LUNC News: Terra Classic Staked Reaches 940B As KuCoin Resumes Staking

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.

Timeline of Kucoin-token, Terra-luna

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.

Total Terra Classic (LUNC) tokens staked on the network reaches over 900 billion as utility slowly returns to the blockchain. After much effort from the Terra Classic community and developer groups, LUNC staking has increased with projects building on chain and investors staking with validators.

Terra Classic price is building momentum to correct a 3% dip recorded in 24 hours. Before the pullback to 0.0001720, LUNC traded new 2023 highs of $0.0001936. With support at $0.0001720 staying intact, Terra Classic price might push for the resumption of the uptrend during the American session.

The LUNC coin approaching the peak of an ascending triangle pattern indicates a price breakout is nearby. Amid the ongoing recovery sentiment in the market, an upside breakout from the pattern's neckline resistance will release the bullish momentum.