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Avalanche Foundation Acquired 1.97 Mln AVAX tokens from LFGThe Avalanche Foundation recently took a bold step to reclaim its ecosystem's autonomy by acquiring 1.97 million AVAX tokens from the liquidated Luna Foundation Guard (LFG) for $53 million. This buyback, paired with CRYPTOCAP:AVAX ’s strong technical outlook, positions Avalanche well for further growth in the evolving crypto market. Let’s dive into what this buyback means for Avalanche, its partnership history with LFG, and the technical indicators suggesting where CRYPTOCAP:AVAX might be headed next. The AVAX Buyback The Luna Foundation Guard (LFG) originally acquired $100 million worth of AVAX tokens from the Avalanche Foundation as part of a reserve strategy to support TerraUSD (UST), the algorithmic stablecoin of the Terra blockchain ecosystem. In return, the Avalanche Foundation received $200 million worth of UST and LUNA tokens, signaling a cross-ecosystem partnership intended to strengthen both platforms. However, following the collapse of UST, the Avalanche Foundation faced a dilemma. The 1.97 million AVAX tokens LFG still held became a potential risk, as their future sell-off could create a major price disruption. In response, Avalanche reclaimed these tokens to mitigate uncertainty and reaffirm its commitment to the community. Aytunç Yildizli, CEO and Executive Director of the Avalanche Foundation, expressed optimism regarding this acquisition, viewing it as a reinforcement of Avalanche’s ongoing commitment to growth and development. How the Tokens Will Be Used Avalanche’s reclaimed AVAX tokens will be funneled into initiatives supporting its ecosystem. According to Avalanche representatives, these tokens are earmarked for community grants, ecosystem development, and technological advancements. By using the tokens in this way, Avalanche aims to foster community engagement, expand its ecosystem, and ultimately attract more projects and developers to the platform. The Partnership with Terra The original partnership between Avalanche and LFG was a milestone in cross-chain collaboration. By contributing $100 million worth of AVAX to UST’s reserve, Avalanche became the first major crypto asset outside of Bitcoin to support UST, expanding its role in the Terra ecosystem. The collaboration had initially sparked hopes for integrating Terra-based DeFi protocols within the Avalanche ecosystem. Although the plans were cut short by the Terra collapse, this collaboration showed the potential of cross-chain partnerships in crypto. Technical Analysis Despite its impressive fundamentals, CRYPTOCAP:AVAX has experienced a minor dip of 1% at the time of writing. However, the daily chart reveals a promising “Golden Cross” pattern, a technical indicator where the 50-day moving average crosses above the 200-day moving average. Historically, this pattern is considered a strong bullish signal, often indicating that the asset is primed for an upward reversal. Yet, caution remains necessary. If selling pressure persists, CRYPTOCAP:AVAX could dip to its next support level around $24. This would provide an opportunity for accumulation, especially for those who believe in the token's long-term potential. AVAX’s Role in the Layer-1 Ecosystem As a leading layer-1 blockchain, Avalanche differentiates itself through its unique subnet architecture, enabling highly customizable and scalable applications. This modular approach has drawn various developers to build DeFi, gaming, and enterprise applications within the Avalanche ecosystem. With the AVAX buyback, the Avalanche Foundation signals a strategic focus on expanding and supporting these use cases, enhancing the platform’s utility and resilience. Conclusion: Is AVAX Ready for a Rebound? Avalanche’s proactive buyback of AVAX tokens from LFG demonstrates the Foundation’s commitment to fostering stability and long-term growth. Coupled with a Golden Cross pattern on the daily chart, these fundamentals suggest a promising outlook for $AVAX. The token remains a valuable asset for investors seeking a solid foundation within the layer-1 blockchain sector. While short-term volatility may persist, Avalanche’s combination of technical indicators and ecosystem developments makes it well-positioned for a potential bullish trend. For investors eyeing layer-1 assets, CRYPTOCAP:AVAX offers a compelling mix of fundamentals, technical strength, and future growth potential.
COINBASE:AVAXUSDLong
by DEXWireNews
USTC, Out of Slumber soon. Multiple X Surge Prospect!USTC recently suprised everyone when it suddenly woke up from its deep slumber from its 0.10 range to surge at 0.18 level. It corrected back to 0.13 range as we speak. The sudden spike conveys a buying volatility is already in order. Expect another upside attempt from here on with possible significant breakout. This one is very sensitive to pump at the current range. Recent development conveys a permanent omission of minting of the coin to support its repeg. Spotted at 0.013. TAYOR.
Long
by JSAL
38
This left 53136 BTC in Terra's reserves (+313 BTC) Between January and May (2022), 80394 bitcoins were purchased by the LFG (Do Kwon) There are two different sets of LFG Bitcoins (Bitcoin reserves (Terra's reserves)): First, from 80394 BTC, 42530 BTC was sent to LFG wallet (wallet = bc1q.... s50tv4q). Luna-LFG balance chart: (Max = 42530 BTC) from 42530 BTC, 15272 BTC was sent to this address (wallet = bc1qm3....3ewf0j77s3h) a- This left 15272 BTC in Terra's reserves (Do Kwon) Second, (From 80394 BTC) Do Kwon did not send 37864 BTC to LFG wallet! b- This left 37864 BTC in Terra's reserves ((9 - 10 May 2022)) As a result: (a and b) ---> 15272 BTC + 37864 BTC = 53136 BTC This left 53136 BTC in Terra's reserves the remaining 53136 remain unspent and are likely still sitting with the LFG (Terra's reserves or Do Kwon). a, b, c Money laundering: LUNA = a scheme to disguise the money as legal ($ 411 M) and ... Transactions:
Long
by BTC-XLM
8
Long Idea on $USTC this coin is very cleverly manipulated, it's hard to tell when it's down or up. In my opinion, the point of cancellation is the base of the pump from 0.015 or 0.0018 if we go lower, not very good. if it holds as now, then only long. I know the risk, the profit is big, but the stop is very wide, keep this in mind when entering with a big shoulder. Optimally, 1x is the amount that can be lost in any case. There is a chance that this coin will be 1$ and this is even more profit. From the technical side, the instrument had an accumulation that lasted 1.5 years (that's a lot). Another disclaimer: I don't know how it will be, this is purely my opinion
Long
by MyTechNAz
1
Can LUNC Token Burn Program Lead to Price Surge?The price of Terra Classic ( SEED_DONKEYDAN_MARKET_CAP:LUNC ) has been a cause of worry for investors ever since it dropped significantly from its peak of $119 in April 2022. Recent developments, such as the ongoing token burn program and the upcoming Bitcoin halving event, have sparked discussions about the potential of LUNC price rising once again. Currently, Terra Classic ( SEED_DONKEYDAN_MARKET_CAP:LUNC ) is trading at around $0.0001563, with a market capitalization of $896.32 million. Despite the prevailing bearish sentiment, the Fear & Greed Index stands at 85, indicating that investors are extremely greedy. Although past performance may not always predict future outcomes, we have identified three developments that could potentially cause Terra Classic ( SEED_DONKEYDAN_MARKET_CAP:LUNC ) price to rise to $0.01 after the anticipated Bitcoin halving event. 1. Token Burn Program Gains Traction: The continuous token burn program led by the Terra Classic community to decrease supply and potentially enhance the value of remaining tokens is a significant factor influencing LUNC’s path. The initiative aims to positively shape LUNC’s value by burning over 100 billion LUNC, with Binance contributing over 51% of the burn. The upcoming burning event on March 1, 2024, highlights the community’s commitment to this program. Analysts stress that external market dynamics heavily influence price movements, making long-term forecasts challenging, despite past burns having shown temporary price spikes. 2. Proposal 12073 Approved: Potential Impact on USTC and SEED_DONKEYDAN_MARKET_CAP:LUNC : The recent approval of Proposal 12073 permits the burning of 800 million USTC from the Risk Harbor multisig wallet, potentially affecting both USTC and LUNC. Following approval, USTC saw a 25% price surge. While a direct link between USTC and SEED_DONKEYDAN_MARKET_CAP:LUNC isn’t guaranteed, a thriving USTC could indirectly benefit $LUNC. Nevertheless, experts advise caution due to uncertainties surrounding this proposal’s long-term implications on LUNC’s price. 3. Bitcoin Halving: Potential Market Catalyst: The upcoming Bitcoin halving in 2024 is a crucial event known to impact the broader cryptocurrency market. As Bitcoin supply decreases, scarcity typically drives its price higher, historically benefiting other cryptocurrencies like LUNC.
Long
by DEXWireNews
USTC/USDT Breaking Out of Triangle Channel | 👀🚀 What's Next?💎 Paradisers, focus on USTCUSDT as it enters a crucial phase in the market. This asset indicates a possible breakout from a triangle channel pattern. 💎 Examining #TerraClassicUSD's market performance, it has consistently followed a triangle channel pattern. Currently, USTC is expected to retest a past resistance level, now acting as support at $0.030. There's a significant chance that USTC might capitalize on this support to embark on a bullish path, aiming for a key supply level at $0.065. 💎 However, given the dynamic nature of the crypto market, #USTC traders should be prepared for a range of outcomes. If USTC faces challenges in maintaining its bullish path, we might witness a shift in the market trend. This scenario would require traders to reconsider their strategy, perhaps targeting a bullish recovery from a lower support level. 💎 Crucially, if USTC falls below this secondary support, it would necessitate a major strategic review. Such a development could indicate challenges in keeping the bullish trend alive, leading to a necessary adjustment in trading strategies. 💎 Stay tactical and adaptable, Paradisers. Your ParadiseTeam is committed to guiding you through these market shifts, ensuring that you are equipped for smart and effective trading decisions.
Long
by MyCryptoParadise_Simon
5
Binance Burns 4 Billion Terra Luna Classic (LUNC) TokensBinance burns almost 4 billion Terra Luna Classic (LUNC) tokens, with total LUNC burn by the community reaching 83 billion. The world’s largest crypto exchange Binance burns almost 4 billion Terra Luna Classic (LUNC) tokens in the 16th batch of the LUNC burn. With the latest LUNC burn, the total LUNC burn by the crypto exchange to date reaches more than 43 billion, 52% of the total tokens burned by the Terra Luna Classic community. Traders didn’t immediately respond to the Binance burn. Binance’s Net Terra Luna Classic (LUNC) Burn Reaches 43 Billion Crypto exchange Binance sent 3.90 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the transaction on December 1. Binance continues contributing to the community’s LUNC burn campaign to reduce the LUNC circulating supply after the exit of Changpeng “CZ” Zhao as Binance CEO. Notably, the 16th batch of the LUNC burn mechanism is for the period October 31 to November 29. With the latest burn, Binance has burned over 43 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs. The community has burned nearly 83 billion LUNC tokens. In November, Binance burned 760 million Terra Luna Classic (LUNC) tokens, the lowest till now. The burn rate significantly declined amid FUD, reduced developer activity, and a fall in LUNC trading volumes on the exchange. However, the massive jump in trading volumes this week resulted in this huge LUNC burn the community hasn’t seen in the last few months. Binance launched a USTC perpetual contract and new USTC trading pairs FDUSD and TRY, which contribute massively to the exchange’s trading volume. Terra Luna Classic ecosystem tokens fell in the last 24 hours, with LUNC and USTC giving up some recent gains due to profit booking in the broader crypto market. However, LUNC price jumped 65% this week, with the price currently trading at $0.000142. The 24-hour low and high are $0.000114 and $0.000121, respectively. However, the trading volume has decreased in the last 24 hours. Meanwhile, USTC price rallied 350% this week, with the price currently trading at $0.051. The 24-hour low and high are $0.050 and $0.055, respectively.
Long
by DEXWireNews
Why Is Luna Classic (LUNC) Price Skyrocketing Today?Luna Classic (LUNC) price has skyrocketed by 60% in response to strategic investment and USTC perpetual contract launch by Binance. The sudden upsurge witnessed in Terra Classic tokens in the last 48 hours is not the first time for the Terra ecosystem. The community-led Terra Luna Classic chain witnessed multiple revival efforts from introducing burning to inter-blockchain communication (IBC). LUNC price has skyrocketed by 60% in response to strategic investment and perpetual contract launch by Binance. Terra Luna Classic (LUNC) Gains 60% With multiple key proposals passed by the community and positive sentiment amid broader crypto market recovery, Luna Classic Labs purchased 25.6 million USTC worth about $500,000 as part of its treasury reserve policy at an average purchase price of $0.021 per USTC. Trader QT, a partner of Luna Classic Labs, stated this is an initial investment. It resulted in a 100% jump in USTC price, with the community noting a breakout above resistance. USTC witnessed a further pump as investors also poured money into USTC. It triggered an upside move in the Terra Classic (LUNC), with traders noting a massive increase in liquidity and trading volumes. Binance Futures launching the USD-M USTC Perpetual Contract with up to 50x leverage sparked further rally. USTC price climbed nearly 400% in two days. The announcement further raised community sentiment, while also speculating whether it was already known to some investors as the Terra ecosystem tokens witnessed sudden rallies. LUNC price also jumped and made a 60% gain amid the events. The price is currently trading at $0.000119. The 24-hour low and high are $0.0000787 and $0.0001256, respectively. Furthermore, the trading volume has increased by 1120% in the last 24 hours, indicating interest among traders. USTC price trades at $0.055, paring earlier gains to 191% in the past 24 hours. The 24-hour low and high are $0.015 and $0.068, respectively. The trading volume has also slid briefly after Binance’s USTC perpetual trading announcement.
Long
by DEXWireNews
LUNA Classic: Bullish Bat PCZ at Congestion ZoneLUNC was sent down to this support level after breaking through the B level of the Bullish Bat and confirming the breakdown with a Bearish 5-0, as seen here: Even as the rest of the market has risen, LUNC continued its downward path to the support zone, and now, just as the rest of the market looks like it wants to take a break, LUNC has finally settled down within the support zone and has formed two levels of MACD Bullish Divergence as the RSI went to the oversold zone. We might see LUNC do something that it has done in the past, which is to rally during a time of macro slowdown, as that's what the chart is implying right now.
Long
by RizeSenpai
1