Terra Classic (LUNC) Sees Volatility After Binance Burns 1.4 Billion LUNC Tokens
Terra Classic (LUNC) recently experienced increased volatility as its price attempted to grow. The price growth can be attributed to Binance, the world’s largest crypto exchange, burning 1.4 billion LUNC tokens on August 1. This is the 12th burning event for LUNC in 2023, bringing the total number of burned tokens to 71.6 billion. After the burning, LUNC’s price initially rose but then corrected, reaching a support level of $0.0000800. The price has since started recovering again, currently sitting at $0.0000812. However, analysts warn that a breakdown is likely.
LUNC Passes Key Governance and Decentralization Proposal
The LUNC community has been working towards decentralization and enhancing governance. They recently passed a proposal that received 94% of votes in favor of the change. The proposal aims to make the project more decentralized and was submitted by Terra Luna Classic validator, Happy Catty Crypto. The current Commonwealth administrators will need to give up their rights and provide access to Ving Nguyen, the Joint L1 Task Force developer. Additionally, Terra announced that a follow-on governance proposal was published on Agora to execute ideas proposed in the Alliance Signaling Proposal.
Terra Luna Classic Continues Token Burning and Ozone Protocol Decision
The Terra Luna Classic community has made decisions regarding 800 million USTC tokens linked to the Ozone Protocol. Some propose returning the tokens to the community pool, while others advocate for burning them. Another token-burning event could further encourage the growth of LUNC’s price.
TMNT-Inspired Token Cowabunga Coin Launches Presale
While waiting for Terra Classic to prove its trustworthiness, some crypto enthusiasts have turned their attention to a new project called Cowabunga Coin. This token, inspired by the Teenage Mutant Ninja Turtles (TMNT) series, recently launched its website and social media channels. It is currently in its presale period, offering COWABUNGA at a price of $0.000357. The project’s soft cap is $500,000, and depending on the public’s response, the presale may be short.
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