KuCoin Stakes 47.9 Billion LUNC Tokens, Good News For Holders?

Terra Classic (LUNC) has had a rough go of it since the TerraUSD (UST) crash back in May 2022. Since then, the digital asset has been trading at over 99% less than its value had been but despite this, the cryptocurrency continues to enjoy the support of both small and large investors alike.

Timeline of Kucoin-token, Terra-luna

Altcoins in the crypto space have been seeing a lot of volatility lately as major cryptocurrencies Bitcoin and Ethereum face resistances which hindered their growth. Luna Classic, the revival attempt of the Terra Luna ecosystem, is one of those tokens that is facing losses in the short term.

The cryptocurrency community is predicting that the price of Terra Classic ($LUNC) will surge by over 200% this month to trade at $0.0005518 per token, as the community behind the cryptocurrency is making several developments to help it recover.

Terra Classic (LUNC) Kucoin Staking: The crypto community is welcoming the much needed LUNC staking started by KuCoin. The crypto exchange is back with the LUNC staking service after it delegated 48 billion LUNC in January 2023.

The price of Terra Classic ($USTC) has surged after its community approved the Terra Classic 11324 proposal to “Re-Peg USTC With LUNC,” which describes a way for the community to help $USTC's price reattain its peg.

The notion that the Terra Classic [LUNC] community was over the painful collapse of LUNA may be wrong. Of course, the community had repeatedly said that they were focused on rebuilding.

LUNC community has passed a Signal proposal to repeg with Terra Classic USD (USTC) through an operational framework. Since the project announced the plans to bind the two assets together again, LUNC has gained 18%, while USTC has yielded 67.

Over the last two months, the LUNC coin price showed multiple valid attempts to surpass the overhead supply zone of  $0.000184-$0.000195. Thus, with the increasing uncertainty in the crypto market due upcoming FOMC meeting, the sellers reclaimed the upper hand and breached the support trendline of the rising wedge pattern.

The Terra Classic community has burned over 20 million LUNC tokens in a week amid the push to increase the burn rate. Validators and projects running on the Terra Classic network commit to burn millions of LUNC tokens after crypto exchange Binance temporarily suspended its LUNC burn mechanism until March.

Proposal 11310 by Terra Classic core developer Edward Kim has unanimously passed the threshold. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduces codes to make future upgrades possible.

While affected crypto investors are crying foul over the FTX collapse, some are mulling over the idea of making money from the situation. FTX2  is an attempt by a determined bad actor to take advantage of the affected investors.