compared to its lowest point earlier in the month.
The Impact of Do Kwon’s Sentence on LUNCTerra Luna Classic recently plummeted to $0.00004587, marking its lowest value since December 5th. Despite this downturn, LUNC is trading approximately 85% above its monthly low, ranking among the best-performing tokens of the week. However, the decline did not stop with LUNC, as similar tokens like Terra and USTC also faced multi-million-dollar losses in value.
One of the primary reasons behind this sharp price movement is the 15-year prison sentence handed to Terra’s founder, Do Kwon. This decision exceeded both the defense’s request for five years and the prosecutors’ proposal for 12 years. The court cited the investors’ losses exceeding $40 billion due to the collapse of the Terra ecosystem as a fundamental reason for the ruling. Terra’s collapse in 2022 triggered a significant chain reaction affecting not only LUNC and UST but the entire crypto market. This process is often cited as a contributing factor to the acceleration of the FTX crisis the same year.
Technical Analysis and Community DynamicsTechnically, the daily charts reveal a swift rise in LUNC from its low of $0.00002488 on December 1st to $0.00008055 on December 6th. This surge occurred due to expectation-driven purchases before Do Kwon’s sentencing announcement. Afterward, investors reacted with a “sell the news” strategy, reducing positions and pushing the price below the critical support level of $0.000047. This level also garners attention as the neckline of a double top formation.
Analysts view the current outlook as indicative of continued short-term pressure. The next strong support is the month’s low of $0.00002488. However, the presence of an active community, ongoing governance votes, and Binance‘s monthly token burns suggest that long-term hopes are far from extinguished. Meanwhile, in a different sector development, the increasing staking demand on the Ethereum $1,623 network and a shift toward Layer-2 projects indicate a gradual redirection of investor interest toward alternative ecosystems.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
LUNC News: Terraform Labs bankruptcy administrator has filed a lawsuit against quant trading firm Jane Street, alleging insider trading and front-running that contributed to the 2022 Terra-LUNA crisis.
The case expands the list of entities including Jump Trading sued for the TerraUSD (UST) algorithmic stablecoin depeg that erased $40 billion in market value and contributed to broader crypto turmoil, including the FTX collapse.
Terraform Labs Administrator Files Lawsuit Against Jane Street In major LUNC news today, the Office of the Terraform Labs Plan Administrator has filed a lawsuit against Jane Street, alleging insider trading, market manipulation, and deceptive trading practices that contributed to the May 2022 collapse of Terraform Labs.
Todd Snyder, Terraform Labs’ liquidation administrator, also accuses Jane Street co-founder Robert Granieri, and employees including Bryce Pratt and Michael Hwang, according to the WSJ report.
The case details how Jane Street allegedly traded on non-public information, executed a concentrated $85 million UST sale minutes after a confidential liquidity withdrawal, and avoided substantial losses while investors suffered billions in damages.
The suit alleges that Jane Street obtained insider information about Terraform Labs’ internal liquidity decisions, including withdrawals from pools. The firm positioned trades to front-run these moves, profiting while worsening the peg for TerraUSD (now USTC) algorithmic stablecoin.
“Jane Street abused market relationships to rig the market in its favor during one of the most consequential events in crypto history,” Snyder said.
Terra Money claims the lawsuit seeks to recover damages for creditors and hold Jane Street accountable for exploiting the ecosystem and intensifying the Terra-LUNA crisis.
The Office of the Terraform Labs Plan Administrator has filed a lawsuit against Jane Street, alleging insider trading, market manipulation, and deceptive trading practices that contributed to the May 2022 collapse of Terraform Labs.
The complaint details how Jane Street…
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) February 24, 2026
Terra Community Reactions on the News and LUNC Price The broader Terra community hailed the decision by Terraform Labs bankruptcy administrator to file a lawsuit against Jane Street. In May 2022, TerraUSD (UST) depeg and (now LUNC) crash caused many people to lose their life savings and even commit suicide.
Some in the LUNC community said “things are about to get interesting” and “good news” as the crisis wiped out billions for investors and caused Terraform Labs to ultimately file for bankruptcy in 2024.
The development follows the administrator’s lawsuit against Jump Trading for $4 billion over alleged manipulation and insider deals tied to the collapse. The Jane Street case could further test insider liability rules in the decentralized market, with the CLARITY Act still under discussion.
At the time of writing, LUNC price is trading almost 0.50% higher at $$0.0000345. The 24-hour low and high are $0.0000342 and $0.0000351, respectively. Meanwhile, USTC is up more than 1% at $0.00474, wavering amid selling pressure in the broader crypto market.
Terra Luna Classic (LUNC) is seeing a strong price surge today, climbing around 24% to a high near $0.00004905 as traders rush back into the token. The sharp rally comes even as the broader crypto market remains flat, with Bitcoin hovering near $67,000.
The sudden rally has caught traders’ attention. But what exactly is pushing LUNC higher today?
Massive LUNC Token Burns Reduce SupplyOne of the biggest reasons behind today’s rally is large token burns. According to the Luna burn metrics, around 32 million LUNC tokens were burned today. This brings the total weekly burn to about 224.46 million tokens.
So far, about 85.58 billion LUNC tokens have been burned. That is nearly 19% of the total supply.
However, community-driven burns have been a key mechanism for restoring confidence in LUNC since its collapse in 2022.
Beyond the big burns today, LUNC also saw a sharp rise in trading activity. Its 24-hour trading volume surged 466%, reaching around $74.3 million,
Legal Action Against Jane Street Adds Attention Back to TerraAnother reason for the recent surge is fresh discussion about Terra’s past collapse. Reports say the SEC has started investigating Jane Street over possible market manipulation in stocks and crypto products.
The lawsuit alleges that the trading firm used insider information to front-run positions and intentionally trigger the depegging of TerraUSD on May 7, 2022. That collapse erased nearly $40 billion from the crypto market.
Some members of the LUNC community now believe the Terra crash may not have been only an internal failure, but possibly the result of an external attack.
At the same time, more people online are discussing Do Kwon. Some believe he made mistakes but did not plan a scam.
Despite today’s strong moves, LUNC remains far 100% below its historical peak of $117.
Story Ends Here
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In brief Terra Luna Classic (LUNC) has jumped double digits on the day, up nearly 30% over the past two weeks. Open interest jumped from $100M to $160M as futures CVD signaled short-squeeze dynamics. Bitget's Lee says the legal narrative, not fundamentals, is driving renewed market attention. Terra Luna Classic (LUNC) has jumped double-digits over the past day, in a late reaction to this week’s lawsuit filed by Terraform Labs' bankruptcy administrator against trading firm Jane Street.
LUNC surged 15.5% over the past 24 hours and is up nearly 30% over the past two weeks, according to CoinGecko data. The sudden uptick was driven by spot buyers, with derivatives data showing open interest climbing from $100 million to $160 million, per Velo data. As the rally accelerated, futures' cumulative volume delta plummeted—a signature sign of a short squeeze in play.
The move has “thrust one of crypto's most infamous collapses back into the spotlight,” Ryan Lee, chief analyst at Bitget, told Decrypt, with traders betting that legal developments could shift market perception or potentially unlock value for legacy holders.
The Jane Street lawsuitThe catalyst traces back to Monday, when Terraform Labs' bankruptcy administrator filed a federal lawsuit in Manhattan alleging that Jane Street used non-public information to execute profitable trades that accelerated the historic 2022 collapse of TerraUSD and LUNA. The lawsuit claims the trading contributed to approximately $40 billion in losses.
The legal narrative has galvanized interest in LUNC, Lee said, adding that it has “reignited trader sentiment around accountability and potential compensation.”
He noted that some traders are positioning on the belief that positive developments in the case could shift market perception or unlock value for legacy holders. “Headlines about alleged insider trading and renewed scrutiny of one of the sector's largest historic losses have been correlated with short-term spikes in trading activity and price interest,” Lee said.
If spot-buying activity continues without the price dropping, the rally has a good chance of extending higher. However, Lee cautioned that the ultimate legal outcome remains uncertain.
“If the lawsuit progresses or generates clarity, it may continue to influence sentiment,” he added. “Conversely, any setbacks or dismissals could temper enthusiasm and re-expose LUNC to broader macro pressures.”
LUNC’s jump comes amid a broader crypto market bounce that has brushed off pessimism among traders—at least in the short-term. Users on prediction market Myriad, owned by Decrypt’s parent company Dastan, put a 42% chance on Bitcoin rallying to $84,000 rather than dumping to $55,000, up from lows of 27% on Tuesday.
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In brief Terra Luna Classic (LUNC) has jumped double digits on the day, up nearly 30% over the past two weeks. Open interest jumped from $100M to $160M as futures CVD signaled short-squeeze dynamics. Bitget's Lee says the legal narrative, not fundamentals, is driving renewed market attention. Terra Luna Classic (LUNC) has jumped double-digits over the past day, in a late reaction to this week’s lawsuit filed by Terraform Labs' bankruptcy administrator against trading firm Jane Street.
LUNC surged 15.5% over the past 24 hours and is up nearly 30% over the past two weeks, according to CoinGecko data. The sudden uptick was driven by spot buyers, with derivatives data showing open interest climbing from $100 million to $160 million, per Velo data. As the rally accelerated, futures' cumulative volume delta plummeted—a signature sign of a short squeeze in play.
The move has “thrust one of crypto's most infamous collapses back into the spotlight,” Ryan Lee, chief analyst at Bitget, told Decrypt, with traders betting that legal developments could shift market perception or potentially unlock value for legacy holders.
The Jane Street lawsuitThe catalyst traces back to Monday, when Terraform Labs' bankruptcy administrator filed a federal lawsuit in Manhattan alleging that Jane Street used non-public information to execute profitable trades that accelerated the historic 2022 collapse of TerraUSD and LUNA. The lawsuit claims the trading contributed to approximately $40 billion in losses.
The legal narrative has galvanized interest in LUNC, Lee said, adding that it has “reignited trader sentiment around accountability and potential compensation.”
He noted that some traders are positioning on the belief that positive developments in the case could shift market perception or unlock value for legacy holders. “Headlines about alleged insider trading and renewed scrutiny of one of the sector's largest historic losses have been correlated with short-term spikes in trading activity and price interest,” Lee said.
If spot-buying activity continues without the price dropping, the rally has a good chance of extending higher. However, Lee cautioned that the ultimate legal outcome remains uncertain.
“If the lawsuit progresses or generates clarity, it may continue to influence sentiment,” he added. “Conversely, any setbacks or dismissals could temper enthusiasm and re-expose LUNC to broader macro pressures.”
LUNC’s jump comes amid a broader crypto market bounce that has brushed off pessimism among traders—at least in the short-term. Users on prediction market Myriad, owned by Decrypt’s parent company Dastan, put a 42% chance on Bitcoin rallying to $84,000 rather than dumping to $55,000, up from lows of 27% on Tuesday.
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A powerful impulse has lifted Terra Luna Classic [LUNC] to $0.00004419, marking a 21.84% surge in just 24 hours, at press time, while trading volume has simultaneously exploded 382.87% to $61.34 million.
This sharp alignment between price appreciation and liquidity expansion signals aggressive capital rotation rather than passive drift. Buyers step in with urgency, pushing candles to expand with conviction instead of hesitation.
Market capitalization stood at $241.55 million, reflecting renewed speculative appetite. However, such vertical participation spikes often compress decision timeframes.
As liquidity clusters around key levels, volatility tends to intensify, forcing the market to quickly reveal whether this thrust represents a structural transition or short-lived enthusiasm.
Has LUNC reclaimed structural control? After weeks of compression within lower highs, the price has broken out of its descending channel.
The move follows a rounded base formation near $0.00003260. Buyers then reclaimed $0.00003800 with conviction, shifting the short‑term structure upward.
Price is now approaching the neckline resistance around $0.00004620, a level that previously capped recovery attempts
This level defines the immediate battleground. If buyers maintain strength above the broken channel, structural control tilts bullish. However, rejection near the neckline could reintroduce overhead pressure.
The breakout candle shows strong body expansion rather than upper-wick exhaustion, which signals continuation intent. Therefore, this zone determines whether recovery evolves into a sustained trend reversal.
At the time of writing, the RSI has climbed to 71.68, pushing firmly above the 70 threshold. The indicator accelerates sharply from mid-range levels, reflecting intensified upside strength.
Unlike gradual climbs, this vertical push indicates aggressive participation. However, readings above 70 also introduce short-term exhaustion risk.
Overbought conditions do not immediately signal reversal, yet they often coincide with temporary cooling phases. The oscillator’s steep angle reinforces urgency within the move.
Source: TradingView Order flow diverges as retail crowds in Despite the breakout, the 90-day Spot as well as futures Taker CVD still reflect sell dominance. This signals that aggressive market orders have not fully flipped toward sustained buy control.
Price rises while taker aggression lags, creating a developing divergence. At the same time, retail trading frequency spikes into “too many retail” territory.
Smaller participants rush into the rally, increasing crowd density. Historically, similar setups amplify volatility rather than stability.
If institutional-scale buyers do not reinforce the move, the price may encounter friction near resistance.
However, if the Taker Buy Dominance begins to expand, divergence would resolve constructively. Therefore, order flow alignment remains critical for durability.
Source: CryptoQuant Leverage floods back into LUNC At press time, Open Interest (OI) surged 71.85% to $9.82 million, signaling aggressive derivatives expansion. Traders deploy fresh leveraged capital rather than merely closing shorts.
This sharp increase reflects speculative conviction entering alongside price strength. Elevated OI amplifies directional moves but also raises liquidation risk.
If price sustains above the reclaimed structure, leveraged longs may continue pressing upside. However, crowded leverage near resistance could trigger swift volatility swings.
The speed of OI expansion highlights intensity rather than gradual positioning. Therefore, derivatives participation now plays a decisive role in shaping the short-term trajectory.
Source: CoinGlass Conclusively, LUNC has established a credible breakout structure supported by volume expansion and RSI strength.
However, order flow divergence and crowded retail participation introduce instability near the neckline resistance.
If buyers secure acceptance above $0.00004620 while taker dominance flips positive, continuation becomes likely. Otherwise, volatility may spike before trend clarity emerges.
Final Summary LUNC shows structural breakout strength, yet order flow alignment must confirm sustained bullish continuation ahead. Expanding leverage and retail crowding could accelerate upside, but also amplify sudden volatility shifts rapidly.
Jane Street has once again made headlines after recently dismissing claims of the Terraform insider-trading lawsuit. However, the latest update of the leading Wall Street market maker is not about the legal development but its earnings.
As per the latest updates, the revenue of Jane Street hit a record of $40 billion last year. The robust number suggests that it has already surpassed almost all the big banks on Wall Street.
Jane Street Hits Robust Revenue of $40 Billion The leading Wall Street market maker, Jane Street, has made its name in the top tier of global finance. According to a latest report by Bloomberg, citing people familiar with the matter, the firm has recorded nearly $40 billion in annual trading revenue.
This has helped the firm in outpacing most of the largest financial institutions on Wall Street. In addition, the $39.6 billion in annual revenue also marks a major milestone for the firm.
Meanwhile, the report showed that most of the gains have come in the final quarter of the last year. Jane Street has pulled in $15.5 billion only in the fourth quarter of 2025, which has sparked optimism, given the volatile scenario recorded in the broader financial market.
In addition, the latest performance has also placed Jane Street ahead of the banking giant JPMorgan Chase & Co. The report stated that its full-year revenue has surpassed JPMorgan’s by around 11% on an annual basis.
Simultaneously, the firm was also among the investors’ radar recently, after it dismissed claims of Terraform insider-trading allegations.
Jane Street Dismisses Terraform Insider Trading Allegations In a separate report, Bloomberg said that Jane Street has recently filed to dismiss a lawsuit that accuses it of profiting from insider information during the collapse of Terraform Labs.
For context, the case was initiated by Todd Snyder, who is overseeing the firm’s wind-down. Notably, the lawsuit has accused Jane Street, its co-founder Robert Granieri, and two employees of executing illicit transactions.
The lawsuit noted that transactions would not have been possible without insider information about the failure of the Terraform ecosystem four years ago.
However, Jane Street has refuted the claims in its latest filing on Thursday. In its motion to dismiss, the firm said that the trading activity took place only after the information was made available to the public domain, which makes the insider-trading claims vague.
In addition, it also highlighted a major transaction of 85 million UST, which was made ten minutes after the key information entered the public domain.
Terra Luna Classic [LUNC] surged 18.29% in 24 hours as trading volume jumped over 363% at press time, reflecting a sharp influx of market participation and aggressive trader positioning. This rise in activity showed that buyers stepped in with strong conviction rather than weak follow-through.
As a result, the rally did not emerge in isolation but aligned with a surge in both spot and derivative interest. However, such rapid volume expansion often signals speculative inflows rather than stable accumulation.
While price strength reflected growing interest, the pace of the move raised concerns about sustainability if participation failed to remain consistent across sessions.
Can LUNC break past key resistance levels? Price advanced from the $0.00045 support zone and pushed toward the $0.00058–$0.00062 resistance range, where previous rejection had occurred. This upward move followed weeks of consolidation, indicating that buyers had started to regain control over structure.
As the LUNC price approached this resistance, it tested a critical supply zone that had historically capped upward movement. However, rejection wicks near this region showed that sellers remained active. If buyers sustained pressure above $0.00062, the structure would likely shift toward continuation.
Otherwise, failure to break through could result in another rejection toward the lower range boundaries.
At the time of writing, MACD crossed above the signal line, while histogram bars turned green and continued expanding, signaling strengthening bullish pressure. This shift confirmed that buying interest had increased following a period of muted activity.
Source: TradingView Are outflows quietly supporting the rally? Spot Netflows dropped to -$293.78K as of writing, showing that tokens moved off exchanges rather than into them. This outflow suggested that holders had opted to retain assets instead of preparing to sell. As a result, immediate sell-side pressure decreased, supporting the ongoing price recovery.
However, the scale of outflows remained relatively modest compared to previous spikes, indicating that accumulation had not reached extreme levels. If this trend continued, it would provide a stronger base for sustained upside. Otherwise, weakening outflows could reduce support and expose prices to renewed selling pressure.
Source: CoinGlass LUNC liquidations spike: Warning for bulls? Liquidation data revealed a clear imbalance, with long liquidations reaching $23.24K compared to $9.5K in short liquidations. This difference showed that bullish traders faced heavier losses during recent volatility. As price moved higher, leveraged longs appeared overexposed and vulnerable to sharp reversals.
Such a dynamic suggested that part of the rally had relied on unstable positioning rather than strong underlying demand. If price fails to hold above resistance, further long liquidations could amplify downside pressure.
However, if spot demand absorbed this leverage, the market would likely stabilize and support continued upside movement.
Source: CoinGlass To sum up, LUNC’s rally showed strong participation, but underlying signals remained mixed. While price strength and outflows supported the move, liquidation imbalance pointed to fragile positioning.
If buyers maintained control above resistance, continuation would likely follow. Otherwise, rejection would expose the market to further downside pressure driven by leveraged instability.
Final Summary LUNC rally showed strong participation, but liquidation imbalance revealed fragile bullish positioning underneath. Outflows supported price stability, though resistance pressure would likely decide continuation or rejection.
This week the Terra Classic (LUNC) price spiked, generating considerable attention in the wider cryptocurrency community.
The LUNC as climbed 12% in the last 24 hours and is trading around $0.0000750 in active hours. LUNC has gained over 60% in the past week, reflecting a new buying trend.
The coin has also shown strong monthly growth, with a gain of nearly 100% and top market performance.
The broader market also saw gains, with a 1.31% increase to a market capitalisation of $2.55 trillion. The wider gain was part of a macro-driven “relief” trend on news of a U.S.-Iran ceasefire.
Bitcoin price remained above $76,000, showing stability following recent fluctuations. Ethereum was trading around $2,260 and XRP price traded at $1.37.
Here’s Why Terra LUNC Price Has Been Surging Recently Recent surges in token burns across the Terra Classic ecosystem have given the cryptocurrency further impetus. Just under 630 million LUNC tokens were burned in the past three days, reducing the available supply.
This continued supply crunch is driving the demand and price growth. The other focus has been on the monthly burn by Binance on May 1.
The size of the burn is anticipated to be greater given the heightened trading activity in April. The company continues to burn tokens using proceeds from its spot and margin trading fees.
Source: Coinglass data Derivatives trading volume on major exchanges has also been increasing to support the rally. CoinGlass data shows that LUNC open interest increased to $37.85 million during the rally. This reflects the renewed interest in speculations and positioning by short-term traders.
LUNC Gains Momentum as Network Upgrade and SEC Settlement Shape Outlook The community is also looking to the Terra Classic v4.0.1 network upgrade proposal currently under voting. This is until May 6 and will improve the network’s performance and address earlier network problems. Sentiment has also been influenced by other legal moves by Terraform Labs.
The company has settled with the U.S. Securities and Exchange Commission and is moving forward with bankruptcy burns. This might help expedite the shift to a community-led governance structure.
The development of the network continues to provide additional support for the price movement.
Looking ahead, there are prospects for the return of Galaxy Station and potential exchange listings in the future.
How High Can Terra Classic Price Go? At the time of writing, the LUNC price surged at $0.0000746, and is still rising following a strong run over the past few days.
The Relative Strength Index (RSI) is still around 70 which is strong but approaching overbought levels. The Chaikin Money Flow is also positive, which means there is considerable money flowing into the token.
Source: Tradingview The next resistance will probably be at $0.000080 and the upper trendline. If the price of Terra Classic keeps rising, it will hit the next resistance at $0.0000900. A further rise could bring the price to the psychological level of $0.00010. The support is at the lower trendline of the channel, $0.000070. If it fails, it may pull back towards $0.000060.
The crypto market is showing strong upward momentum, with Bitcoin hitting $80,000 and several altcoins such as Ethereum, XRP, Dogecoin, Zcash, and Terra Luna Classic (LUNC) posting notable gains today.
The Crypto Fear & Greed Index improved to neutral sentiment on rising CLARITY Act odds, robust ETF inflows, and early bull market predictions by analysts have triggered a rally.
Bitcoin Hits 80,000 amid Short Liquidations in XRP, Dogecoin, Zcash, and LUNC Bitcoin surpassed the key $80,000 level to hit a high of $80,596, rising almost 3% over the past 24 hours. It is supported by a massive 114% rise in trading volume.
The total crypto market cap climbed almost 2% amid institutional demand and strong spot Bitcoin ETFs inflows of around $630 million on the last trading day to signal renewed investor confidence.
White House crypto adviser Patrick Witt signaled advances for a long-awaited CLARITY Act, with lawmakers eyeing a markup in May following a stablecoin yield compromise.
According to a Reuters report on May 4, President Trump said the US will help stranded ships leave the Strait of Hormuz. Easing geopolitical tensions has reduced selling pressure and encouraged short squeezes.
The crypto market recorded over $302 million in short liquidations today. Bitcoin, Dogecoin, XRP, Zcash, and Terra Luna Classic (LUNC) saw massive liquidations. According to CoinGlass data, nearly 110K traders were liquidated, with a total liquidation of $370 million in 24 hours.
Top Experts Predict Further Upside Bitcoin retraces to trade at $79,845 after profit booking in the last few hours. The 24-hour low and high are $78,281 and $80,596, respectively. However, experts signal further upside in Bitcoin and broader crypto market.
Cypherpunk and Blockstream CEO Adam Back put the spotlight on BTC 200-week moving average surpassing $60K. On the weekly chart, Bitcoin flashes bottom signals as it continues to hold above the 10-year ascending trendline, which historically suggested the bottom.
As CoinGape reported earlier, Grayscale Research signaled Bitcoin bottomed in the $65,000-$70,000 range. The Bitcoin Bull Index also turned neutral for the first time in six months, per CryptoQuant research head Julio Moreno.
BIT (formely Matrixport) said investors make more returns by investing when sentiment is negative. The firm added that sentiment is high but still has room to run. BIT predicts further upside as long as the Greed & Fear Index trend higher.
10x Research said “Bitcoin just triggered the first of our bull market signals, and the medium-term technical picture is improving faster than most realize.” Two consecutive months of positive returns, rising ETF inflows, and funding rates point to a market with significant room to run.
However, Bitcoin options are flashing a slight warning, while Ethereum options are telling a more cautious story. Moreover, a divided Fed, overbought equity markets, and the US-Iran peace talks risks could impact the bullish thesis.
Bitcoin Flashes First Bull Market Signal. Source: 10x Research Dogecoin jumped more than 4% to extend the weekly rally to over 15%. It benefits from broader crypto market strength and X cashtags for Dogecoin, XRP and other crypto assets.
XRP reclaims $1.41 amid positive ETF flows, CLARITY Act markup hopes, and huge whale accumulations. As CoinGape reported earlier, XRP poised for a rally as on-chain data indicated supply shock on Binance.
Zcash (ZEC) and LUNC are recording massive rallies in the last few days, with Terra Luna Classic skyrocketed 60% over the past week. Endorsements from Grayscale’s Barry Silbert and Arthur Hayes’ $400 prediction for Zcash triggered further rebound.
Terra Luna Classic (LUNC) rocketed more than 7% today, currently trading at $0.0000924. Binance’s LUNC token burn, Software upgrade v4.0.1, and community-driven volatility continue to fuel positive sentiment.
LUNC Breakout Above Multiple Moving Averages If you’re looking to buy the dip in the crypto market across both centralized and decentralized lending models, check out our Best Crypto Loan Platforms of 2026 recommendations list.
Terra Luna Classic News: Jane Street used a private Telegram channel to receive insider information from Terraform Labs employees, according to an unsealed court filing. TFL administrators accused Jane Street of insider trading to sell its entire UST position before the depeg and making profits by shorting tokens during the $40 billion Terra-LUNA crash.
Jane Street and Terraform Labs Insiders Used Telegram Channel to Dump UST Todd R. Snyder, the court-appointed Terraform Labs bankruptcy administrator, has filed a detailed redacted complaint in the Southern District of New York Court, accusing quant trading firm Jane Street.
It also sued co-founder Robert Granieri, and employees Bryce Pratt, a former Terraform intern, and Michael Huang for insider trading, fraud, and market manipulation that allegedly contributed to the Terra-LUNA crash.
The news court filing builds on earlier allegations and seeks disgorgement of profits, damages, and other remedies on behalf of Terraform’s estates, Luna Foundation Guard (LFG), and individual victims.
The complaint revealed that Jane Street used confidential connections to Terraform insiders and a private Telegram messaging group dubbed “Bryce’s Secret” to obtain insider information. The group is named after defendant Bryce Pratt, a former Terraform intern who later joined Jane Street as a systems developer.
Plaintiffs allege Jane Street used this and other backchannels to obtain non-public information about Terraform’s assets, strategies, liquidity needs, and potential investments.
This allegedly allowed the firm to sold $192 million in UST (now USTC), causing the algorithmic stablecoin to depeg. The firm also profited around $134 million by shorting Terra-related assets during the crash.
Terra Luna Classic Rise Amid Filing News Terraform Labs administrator quoted that “Jane Street made a killing on these trades.” He claimed such accurate trades are practically impossible without the inside information. The firm is also alleged to cover its tracks by deleting traces of a linked crypto wallet, which has not been accessed since May 2022.
LUNC price jumped more than 2% amid Jane Street insider trading news, currently trading at $0.0000768. The 24-hour low and high are $0.0000754 and $0.0000784, respectively.
Trading volume has decreased by 2% over the past 24 hours. Notably, Terra Luna Classic has dropped 37% in May after an almost 250% rally in a month.
Meanwhile, USTC price has also jumped almost 5% to $0.0063 in the last 24 hours. It climbed from $0.0060 intraday low to a high of and high $0.0064 amid a 44% rise in trading volume over the last 24 hours.
Terra Luna Classic [LUNC] has rallied 9.22% in the previous 24 hours, with a 195% increase in its daily trading volume, according to CoinMarketCap data.
Speculative interest was blossoming, too. At press time, Coinalyze showed a 15% increase in Open Interest, a sign that traders were willing to bet on continued LUNC gains.
The altcoin also offered a stark contrast to the wider crypto market trends. Bitcoin [BTC] and Ethereum [ETH] were down 1.12% and 0.43%, respectively, highlighting LUNC’s relative strength.
Why is LUNC going up today? Social media sentiment behind LUNC appeared to be turning bullish because of the burn rates and staking amounts. In a post on X, a community channel drew attention to a 24-hour burn of 82,446,600 LUNC. This amounted to 0.0013% of the total supply.
Over the past week, the burn tracker counted a 367,070,050 LUNC burn, or 0.005%, with another 13.81% of the total supply staked. While these metrics looked encouraging, the price action was a far more compelling argument.
Source: LUNC/USDT on TradingView The $0.000072 resistance level had been in place from July 2025 to April 2026. It was breached earlier in May, and the breakout reached a local high of $0.000123 before retracing. The price of LUNC has been up in the past few days because of a bullish reaction from this former resistance, now converted to support.
Moreover, the Fibonacci retracement levels showed that the $0.0000688 was quite close to the highlighted horizontal support level, adding to its strength as a bullish base.
The technical indicators showed upward potential. The RSI had remained above neutral 50 during the retracement and has climbed higher following the bounce, showing momentum favored the buyers.
At the same time, the CMF climbed to +0.07, back above the +0.05 threshold that signals a sizeable capital inflow to the market. This demand could keep the uptrend going.
The $0.000123 and the 23.6% extension level beyond it at $0.000143 are the next bullish LUNC targets.
Final Summary Terra Classic rallied nearly 10% in the past 24 hours with a 195% increase in daily trading volume and a 15% spike in Open Interest, signaling bullish confidence. The $0.000072 area had been a multi-month resistance zone but had been converted to support earlier in May, leading to the past week’s gains.
Pedro wipes the sleep from his eyes, kisses his wife on the cheek, and rolls over to pick up his phone to check on his Luna Classic validators. In the real world, he's waking up for his job as the head brewer at a beerhouse. But in the virtual one, he's known as Vegas, one of the leading voices in the Terra Luna Classic community.
Terra Luna Classic is the blockchain that was forked and abandoned when Terraform Labs founder Do Kwon attempted to save his crumbling empire in 2022. Kwon has since been convicted of fraud and sentenced to 15 years in prison over the $40 billion collapse of Terra. But the network he and his company created—decentralized as it is—lives on, with the support of individuals from around the world who have poured significant amounts of time and money into the project.
Vegas told Decrypt he had approximately $50,000 invested in Terra at the time of its collapse, subsequently finding himself at ground zero when efforts began to salvage the project.
Nowadays, as he walks downstairs in the morning, phone in hand, he checks in on the Terra developer group chat, then his emails for any exploit concerns, and then scrolls through the community Telegram and Discord chats while making himself breakfast. Most days, in the morning or while at work, Vegas will act as a point of contact for community members who have support requests or for developers who need help with proposals.
"In the middle of this, I have to fight all of the drama that is all over Twitter," the Portuguese-born Vegas told Decrypt, calling it a 24-hour, seven-day-a-week job. "If you ask my wife, she will say that I'm crazy, but no. I think there's still hope on the chain. I think there's massive potential for this chain to be a top 10 chain again."
Despite his dedication, Vegas isn't without his detractors. When Decrypt joined the Terra Classic Telegram group to speak with Vegas, we received several DMs accusing Vegas of being a scammer himself. Vegas says it comes with the territory—the perils of decentralization and internal power struggles, even within a group that has suffered one of the worst collapses in crypto’s short history.
"Decentralization is amazing, but at the same time, it is cruel because people want to take the spotlight," Vegas told Decrypt. "I've had physical problems in my real life with people calling the police to my house, to my work, and some other stuff … horrible, horrible times."
Where did this all begin?When Terra collapsed back in 2022, the price of the LUNA token was in free fall, the network's native stablecoin UST had depegged, and Do Kwon made his now infamous “steady lads” call on social media to rally his believers.
In a last-ditch effort, Terraform Labs hard forked the network to remove the depegged algorithmic stablecoin UST, leaving behind the original chain with the new name of Terra Luna Classic—much like Ethereum Classic.
Deploying more capital - steady lads
— Do Kwon 🌕 (@stablekwon) May 9, 2022
With its creators abandoning the original Terra Luna chain, a group of community members called the Terra Rebels started to congregate on Discord. In the short term, the Discord channel doubled as a support network with pseudonymous moderator “K_raucks” creating a suicide help line of sorts.
"A lot of people needed someone to talk to. And it's anonymous on these spaces, so we allowed the space for them to express these feelings," K_raucks told Decrypt. "It's hard when people have lost everything."
The community's first step to rebuilding the chain was proposal 3568, which introduced a 1.2% burn tax on all transactions of Terra Luna Classic, which trades as LUNC. The hope was that it would help boost demand for LUNC and therefore boost its price. The proposal was authored by Vegas and was the source of his first criticism from detractors, who claim it was just a marketing move.
The Terra Rebels continued through the summer and autumn of 2022, attempting to rebuild the chain. Things then came to a head in December when the Terra Rebels received $150,000 from the community pool to separate the Rebel Station wallet's infrastructure from Terraform Labs. This caused community uproar and accusations that the Terra Rebels were trying to centralize power on the chain, and the group disbanded.
Tensions within the LUNC community then flared.
"The situation is simple to explain: If you see someone who you think is winning money and profiting from the chain, you want their position. And you will do every single thing to make their life very, very, very messy," Vegas said.
As a result of the messy politics, Vegas explained, many developers have left Terra Luna Classic over the years.
Amidst this power struggle, the community continued to build. One of these projects includes lending protocol Juris Protocol, which aims to be an Anchor protocol alternative but without the "ponzinomics," its founder Puya Eghtessadi told Decrypt. Others have released meme coins, crypto games, and have formulated plans to repeg the chain's stablecoins.
The community's efforts have seen some modest success, with the price LUNC gaining 17.3% over the past year, per CoinGecko data. The token, however, has fallen 28.7% since proposal 3568 was first introduced in 2022 and is down 99.99% from its all-time high of $119.
While Vegas lies in bed at night dreaming that LUNC will regain its top 10 status one day, many others within the community feel like they've found a family, bonded through trauma—and price action is secondary. And like many families, it's dysfunctional.
"There is a sense of camaraderie, people are going through or have gone through traumatic [events], but you still have this common goal," K_raucks told Decrypt. "What if we can pull off one of the greatest comebacks ever? It's the freaking Hail Mary."
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June 6. Even after Terraform Labs founder Do Kwon got handed a 15-year prison sentence for triggering the $40 billion Terra collapse, the original, abandoned Terra Luna Classic (LUNC) chain hasn’t vanished. A core group of community members is still keeping the network running, holding out hope for one of the biggest comebacks in crypto history. According to reports, a key LUNC community member going by the name “Vegas” lost roughly $50,000 in the 2022 Terra meltdown. Since then, he’s stayed busy running validator nodes, voting on governance proposals, and coordinating with developer teams. He says despite years of infighting, fraud allegations, and even being falsely reported to regulators, he’s convinced LUNC has what it takes to claw its way back into crypto’s top 10 by market cap. After the 2022 Terra collapse, Terraform Labs hard-forked to launch a new Terra chain—while the original chain was kept around and rebranded as Terra Luna Classic. Soon after, the community group Terra Rebels took over network upkeep and rolled out a bunch of initiatives, like a 1.2% burn tax, to try and jumpstart the ecosystem. But fights over funding and governance led to Terra Rebels breaking up, with dozens of developers jumping ship one by one. Even so, the community is still pushing forward with projects like lending protocols, games, and meme coins, plus efforts to bring back the stablecoin peg. Data shows LUNC is up 17.3% over the last year, but it’s down 28.7% since 2022—meaning it’s plummeted 99.99% from its all-time peak of $119. Some LUNC supporters say the shared grief of the collapse has created a tight, family-like bond—so price isn’t the only thing they care about anymore. “What if we pulled off one of the biggest comebacks in crypto history? This feels like a last-ditch Hail Mary,” another community member added.
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Japan and South Korea's stock markets closed higher across the board, with Japan's stock market hitting a new closing high.
According to Bitget market data, the Nikkei 225 index closed up 3,191.37 points, or 4.61%, at 72,366.34 points on Thursday, June 25, hitting a new all-time closing high. South Korea’s KOSPI index rose 459.76 points (5.43%) to end at 8,930.78 points; SK Hynix surged 13% while Samsung Electronics gained more than 5%.
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A newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.
According to monitoring by Onchain Lens, a newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.
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JPMorgan Chase raised its S&P 500 target to 7,800 points, while warning of an overcrowded AI trade.
JPMorgan Chase has raised its year-end outlook for U.S. stocks, while cautioning investors that the overcrowding in AI-related momentum stocks is becoming the market’s most vulnerable segment. The JPMorgan strategy team led by Dubravko Lakos-Bujas lifted its 2026 year-end target for the S&P 500 from 7,600 to 7,800 points, citing continued upward revisions to corporate earnings expectations and nearly doubling of AI-related capital expenditures. The bank noted that consensus earnings expectations for both 2026 and 2027 have been revised up by roughly 10% since the start of the year, a magnitude typically only seen in the recovery phase after a recession or major shock. However, JPMorgan does not interpret this upward revision as a risk-free rally. The bank pointed out that low-quality growth stocks, speculative growth stocks, and second- and third-tier AI-related concept stocks have become "extremely overcrowded," and a pullout of capital could trigger a rapid correction. The strategists also noted that rising equity supply in the coming quarters and potentially tight monetary policy could cap further valuation expansion. On the allocation front, JPMorgan recommends a barbell strategy: holding high-quality growth stocks and stocks directly benefiting from AI on one end, and low-volatility, high-quality stocks as a portfolio buffer on the other. The bank remains bullish on tech, select industrials, utilities, defense, banks, and some healthcare growth stocks, but believes the market’s upward trajectory will not be linear.
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Preview: The U.S. May core PCE data will be released at 20:30 tonight, and is projected to hit its highest level since October 2023.
The Fed’s key inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released at 20:30 tonight, with markets expecting a sharp rise in May inflation that could reignite rate hike bets. The headline PCE year-over-year growth rate is projected to hit 4.1% in May, up from 3.8% in April and marking its highest level since 2023. Core PCE, which excludes food and energy, is forecast to rise to 3.4% year-over-year, up from 3.3% in April and its highest reading since October 2023. Core PCE has remained above the Fed’s 2% inflation target since 2021. The recent short-term inflation uptick was driven mainly by surging gasoline prices amid the Iran conflict in May. Oil prices have since edged lower following the signing of a peace deal between the U.S. and Iran, but core inflation has strengthened in tandem, indicating that price pressures are not solely tied to geopolitical oil shocks. Data from the CME FedWatch Tool shows that as of Wednesday, markets are pricing in a 34% probability of a 25 basis point rate hike in July. Aditya Bhave, U.S. economist at Bank of America Securities, noted that the recent inflation rebound stems in part from tariffs and one-off disruptions, but successive supply shocks have eroded the Fed’s patience, while deflationary room in the housing sector has largely been exhausted. Data shows that core PCE dipped to 2.6% in April, its lowest level since 2022, but annualized core PCE growth over the past three and six months has hovered near 3.8%.
Bitcoin (BTC) has beaten nearly all of the top 100 altcoins since 2020, and chart data now points to almost 50% more downside for the broad altcoin market.
The total altcoin market cap, tracked as TOTAL2, trades near $864 billion after a steep weekly drop. Two charts explain why the pressure could continue.
Bitcoin Beat the 2020 Top 100 Altcoins by a Wide MarginThe first chart indexes the 2020 top 100 coins to a value of 100. It prices Bitcoin in US dollars and each altcoin in Bitcoin terms.
From that base, the BTC line climbed toward 1,000 on a logarithmic scale. Most altcoins, instead, fell from 100 to 10, 1, or lower. That gap means many former leaders lost 90% to 99% of their value against Bitcoin. Terra Luna Classic (LUNC) marked the most extreme collapse on the chart.
The framing matters because it measures opportunity cost. Holding most altcoins meant underperforming a simple Bitcoin position for more than five years. The chart also shows why coin selection rarely helped. Even well-known projects struggled to hold value once measured against Bitcoin.
BTC vs TOP100 coins since 2020. Source: RedditA few names held near the starting line. However, the broad set shows years of losses for holders who skipped BTC and chose these survivors instead.
The current downturn has not reversed the trend. Bitcoin trades near $61,228, down about 2% on the day and roughly 44% over the past year. Meanwhile, altcoins have fallen harder. Over the past 30 days, BTC dropped about 24% while Ethereum (ETH) lost roughly 31%.
Total Market Cap Points to $436 Billion by JulyThe second chart shows TOTAL2 on a weekly timeframe with three cycle peaks. The most recent top printed at $1.77 trillion.
History gives two reference declines. The 2018 bear market fell 92% over 49 weeks, while the 2021 to 2022 drop fell 75% over 31 weeks.
Those moves average about 40 weeks in duration. Applying the more recent 75% decline to the $1.77 trillion, the top projects point to a bottom near $436 billion.
TOTAL2 currently sits at $864.73 billion, below the $942.62 billion level it just lost. The green support shelf near $494.05 billion held the prior cycle low.
A move to $436 billion would break that shelf and retest the $427.57 billion bottom from 2022. That target implies nearly 50% more downside from current prices.
TOTAL2 weekly chart. Source: TradingviewThe timing lines up with mid-July 2026, roughly 40 weeks from the peak. Rising Bitcoin dominance remains the main catalyst pulling capital away from altcoins.
Past cycles do not guarantee future outcomes. Spot Bitcoin exchange-traded fund flows, and broader macro conditions could shorten or deepen the move.
A weekly reclaim of $942.62 billion would weaken this bearish case. Until then, the structure favors lower prices and a delayed altseason.
Since Saturday, the 6th of June, Bitcoin has climbed 8.10% from a low of $59,500 to $64,318. The $64k area was a short-term supply zone.
But it is unclear if the bulls can flip it to support and continue their advance.
On the other hand, the altcoin market was up a slightly more modest 6.24% since last Saturday, but both Bitcoin and TOTAL2, which tracks the altcoin market capitalization, were in long-term downtrends.
By comparison, Terra Classic [LUNC] was up by 34% since last Saturday’s low. With a market cap of only $405.8 million, it can be argued that it requires less capital to move LUNC prices.
Another factor that helped explain the relatively stronger LUNC gains was the higher timeframe price structure. AMBCrypto reported that the Terra Classic trend was bullish after its rally to new highs in early May.
It had retraced to $0.000062 by the 6th of June, just above the $0.000054 level that was the 78.6% Fibonacci retracement. The developments since then have reinforced a bullish outlook on the price front.
LUNC bulls conquer local resistance zone, driving another 10% bounce Source: LUNC/USDT on TradingView The $0.0000688 area (cyan) had been a local resistance zone a week ago but has since been breached and retested as support. The subsequent price bounce has reached $0.000075.
This zone had been a support in mid-May and was likely to serve as resistance now.
Based on the higher timeframe LUNC trend, a rally to $0.0001-$0.000123 can be expected. Yet, traders should remain wary.
Sustained capital inflows are needed to drive a recovery. However, since the 7th of June, the spot trading volume on Binance has been falling.
A price bounce, even from key levels, on weak trading volume raised suspicion about bullish strength. A Bitcoin selloff can hurt LUNC’s progress, so traders should keep an eye on the leader’s trends, too.
Final Summary The Terra Classic bullish performance over the past week could be just the start of another upward impulse move. A stabilizing Bitcoin would aid LUNC’s bullish chances, but a BTC sell-off could leave a huge dent on the altcoin’s sentiment.
Crypto analyst Ali Martinez has voiced concerns about how Strategy’s STRC preferred stock is structured as it has a feedback loop. He believes it could further strain the company’s finances if Bitcoin experiences a long period of decline. His comments come as Strategy keeps relying on capital market products to fuel its Bitcoin accumulation spree.
Strategy’s STRC Structure Compared To Traditional Bonds Martinez says the distinction is in how STRC reacts in times of market pressure. Standard corporate bonds have predetermined interest rates, and investors suffer losses as the bond values drop. Meanwhile, the interest rate obligations stay the same for the bond issuers.
In contrast, STRC has an adjustable dividend mechanism to assist in maintaining its market value. If the Bitcoin price is in a downward trend and investor demand is dropping, Martinez said that Strategy might have to raise payouts to draw buyers and to keep the STRC price from falling.
This scenario may increase the company’s financing expenses while the price of Bitcoin is dropping.
STRC Depicts Similarity To Terra-Luna’s Downward Spiral To highlight the similarities between the May 2022 crash of the Terra token (LUNA) and STRC’s recent drop, Martinez presented a chart. The graph revealed that LUNA has dropped by 99.95% during the crisis, while the STRC price has fallen 17.45% since its launch.
Strategy’s STRC vs. Terra Luna chart. Source: Ali Martinez | X Further, Strategy’s STRC structure has some conceptual similarities to what caused Terra-Luna’s collapse in 2022, Martinez said. He said that Strategy is quite different from Terra, and doesn’t have algorithmic tokens, but it can become a lot more cumbersome when it is in stress.
“It is conceptually similar to the Terra/Luna collapse,” Martinez wrote.
If Bitcoin price falls, it may mean that more cash will have to be allocated toward STRC to stabilize it around the $100 par. He cautioned that such a situation could create what he described as a “dangerous loop” in which falling asset values are accompanied by rising financial obligations
“While MicroStrategy isn’t printing tokens out of thin air, both systems use a mechanism that forces the issuer to take on more financial burden as things get worse,” he said.
The analyst added that “instead of acting as a safety net, the structure risks amplifying the pressure during a market downturn.”
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Over the past few days, Bitcoin and crypto market has been enjoying traces of bullish appearances. Most crypto assets have been in the green, with some reclaims in their values. But the northward climb has just died out as of yesterday.
EthereumPoW (ETHW) value crumbled by a whopping 11%. The Altcoins are not left in the new bearish trend. Most have taken to the south as they push the crypto market into the red. Despite several attempts, Bitcoin has again failed to hit its critical level of $20,000.
Drastic Crumbling For ETHW And LUNC Over the last few days, there’s been a sudden cut in the latest uptrend within the crypto market. Most of the crypto assets are losing the previous reclaimed values.
Before the bearish trend, Ethereum reclaimed up to 5% in its value shooting the price of ETH to nearly $1,350. However, the past day’s price decline has brought ETH to $1,288.
EthereumPoW (ETHW) has suffered one of the worse losses of about 11%. Also, Terra Classic (LUNC) declined by about 7.5%.
Crypto assets with minor gains include Uniswap, Tron, and Leo. Losers from the large-cap altcoins include Ripple and Cardano, with over a 3% drop. Others are Solana, Polygon, Polkadot, Binance Coin, Shiba Inu, and Dogecoin.
Bitcoin Stalls Before The $20K level Last week, Bitcoin was on a price swing with little or no control over its movement. The primary crypto asset even went down to the $18K region after several attempts to anchor its price on $20K. The release of the US job report created an impact taking BTC to $18,200
However, changes started to occur with increasing volatility in the crypto market. The leading cryptocurrency made more surges from the start of this week. The token movement stalled relatively in the early hour of Monday but later picked the same. As a result, the price of Bitcoin rose again to the $19,000 region and gradually maintained its hold on the level.
BTC later hit $19,700 this week. Also, kept looking for a more bullish push that could take it to the coveted $20K. However, the situation in the entire crypto market has suddenly twisted in a downward direction. As a result, Bitcoin couldn’t push through with a further move to the $20K level.
At the time of press, BTC is trading at around $19,092, indicating a drop over the past 24 hours. Also, its market cap is currently at $366.91 billion, and its dominance over altcoins sits at 39.88%.
Bitcoin price keeps trending low l BTCUSDT on Tradingview.com Based on data from the on-chain analysis, there have been several suggestions for further pain in the future for BTC. The belief is that Bitcoin displays a similar trading trend to the 2018 bear market.
Featured Image From Pixabay, Charts From Tradingview
LUNC News: Terra Luna Classic community has approved a key proposal to update the IBC client between Terra Classic and Kujira (from 07-tendermint-178 to 07-tendermint-246), allowing the connection between the two chains to work again. This will open up liquidity while free up frozen funds, improving the Terra Classic revival effort.
Terra Classic Proposal To Restore IBC to Kujira Approved Proposal 12099 “Restore IBC to Kujira” is approved by the Terra Luna Classic community, with the proposal receiving unanimous support. The RakoffToken team proposed to re-enable IBC client 07-tendermint-178 connection between Terra Classic and Kujira.
The IBC client 07-tendermint-178 will be upgraded to IBC client 07-tendermint-246 to restore the connection between the chains and free up frozen funds.
The proposal has received 99.99% of the votes in favor from the community, indicating the unanimous support from the community in restoring the lost connection between chains through inter-blockchain communication (IBC). Validators also showed unwavering support with 36 validators including Allnodes, Interstellar Lounge, HappyCattyCrypto, Luna Station 88.
Meanwhile, the community actively looks for a complete solution to resolve risks of peer-to-peer storm attacks. Genuine Labs’ proposal to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spam.
Read More: Terra Luna Classic Block Size Proposal Officially Passed, LUNC Price Soars 10% USTC 20%
LUNC and USTC Prices Performance LUNC price jumped 1% in the last 24 hours and 6% in a week, with the price currently trading at $0.0001112. The 24-hour high and low are $0.0001063 and $0.0001121, respectively. Moreover, trading volume decreased slightly in the last 24 hours, indicating a rise in interest among traders. The community remains confident on LUNC price hitting $1.
Meanwhile, USTC price is also up 1% after it climbed 20% higher last week, with the price currently trading at $0.0200. The 24-hour low and high are $0.01918 and $0.02036, respectively.
Also Read: Ripple v SEC News: Lawyers Reveal Appeal, Settlement, Fine Aspects in XRP Lawsuit
LUNC News: Terra Luna Classic community has unanimously approved a key proposal to update the interblochain communication (IBC) client between Terra Classic and Kujira (from 07-tendermint-178 to 07-tendermint-246), allowing the connection between the two chains to work again. This improves Terra Classic revival effort by increasing liquidity and freeing frozen funds.
Terra Classic Community Approves Proposal for Liquidity Proposal 12099 “Restore IBC to Kujira” has surpassed pass threshold and received overwhelming support from the Terra Luna Classic community. The RakoffToken team proposed to re-enable IBC client 07-tendermint-178 connection between Terra Classic and Kujira.
The proposal has received 99.99% of the votes in favor from the community, indicating the unanimous support from the community in restoring the lost connection between chains through inter-blockchain communication (IBC). Validators also showed unwavering support with all 57 participants including Allnodes, Interstellar Lounge, HappyCattyCrypto, Luna Station 88 voted “Yes”.
As reported by CoinGape, the IBC client 07-tendermint-178 will be upgraded to IBC client 07-tendermint-246 to restore the connection between the blockchains and free up frozen funds.
Meanwhile, the community has also approved multiple proposal Genuine Labs’ proposal to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spam, increasing minimum commission for validators to 2.5%, and changing the reward share distribution of the burn tax.
Also Read: Terra Luna Classic Community Revises LUNC Burn Tax
LUNC Price Jumps 5% LUNC price jumped 5% in the last 24 hours, with the price currently trading at $0.0001076. The 24-hour high and low are $0.0001039 and $0.0001145, respectively. Moreover, trading volume increased by 80% in the last 24 hours, indicating a rise in interest among traders. The community remains confident on LUNC price hitting $1.
Terra Luna Classic (LUNC) futures open interest has climbed by over 10% across exchanges in the last 24 hours, Coinglass. Whereas, 1000LUNC futures OI has jumped 16% on Binance and Bybit in the past 24 hours as Terraform Labs (TFL) announced to restrict access to some Terra products and features from users in the US.
Meanwhile, USTC price also jumped over 2%, with the price changing hands at $0.01892. The price climbed 20% higher last week. The 24-hour low and high are $0.01857 and $0.01957, respectively.
Also Read:
Binance Vs SEC: US DOJ Contradicts SEC’s Position That BUSD, Stablecoins Are Securities Billionaire Arthur Hayes Reveals Major Crypto Bull Signal From US Treasury Dept Bitcoin ETF: America’s Oldest Bank BNY Mellon Reveals BTC ETF Investments In Quarterly Filings
Key developments within the Terra Classic community are shifting LUNC price prediction positively. After two weeks of market doldrums, the token woke up strongly midweek to trade at $0.0001089 on Thursday. Other altcoins have also been moving in tandem with Bitcoin. The largest cryptocurrency is back above $66,000 and looks to close the gap to $70,000 in May.
Developments like the Inter-Blockchain Communication (IBC) client will ensure interoperability between the Terra Class network and Kujira. Based on the prevailing technical structure, the LUNC price prediction affirms a potentially massive bullish outcome in the next few weeks and months.
Terra Classic Community Developments Could Pave The Way for LUNC Bull Rumor this week is that Coinbase is considering reinstating support for LUNC. As reported in the Terra Classic price analysis, the push for such a move may be motivated by a spike in staking, not to mention the increase in market activity.
Coinbase relisting Terra Classic could build FOMO for the token and accelerate the move above $0.001. LUNC price prediction shows the token hovering at $0.0001022 on Wednesday.
Despite the spike in community, Terra Classic has mirrored the general sluggishness of cryptocurrency assets where major movements are scarce. A 1% loss in the last 24 hours in conjunction with a 10% decline in the trading volume to $20.4 million, underpins decreasing investor interest.
Terra Classic also posted a 3% drop in the market cap to $592 million. The token ranks #111 among other cryptos according to CoinMarketCap data.
Developers recently announced a major upgrade for the LUNC token, expected to ignite a bullish momentum toward the coveted target of $0.001.
Moreover, a vote on overhauling the LUNC burn tax was also passed. The idea is to ensure that the burn tax is optimized via the Oracle Pool and in the end enhance network efficiency.
LUNC Price Prediction: Fighting For A Breakout Terra Classic price has fiercely defended support at $0.0001 as shown on the daily chart. A recovery from this level is gaining strength, with LUNC expected to breach resistance at $0.0001060, highlighted by the 20-day Exponential Moving Average (EMA) (the blue line overlaying the chart).
LUNC price prediction chart | Tradingview The Relative Strength Index (RSI) position at 45 and its potential for recovery above the midline, reinforces the growing bullish grip. Should the RSI breach the descending trendline resistance, it could ignite a fire in LUNC paving the way for gains beyond $0.001.
A death cross pattern formed when the 50-day EMA (the red line overlaying the chart) recently flipped below the 200-day EMA (the purple line on the chart), emphasizing that sellers have a say and cannot be ignored, especially with the crypto market still unsure of the direction to take.
Therefore, traders should be ready to DCA if LUNC dips to or below $0.0001 support keeping in mind the double bottom support around $0.00008.
On the upside, a break above the dotted trending might catapult LUNC 66% higher, marking the validation of the double-bottom pattern.
Kujira token’s price has dropped by over 47% below $0.5. The team is currently facing massive liquidation events on some leveraged LP positions. In a Telegram post, the Kujira team said their positions were being attacked. Cosmos crypto project Kujira is facing a massive liquidation event that has seen its token KUJI tank by over 47% since early Thursday. The team claims their leveraged positions were attacked.
Kujira Foundation is said to have four leveraged LP positions – KUJI/USDC, KUJI/ATOM, KUJI/USK, and USDC/USK – on its Ops wallet. These positions are now being liquidated as prices drop further. The liquidations have led to the wallet balance dropping to $8.7 million from over $12.4 million earlier today.
Kujira still has $5 million debt pending liquidation In a Telegram post, the Kujira team said people are targeting their positions.
“As a team we thought the best use of a portion of ops funds would be to leverage and deploy across the ecosystem in order to bootstrap liquidity and activity,” the post said. “Sadly this coincided with various attacks. People targetted the team positions, and it’s been a constant fight since these positions were created.”
With over $3 million in KUJI feared to have been liquidated already, another $5 million still remains in outstanding debt pending liquidation, according to the analysis posted by Rarma on X.
KUJI’s price has dropped by 47.9% to $0.4818 from today’s opening price of $0.9251. At the current price, KUJI is down over 91% from its all-time high. A day earlier, Kujira’s stablecoin USK also briefly got de-pegged, dropping to $0.94.
Kujira insists this is not a Terra situation The situation has had some people in the crypto space say Kujira project is a “slow rug” and others have dubbed it the next Terra, especially since both projects are based on Cosmos blockchain. However, the Kujira team refuted the speculation, saying “This isn’t a Terra type situation.”
“It’s a contained amount of debt, that will be dealt with one way or another. It is hurting KUJI price which we realise, but can only ‘spiral’ so much,” Kujira said.
It’s worth mentioning that Kujira started off on the Terra Classic blockchain before moving to its layer-one network on Cosmos after Terra imploded.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
The price of Kujira token (KUJI) has dropped by 42.68% in 24 hours, standing at $0.5451. The Kujira Foundation is facing a liquidation crisis with $5 million outstanding debt. The team insists that the situation is not comparable to the collapse of Terra, despite speculation. Kujira, a project based on the Cosmos blockchain, is going through a significant crisis that has led to a 42.68% drop in the price of its KUJI token, which now stands at $0.5451.
This collapse has been caused by a series of massive liquidations that have deeply impacted the stability of the project.
The Kujira Foundation currently has several leveraged positions in its Ops wallet, including cryptocurrency pairs such as KUJI/USDC, KUJI/ATOM, KUJI/USK, and USDC/USK.
These positions are being liquidated due to falling prices, which has reduced the wallet balance from $12.4 million to $8.7 million in a short period.
Additionally, it is estimated that more than $3 million in KUJI has already been liquidated, while the outstanding debt amounts to $5 million.
Kujira (KUJI) token has seen a 42.25% drop over the past 24 hours, trading at $0.5485 according to CoinMarketCap.
This drastic decline in value is the result of a series of mass liquidation events that have severely affected the stability of the project.
The drop in price reflects the current difficulties facing the Kujira Foundation, with a liquidation crisis in its leveraged positions having intensified market volatility.
The team has communicated that its positions are under attack and has attempted to manage the impact of these liquidations.
In a recent message, they explained that the decision to leverage and deploy funds to stimulate liquidity and activity in the ecosystem coincided with targeted attacks on their positions.
Although these attacks have exacerbated the situation, the team says they are not seeking sympathy, but are trying to explain the events that have led to the current crisis.
Situation Management and Kujira Team Response The Kujira team has addressed the situation by acknowledging responsibility for the impact on KUJI’s price and apologizing to the community.
They say they are working on different strategies to manage the debt and that a detailed plan will be communicated shortly.
Despite speculation that this crisis could be comparable to the collapse of Terra, the team emphasizes that the debt is contained and manageable.
According to them, although the situation is affecting the price of the token, this drop cannot continue indefinitely.
The team has also stated that they are re-evaluating their roles and strategies to ensure the community is best served.
They recognize that trust has been damaged and are committed to restoring it and focusing on what is best for everyone involved.
Although Kujira faces significant challenges, the team believes the technology and potential of the project remain strong.
The current situation is considered a critical point for the evaluation and continuous improvement of the project, always seeking the well-being and stability of the community.
The European Union’s crypto regulatory framework MiCA goes into full force, heralding significant changes for the industry.
Major events like the ICO boom and the implosions of Terra and FTX have made it impossible for regulators and lawmakers to ignore the crypto industry, especially as its adoption continues to grow.
Leading the charge in the effort to foster responsible innovation is the European Union, with its Markets in Crypto-Assets (MiCA) regulatory framework, which passed in April 2023 after nearly three years of development.
While the implementation of the rules was phased, with rules targeting stablecoin issuers coming into force in June 2024, all parts of the framework have now entered into force since December 30, 2024. Here’s what MiCA brings to the table and how it is reshaping the EU’s crypto landscape.
What is MiCA? The primary goal of MiCA is to ensure consumer protection in crypto while offering regulatory certainty for companies across the 27-member bloc.
MiCA tries to achieve this by setting transparency and accountability standards for crypto asset issuers and crypto asset service providers (CASPs). The rules allow market participants to obtain licensing in one country and passport their services across the bloc.
Key MiCA Provisions For crypto asset issuers, the rules mean new disclosure requirements. Specifically, before introducing a new asset, issuers must draft a detailed whitepaper containing key details about its tokenomics, risks, and consensus mechanism.
This whitepaper must be submitted to a national authority that does not have to explicitly approve the token launch but reserves the power to block it. At the same time, these issuers must also comply with marketing disclosures.
Requirements for stablecoin issuers, however, go beyond these disclosure obligations. They must obtain electronic money institution (EMI) licenses, which impose significant Anti-Money Laundering (AML), Know-Your-Customer (KYC), and audit obligations.
The law also imposes high stablecoin requirements regarding liquidity, redemption, and wind-down procedures and outlaws algorithmic stablecoins.
For CASPs, MiCA means implementing robust KYC systems, establishing custody policies for the safekeeping of customer funds, and implementing robust market abuse detection and reporting systems.
Beyond these, MiCA also places a de-facto ban on privacy coins.
Which Companies are Affected by MiCA? MiCA impacts every crypto issuer or service provider operating within or offering services to EU residents. These include stablecoin providers like Circle and Tether, exchanges like Binance, Coinbase, and Kraken, and even custodians such as BitGo.
Tether in Focus By far, the major talking point to come out of MiCA’s passing has been its implications for the EU’s stablecoin landscape, especially as Tether, the largest stablecoin issuer, has not pursued a license in the bloc, unlike its biggest competitor, Circle.
As a result, several crypto exchanges have moved to delist Tether USD (USDT) and Euro Tether (EURT) as part of efforts to obtain licensing in the region.
While it is unclear whether Tether will reverse its decision in the future, MiCA’s coming into force has likely contributed to the $2 billion decline in USDT’s market cap over the past two days from nearly $139 billion to about $137 billion.
Companies Still Have Time Even though MiCA is now entirely in force, the law grants firms a window of grace to process licensing applications.
For stablecoin issuers, this window was set at 12 months from the law’s implementation, which gives companies until June 2025, as parts of the rules targeting stablecoins came into force in June 2024.
For CASPs, this window was set at 18 months, giving firms till June 2026 to obtain licensing or cease operations in the EU.
Meanwhile, even as firms race to comply with MiCA, regulators are already considering an update to cover DeFi and NFTs.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
A notable market veteran says XRP could reach a three-digit figure, suggesting the recent drop is just a retest of a double-bottom breakout.
Gert van Lagen, a Dutch technical analyst, noted this while discussing XRP’s price movements on the weekly chart. He argued that the current XRP price retracement could be a necessary retest, setting the stage for an explosive run that could surpass $100.
XRP Historical Double Bottom Structure His weekly chart highlights XRP’s historical patterns, with a focus on its first cycle. For context, during this period, XRP formed a similar double-bottom structure. After achieving an all-time high of $0.0614 in December 2013, XRP collapsed. This slump led to the first bottom at $0.00281 in July 2014.
Despite a recovery to $0.028 in December 2014, XRP failed to break its 2013 ATH. This resistance triggered another collapse, reaching a second bottom at $0.003 in January 2017.
XRP 1W Chart | Gert van Lagen However, in an interesting turn, a breakout from the double bottom led to a more substantial uptrend. After breaking above this double-bottom pattern in March 2017 and retracing to retest the breakout, XRP experienced a parabolic surge, reaching a new ATH of $3.31 by January 2018.
XRP Forms Similar Double-Bottom Fast forward to the current cycle, XRP’s price movements are similar to the previous behavior. After reaching its ATH of $3.31 in January 2018, XRP entered a prolonged bearish phase, which led to the formation of a second double-bottom structure.
The asset found its first bottom at $0.1140 in March 2020 before rebounding to $1.96 in April 2021. However, this recovery fell short of reclaiming the $3.31 ATH. A subsequent collapse brought XRP to its second bottom at $0.2870 in June 2022, following the market-wide turmoil triggered by Terra’s downfall.
This double-bottom setup is again signaling the possibility of a massive bullish breakout. November 2024 marked a crucial turning point, as XRP rallied by 283%, echoing a similar 284% surge from March 2017. Van Lagen believes this rally confirmed the double-bottom breakout.
A Healthy Retest However, XRP has since retraced to $2.2 amid a broader market pullback. Van Lagen asserts that this pullback is a healthy retest of the breakout zone. Notably, such retests are essential for establishing strong support levels.
Van Lagen predicts that if XRP replicates the previous run, it could surpass $100 this cycle. Specifically, data from his chart shows a likely rally to $150, marking an upsurge of 6,718% from the current $2.2 price. For context, XRP rallied 12,592% to $3.31 after a similar retest in 2017.
Interestingly, EGRAG, another prominent market analyst, confirmed the bullish outlook. He noted that he and other confident market watchers have faced ridicule for projecting rallies to double-digit prices. However, market veterans are now expecting XRP to hit a triple-digit price.
They used to call us crazy for saying double digits for #XRP now they are charting #XRP for 3 digits.
Trust the process.
Men lie, women lie but charts don’t lie https://t.co/Y7XTvA7FM2
— EGRAG CRYPTO (@egragcrypto) December 19, 2024
For context, EGRAG has always been confident that XRP could reach $27. Most recently, he identified an XRP profit-taking zone between $4.42 and $27.86, based on Fibonacci extensions. He also recently introduced the “Bifrost Bridge” framework, which suggests XRP could reach $6 by December 2024 and $27 by January 2025.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Terra Virtua is a cross-platform NFT ecosystem offering a curated marketplace for NFT creators and collectors to interact.
What is Terra Virtua (TVK)?Terra Virtua (TVK) is an entertainment-focused collection platform. TVK uses Blockchain technology to provide a platform where collectors can find virtual products via PC, web, mobile, or augmented reality.
Terra Virtua is the first fully immersive Blockchain-based VR entertainment platform. TVK is a unique virtual platform focused entirely on VR entertainment, built with a strong community and social connection. Supported by developers, led by industry leaders, and secured by Blockchain, Terra Virtua is a next-generation initiative in entertainment and interaction.
TVK will have its own robust and secure blockchain-based economy. Tokens for regions, game items, appearances, upgrades, and unique experiences can be bought and sold through Terra Virtua Terra (TVA). TVA holders join the project to be a vital part of the ecosystem that kickstarts the Terra Virtua economy.
Where to Buy TVK Coin?Terra Virtua Coin can be securely purchased on Binance, the world’s largest cryptocurrency exchange by trading volume. TVK Coin is actively traded on Binance in two pairs: TVK/BTC and TVK/BUSD. To buy Terra Virtua Coin, one needs to register on the Binance exchange and then transfer cryptocurrency or fiat currency to their account wallet.
Binance Once the membership is completed and there is a balance in the account wallet, one of the BUSD or BTC pairs should be selected to enter the purchase interface. In this interface, the desired amount to be purchased should be specified in the limit section, and the purchase order should be placed to complete the transaction. As of the time this guide was written, TVK Coin is trading at around $0.17.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
NFT Staking — A unique and innovative way crypto investors use not only to buy non-fungible tokens but earn rewards and other privileges by locking them on a platform or protocol — has just gone better. Enterprise DAO-powered by Terra Money has now enabled cross-chain NFT staking for Cosmos chains including Terra, Stargaze, Juno, and soon Terra Classic.
Enterprise Protocol Enables Cross-Chain NFT Staking Enterprise DAO unlocked the cross-chain functionality for Cosmos chains by launching the cross-chain NFT staking. The Terra-powered platform helps to easily and efficiently create, manage, and grow DAOs within Cosmos. In January, the platform enabled cross-chain token staking for Terra and non-Terra tokens.
Cross-chain NFT staking is initially enabled for select NFT collections on Stargaze and Juno. Stargaze and Juno NFT DAOs, powered by Ark Protocol, now offer one-click staking and no-code setup as well as advanced voting, treasury management, and rewards distribution.
Also Read: Binance Labs Sever Ties With Crypto Exchange Binance
Terra Luna Classic to Get Enterprise Support Terra Luna Classic unanimously passed the proposal for Terra Classic v2.4.2 upgrade. This upgrade will introduce IBC-Hooks to the chain to enable the onboarding of dApps on the Terra Luna Classic, most notably Enterprise DAO. The upgrade is scheduled for March 25.
The community-led chain plans to revive LUNC and repeg USTC to $1 with various efforts including token burn, staking, and others. The narrative toward utility recently gained amid new developers revealed by developers groups.
Also Read: Crypto Exchange Joins Binance to Burn Terra Luna Classic (LUNC) Trading Fees
Terra and Terra Classic Tokens Price Performance Terra (LUNA) fell 11% in the past 24 hours amid broader crypto market selloff. LUNA price currently trades at $0.944. The token gradually losing all gains it made in the month.
LUNC price also tumbled, with 13% drop to $0.000150 level. The 24-hour low and high are $0.000148 and $0.000180, respectively. Moreover, trading volume has increased by 97% in the past 24 hours.
Meanwhile, USTC price fell 11% in the past 24 hours, with the price currently trading at $0.0309. The 24-hour low and high are $0.0299 and $0.0347, respectively.
Also Read: Crypto Market Selloff — Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today
