Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Terra Luna Classic Community Rejects Bitcoin.org-Style Website Proposal

Terra Luna Classic Community Rejects Bitcoin.org-Style Website Proposal

CoineditionCoinedition2024/07/20 11:19
By:Ikemefula Aruogu
  • LUNC surged 30% in the past 6 days.
  • The LUNC community rejected a proposal to create an independent website.
  • TFL announced positive developments in its Chapter 11 bankruptcy proceedings.

Terra Luna Classic surprised many crypto community members by surging about 30% in the past week. The crypto token rallied despite its community rejecting a proposal to create an independent website. However, users attributed the LUNC price surge to positive developments from Terraform Labs (TFL) amid its Chapter 11 bankruptcy proceedings .

Recently, the Terra Classic community overwhelmingly rejected a proposal to create a website modeled after Bitcoin.org. According to the community member who submitted the proposal, it was intended to integrate design processes and concept workshops to foster community cohesion.

Only 4% of Terra Classic community members voted in favor of the proposal, with 21% voting against it. An overwhelming 63% of the members vetoed the proposal, while 12% abstained.

Notably, the proposal’s rejection did not affect LUNC’s rally this week. The crypto token opened trading at $0.00007493 at the beginning of the week, reaching a high of $0.00009614 as of last Tuesday. LUNC then pulled back slightly, dropping to $0.000084875 before regaining its bullish momentum to trade for $0.000090941 at the time of writing, according to data from TradingView.

Meanwhile, Santiment’s data show a boost in LUNC’s social metrics, with the token’s social volume rising significantly. It is worth noting that Binance has been carrying out LUNC burns, an exercise many crypto community members believe is contributing to the token’s bullish sentiment. However, it is not all positive for LUNC, as its Weighted Sentiment remains negative, suggesting ongoing bearish feelings among traders.

Technically, LUNC’s price is struggling to overcome significant resistance. It would need to climb above that level for the bullish sentiment to remain intact. In the meantime, significant LUNC liquidations at $0.000086 suggest a possible price correction soon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!