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Terra Classic Rejects Major Proposal; TFL Update To Boost LUNC Rally?

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4 months ago

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The Terra Classic community has overwhelmingly rejected a proposal to create an independent community website, fueling market discussions. However, despite this setback, Terra Classic’s LUNC token saw a notable rally, gaining over 5%. This surge is likely attributed to recent positive developments surrounding Terraform Labs (TFL) and its Chapter 11 bankruptcy proceedings.

Terra Classic Community Rejects Key Proposal

The Terra Classic community has recently voted on a governance proposal to establish an independent website, modeled after Bitcoin.org. This proposed independent website was intended to integrate design processes and concept workshops, fostering a more cohesive community.

However, the Terra community’s proposal received minimal support. Only 4% of the votes were in favor, while over 21% voted against it. A significant 63% of the participants chose to veto the proposal, and 12% chose the “Abstain” option.

Meanwhile, the rejection of this proposal reflects the Terra Classic community’s reluctance to pursue this direction at this time. But despite the proposal failure, the price of Terra Classic (LUNC) experienced a surprising rally. The token’s value increased by about 5%, capturing market attention and demonstrating the resilience of the Terra ecosystem.

Also Read: Is Elon Musk Joining Donald Trump In Nashville Bitcoin Conference?

TFL Bankruptcy Update Boosts Price?

The recent rally in LUNC can be attributed to updates from Terraform Labs’ Chapter 11 bankruptcy proceedings. As reported by CoinGape Media earlier, a new court order has authorized the reopening of the shuttle bridge and a substantial 150 million LUNA burn. This development has sparked renewed interest and optimism within the Terra Classic community.

Meanwhile, the Terra community highlighted the importance of these updates. The reopening of the shuttle bridge allows for the movement of significant amounts of LUNC and USTC.

Terra Classic LUNC Top HoldersTerra Classic LUNC Top Holders
Source: LUNCdash

Specifically, the bridge contains 275.7 billion LUNC and 178.4 million USTC, according to data. Notably, the Terra Classic community plans to keep the bridge open for one month. If the funds are not withdrawn during this period, they will be burned, reducing the circulating supply.

USTC Top HoldersUSTC Top Holders
Source: LUNCdash

This strategic move aims to bolster market confidence and support the long-term stability of the Terra ecosystem. Besides, additional wallets are also scheduled for burning, with detailed information expected by September 2024. This systematic approach to managing the token supply has been well-received by the community and investors alike.

As of writing, LUNC price was up 4.65% and exchanged hands at $0.00009108, while hitting a 24-hour high of $0.00009153. The token noted a surge of nearly 30% in the last seven days, reflecting the growing market interest.

On the other hand, USTC price was up about 4% to $0.02047. Furthermore, its one-day trading volume jumped about 60%, indicating significant trading activity.

Also Read: XRP Lawyer Targets Gary Gensler Amid SEC’s Latest Defeat

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Solana-based GRASS Token Rallies 125% In Three Days of Launch, Here’s Why

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2 hours ago

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November 2, 2024

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Solana-based decentralized physical infrastructure network (DePIN) Project Grass has been gaining massive traction recently with the GRASS token airdrop happening earlier this week on October 28. the governance token GRASS has gained massive traction with a staggering 125% happening just over the past three days.

What’s Behind the GRASS Price Rally?

As of press time, the GRASS price is trading 60% up at $1.82 with its market cap soaring to $450 million and daily trading volumes shooting past $400 million and is among the trending cryptocurrencies for this week. Interestingly, the GRASS token airdrop earlier this week turned out to be the largest within the Solana ecosystem with nearly 1.5 million addresses claiming the governance token.

Prior to this, the popular decentralized exchange Jupiter held the record for the largest Solana airdrop with nearly 639,000 users claiming the tokens. During the initial distribution of the GRASS token on Monday, October 28, it led to an outage on Solana’s largest wallet Phantom.

Over 2.8 million wallets are eligible to receive GRASS tokens, the governance token for the Solana-based DePin project, as they connected within the required timeframe.

One of the major reasons behind this current GRASS price rally has been the growing expectation of listing on Tier-1 exchanges. On the other hand, the futures open interest for the governance token per the Coinglass data has surged by 73% to $90.33 million. Also, the daily trading volume for GRAS futures has surged by 146% to $1.30 billion.

More Understanding About the Solana-based DePIN Project

Grass is one of its one-of-a-kind DePIN projects featuring an open internet-scale web crawl that scrapes and validates data to train AI bots. Millions of users have already downloaded its browser extension and mobile app that collects and cleans the website data while receiving GRASS tokens as rewards. Andrej Radonjic, CEO of Wynd Labs, a core contributor to Grass, said:

“Historically, your bandwidth has been stolen from you by companies that pay developers to sneak software into your free apps. They then turn around and allow F500’s and AI companies to use your device to scrape valuable web data. Today marks the first time ever that users are receiving network ownership for sharing their bandwidth. This bucks a 20+ year trend in an industry that has been reliant on extractive incentive structures”.

The GRASS token will also serve for staking on the protocol, enabling “web traffic flow through the network” and covering bandwidth costs.

Strong Market Momentum Supporting the GRASS Token Rally

Driven by several market shifts, the GRASS token has experienced impressive growth over recent days. Some of the supporting factors for this rally include:

  • Rising Bullish TGEs: Token Generation Events (TGEs) are regaining popularity, showing a robust market interest.
  • Utility Over Memes: Investor focus is shifting from meme coins to utility tokens, with GRASS capturing significant attention.
  • DePIN Sector Dominance: DePIN remains a leading vertical, underscoring the market’s sustained interest in decentralized physical infrastructure.
  • Evolving Tokenomics: The trend of low-float, high-FDV models is pivoting towards larger initial unlocks—25% in the case of GRASS—a strategy that has proven effective.
  • High Volume Without Binance: Despite not being listed on Binance, GRASS hit nearly $500 million in volume, indicating strong demand.
  • Valuation Strategy: Initially pegged at a $600 million valuation, the decision to start lower and allow community gains has paid off, boosting momentum.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BlackRock Bitcoin ETF Inflows Hit Speedbreaker As US Election Odds Shift

Published

5 hours ago

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November 2, 2024

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On Friday, the total inflows into US spot Bitcoin ETFs finally hit a speedbreaker as the dynamic of the US elections shifted just three days before the results. Kamala Harris seems to be taking the lead in some of the swing states while Donald Trump continues to lead in others. All of the nine BTC ETFs yesterday, saw net outflows of $55 million with the BlackRock Bitcoin ETF (IBIT) seeing zero inflows for the first time in nearly a month.

BlackRock Bitcoin ETF Inflows Hit Speedbreaker

This week, except Friday, BlackRock’s IBIT led the most inflows contributing nearly around $2.2 billion so far. It has been single-handedly dominating the BTC ETF inflows in the last month of October.

However, on Friday, the spot Bitcoin ETF inflows hit a speedbreaker with $54.9 million in outflows. Fidelity reported $25.6 million in outflows, followed by ARK with $24.1 million, per Farside Investors data. On the other hand, the BlackRock Bitcoin ETF registered zero inflows for the first time in the past several trading sessions. This signals a possible pause in the demand after record-breaking contributions.

The spot Bitcoin ETFs have seen significant inflows and now hold more than 5% of the total BTC supply, surpassing 1 million Bitcoin holdings. Interestingly, BlackRock’s IBIT alone holds 2% of the total supply.

Furthermore, Friday’s outflows coincide with a shift in the US election dynamics as Kamala Harris once again gains ground in the swing states.  Thus, investors could be taking a wait-and-watch approach moving ahead.

Is Donald Trump Losing Ground?

As per the Polymarket data, the odds of Doland Trump victory slipped 4.5 percentage points on Friday, with his overall winning prediction now at 58.1% while Kamala Harris has gained the same amount moving to 41.9%.

As a result, the broader crypto market has paused waiting for some clear indications for the further move. After moving all the way to $73,000 earlier this week, the Bitcoin price has once again dropped under $70,000 as of October closing.

Popular crypto analyst Ki Young Ju noted that ETF flows would be crucial for Bitcoin to gain further highs. He wrote:

“Stablecoins alone can’t provide enough buy-side liquidity for Bitcoin. The BTC-to-stablecoin ratio is 6.05, meaning BTC reserves are six times higher than stablecoins, similar to the last ATH. ETF flows and Coinbase USD liquidity will be crucial for the next few months”.

Apart from Bitcoin, altcoins have also been under a bit of selling pressure with the Ethereum (ETH) price slipping to $2,500 as bulls fail to gain enough traction.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Donald Trump’s Victory Odds Fall, Here’s How Bitcoin and Altcoins React

Published

9 hours ago

on

November 2, 2024

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As per the data from Polymarket, Donald Trump’s chances of a presidential victory dropped by a strong 4.5% just three days before the announcement of the results. As a result, Bitcoin and altcoins in the broader crypto market have taken a pause in any directional move unless things become clear further.

Donald Trump Loses Majority In Swing States

Over the past week, former President Trump held the victory odds strongly to more than 60% per the Polymarket data. However, on Friday evening, these numbers dropped by 4 percentage points. At 58.1% now, Donald Trump still maintains a lead by 16 percentage points over his rival and Democratic nominee Kamala Harris.

The two states where Harris is once again gaining ground over Trump are Wisconsin and Michigan. However, he holds a formidable lead in other states like Arizona, Pennsylvania, Nevada, and Georgia.

Just over the last two days, Donald Trump’s winning percentage numbers have dropped ten odd percentage points. Investors have already taken massive bets over the rising victory odds of Donald Trump over the past month. However, this recent swing can bring some jitters across the investor community.

As per the latest WSJ report a French user is betting more than $38 million on Donald Trump’s victory while stating that he has no political motive. The user identified himself as a French national who previously lived in the United States and worked as a bank trader. If Trump wins, the user stands to gain over $80 million, but a Kamala Harris victory could mean a total or significant loss.

Bitcoin and Altcoins Take a Pause

Following the surge to $73,000 earlier this week, the Bitcoin price plunged on the last day of October to settle under $70,000. However, yesterday’s correction dragged the altcoins even lower with ETH, SOL, XRP, and others falling by even greater percentage points.

Bitcoin speculators are increasingly drawn to leveraged futures positions as anticipation builds around the upcoming U.S. election. Meanwhile, data reveals that approximately 180,000 BTC previously held by long-term holders have shifted, de-risking into the hands of significant ETF buyers.

This trend indicates a cautious but active repositioning among seasoned investors, balancing speculative and long-term strategies in the lead-up to the election. For the first time in the last eight trading sessions, the total inflows into spot Bitcoin ETFs turned negative as victory chances for Donald Trump dropped further. The BlackRock Bitcoin ETF IBIT has been dominating the inflows over the past two weeks, with total inflows crossing $26 billion in a significant milestone.

The Ethereum price took a dive under $2,500 with top traders like Peter Brandt predicting further crash. However, if the bulls support the levels of $2,480, we could witness a rebound from here. As of press time, the ETH price is trading at $2,509 with a market cap of $302 billion.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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