Token

Rally

Terra Classic

Terra

<a href="https://bitcoinworld.co.in/terra-classic-lunc-gains-30-in-a-week-amid-positive-tfl-bankruptcy-updates/" title="Terra Classic LUNC Gains 30% In A Week Amid Positive TFL Bankruptcy Updates" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Terra Classic LUNC token experienced a significant price rally of 30% amid its Chapter 11 bankruptcy proceedings.</li>
</ul>
Terra Classic is on a roll! Despite the Terra Classic community’s rejection of a proposal to create an independent community website, the LUNC token experienced a significant price rally.&nbsp;
This unexpected increase is linked to positive developments from Terraform Labs (TFL) amid its Chapter 11 bankruptcy proceedings.
<h3 id="span-style-font-weight-400-community-rejects-independent-website-proposal-span">Community Rejects Independent Website Proposal</h3>
The Terra Classic community recently voted on a proposal to establish an independent website similar to Bitcoin.org.&nbsp;
This website aimed to integrate design processes and concept workshops to foster community cohesion. However, the proposal received minimal support: only 4% of votes were in favor, over 21% voted against, and a significant 63% vetoed the proposal, with 12% abstaining.
<h3 id="span-style-font-weight-400-lunc-token-rallies-despite-rejection-span">LUNC Token Rallies Despite Rejection</h3>
Despite the proposal’s rejection, the LUNC token saw a surprising rally, increasing by about 5%. This price surge reflects the resilience of the Terra ecosystem and is likely influenced by recent positive updates from Terraform Labs.&nbsp;
Currently, LUNC has seen a whopping rise of 4.65% to $0.00009108, peaking at $0.00009153 in the last 24 hours, and has gained nearly 30% over the past week, indicating heightened market interest.&nbsp;
Similarly, USTC is up approximately 4% to $0.02047, with a 60% surge in one-day trading volume, reflecting significant trading activity.
Santiment’s data revealed that the LUNC bull rally boosted its social metrics, with a noticeable rise in Social Volume showing growing interest.&nbsp;
Additionally, Binance information has been helping with LUNC burns. Despite these positive signs, the Weighted Sentiment stayed negative, indicating ongoing bearish feelings in the market.
<h3 id="span-style-font-weight-400-is-lunc-s-rally-sustainable-a-look-at-its-technical-span">Is LUNC’s Rally Sustainable?&nbsp; A Look At Its Technical</h3>
Terra Classic (LUNC) is testing a key resistance level, which it must surpass to continue its rally. The MACD indicator shows a bullish trend, but the RSI’s slight downtick hints at potential challenges.&nbsp;
Additionally, significant LUNC liquidations at $0.000086 suggest a possible price correction, which could lead to a consolidation phase.
<h3 id="span-style-font-weight-400-positive-updates-from-tfl-bankruptcy-proceedings-span">Positive Updates from TFL Bankruptcy Proceedings</h3>
In the meantime, the rally in LUNC’s price is linked to TFL’s Chapter 11 bankruptcy case developments.&nbsp;
A <a href="https://x.com/terrac_money/status/1814250381032952145" rel="noopener noreferrer nofollow">recent</a> court order has allowed the reopening of the shuttle bridge and authorized a significant burn of 150 million LUNA. These updates have generated renewed interest and optimism within the Terra Classic community.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 1/ We'd like to inform you about a recent bankruptcy court order in TFL’s chapter 11 case authorizing TFL to do the following: 1) Reopen the Shuttle bridge for the redemption of wrapped assets on Terra Classic; 2) Undelegate &amp; burn the 150M LUNA from the Terra Community Grant <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b07.png" alt="⬇" class="wp-smiley" style="height: 1em; max-height: 1em;">
 — Terra Classic (@terrac_money) <a href="https://twitter.com/terrac_money/status/1814250381032952145?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 19, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Moreover, the reopening of the shuttle bridge is particularly significant, as it enables the movement of substantial amounts of LUNC and USTC. Data indicates the bridge contains 275.7 billion LUNC and 178.4 million USTC.&nbsp;
The community plans to keep the bridge open for one month; if funds are not withdrawn during this period, they will be burned, reducing the circulating supply and potentially increasing the token’s value.

Terra Classic LUNC Gains 30% In A Week Amid Positive TFL Bankruptcy Updates

Table of Contents

ItsBitcoinWorld

Other articles published on Jul 22, 2024

Traders Are Optimistic on Optimism While KangaMoon’s $0.5 Goal Is in Focus

Trump Fired Biden (TRUMPBID) Memecoin to Surge 17,000% Before Exchange Listings, While SHIB and D...

Is the End Near for SEC Chairman Gary Gensler? Will Donald Trump Resign If Elected President? Her...

Solana Price Leap Toward $200 Staging Bullish Path for WIF, BONK and MEW

Democrats Raise $50M Digital Donation After Biden’s Presidential Race Exit

Banana Gun (BANANA) Surges 44% Following Binance Listing and Airdrop News

Join our free newsletter for daily crypto updates!