Luna Classic News

Ethereum Slumps After Merge Completion, XRP, CEL, LUNA, Sep. 19

Ethereum plunges 20% after Merge upgrade. XRP rises ahead of court case finale. Celsius leads the gainers and LUNA crashes on arrest warrant.


The Ethereum price slumped this week after the long-awaited completion of the project’s Merge upgrade.

The move from proof-of-work (PoW) to proof-of-stake (PoS) architecture has been a hot topic for the market this year, and speculative interest grew in the coin as the date came closer.

Some investors hoped for a rally on the upgrade, but the end result is a cleaner cryptocurrency, which is 99.95% less energy-intensive, according to the project’s developer. That will not hurt the coin’s investment potential, but it will not fix the previous problems of high gas fees and scalability obstacles.

The Merge upgrade went smoothly, which has provided some support for the price of ETH.

Moving the second-largest cryptocurrency to a Proof-of-Stake model has created a conundrum for PoW miners. That will also affect the market for mining equipment, and one company has already decided to leave the market for graphics cards.

EVGA, one of the largest manufacturers of graphics cards, announced last week that it would exit the business due to the gloomy financial outlook and “mistreatment” from its partner Nvidia.

“EVGA will not carry the next generation graphics cards,” they said. “EVGA will continue to support the existing current generation products. EVGA will continue to provide the current generation products. EVGA is committed to our customers and will continue to offer sales and support on the current lineup.”

Miners will have to move onto other blockchains, and we may see coin volatility as that process happens. Ethereum Classic (ETC) had been one beneficiary of that move, and the Ethereum founder supported that destination for ETH miners.

eth price
ETH Price Index

The price of Ethereum has slumped to $1,300 and is now testing a key uptrend support line. Further support comes in at the $1,000 price level if there is further bear market pressure.


Ripple’s XRP coin rose 7% last week, but the coin erased those gains on Monday. The project is facing a momentous and potentially volatile week as the project’s court case reaches its end.

In separate motions filed on the weekend by Ripple and the SEC, both have called for a summary judgment in the U.S. Southern District of New York Court.

Those judgments are submitted to the courts when one or more parties believe there is enough evidence on hand to make a ruling without the need for a further trial. Both parties, in this case, have called on Judge Analisa Torres to make an immediate ruling as to whether Ripple’s XRP sales violated U.S. securities laws. Ripple has said that the SEC caused an obstruction of evidence and has run out of evidence to prove that the sale of XRP was an “investment contract,” while the SEC has remained strong on its belief that does. 

Ripple CEO Brad Garlinghouse said the filings clarified that the SEC “isn’t interested in applying the law.”

They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.


xrp price index
XRP Price Index

The price of XRP spiked to highs near the $0.4000 level and has since slumped to $0.3500. We can expect further volatility when the court ruling is confirmed on Monday.


Celsius was the top performer in a weakened market with a 17.5% move higher.

The coin was higher this week after the bankrupt crypto lender asked the court for permission to sell stablecoins in its possession to generate funds for its operations.

The assets are valued at $23 million, and investors see that as a positive for the project in the future. An interim cash management order was placed against Celsius, prohibiting the monetization of any crypto asset in the company’s possession without the court’s consent. Celsius, however, believes that selling its stablecoins would help generate some of the liquidity needed to run its operations.

Earlier, the crypto lender had indicated that it was on course to run out of funds by October. Among its ideas to generate funds was the proposal to sell bitcoin mined by its subsidiary, Celsius Mining.

cesisu network
CEL Price Index

The price of CEL now trades at $1.60 after tumbling from its high of $8.00 with the cryptocurrency bear market. The project has a market cap of $385 million, a long way from its October valuation of $1.8bn.


What goes up often comes down, which was the case for the recent rally in LUNA.

News of a South Korean arrest warrant for the project’s founder led to a 50% crash in the coin. Terra Classic is the original version of the Terra blockchain, while LUNA 2.0 was created for the rebuilding strategy by Terraform Labs founder Do Kwon. LUNA/LUNA2 started to rise sharply a week ago with some activity inside the Terra ecosystem.

Kwon is said to be in Singapore and was asked back in August if he would return to face a trial:

It’s kind of hard to make that decision because we’ve never been in touch with the investigators…They’ve never charged us with anything.

However, South Korean prosecutors have since raided the home of Terraform Labs co-founder Daniel Shin and levied charges of illegal activity.

Kwon became a central figure after the demise of the TerraUSD (UST) stablecoin, which collapsed in May and cost investors $60bn.

luna price index
LUNA Price Index

The project’s founder dismissed the claims. The price of LUNA rallied to $8.00 but has settled back near the $5.00 level.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

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Luna Classic News

LUNA & LUNC pull a 180, but will it crash more? [Video]

A brief technical and on-chain analysis on Terra Classic price. Here, FXStreet’s analysts evaluate where LUNC could be heading next.  Please, subscribe to our YouTube channel, follow us on Twitter @FXScrypto and join our Telegram channel.

Luna Classic News

96 Million Terra Classic (LUNC) Burnt In One Transaction, Nearly 150 Million On The Weekend

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Terra investors continue to burn LUNC tokens.

Terra Classic Luna investors have continued to support the project as they hope to make LUNC valuable again via a series of community efforts, including burns and staking.

To make this a reality, investors have increased the rate at which they are burning LUNC tokens, with tens of millions of LUNC burnt daily. 

Per data shared by LunaBurnTracker, an unofficial Twitter account that covers various Luna Classic burns, nearly 150 million LUNC tokens have been incinerated by investors in less than 72 hours.

According to LUNC Burn, on September 17, 2022, a total of 26,586,512 LUNC (26.5M) were sent to the Luna Burn wallet. 

In a similar development, 27,337,229 (27.3) LUNC tokens were burned on Sep 18, with the tokens worth around $7,914.

Interestingly, 96 million LUNC tokens worth $26,244 were sent to the LUNC burn address earlier today. 

LUNC Burn Initiatives

Burning a part of LUNC supply is part of efforts investors believe would bolster the value of the cryptocurrency again.

Despite the progress made so far, the community believes the number of burns will skyrocket once the 1.2% tax burn is implemented for all LUNC on-chain transactions. Some top cryptocurrency exchanges have already announced that they will support the proposal once it goes live on September 20, 2022.

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Luna Classic News

LUNC Might Make Comeback Only if This Happens: David Gokhshtein

The founder of Gokhshtein Media, David Gokhshtein, believes LUNC might quit the “lottery ticket” status and make a comeback if the community can find a way to build a legitimate use case.

As reported by U.Today, Gokhshtein referred to the LUNC token as a lottery ticket, just like in the classic musical chairs game for kids. When the music stops, he said, everyone must locate a chair to sit on, but there are always fewer chairs than there are players. He noted that in LUNC’s case, the individual who has a full bag of these tokens is always the one left without a chair.

He added that he thinks LUNC, which recently gained popularity following the meltdown of the original Terra Chain, is bought mainly by gamblers to make a quick buck.

In a recent tweet, Gokhshtein mentions that LUNC is owned by the community, with half of the members jumping in to gamble, while the other half remains those who suffered from the collapse. He believes that it would be an impressive comeback if the community could find a way to build a legitimate use case.


Following the Terra ecosystem collapse in May, the original Terra Chain was renamed Terra Classic, and on May 28, 2022, the genesis block of the new chain was launched to handle future transactions under the name Terra (LUNA). The original native token was likewise renamed LUNC.

Here lies biggest challenge

Terra Classic claims to be community-owned and completely detached from Terra founder Do Kwon. However, Will Chen, a former developer at Terra, raises some crucial issues: “Who are the LUNC whales? Who controls the network?” And how much ownership does “the community” have relative to a couple of bad actors who bought in at asymptotic prices?

He indicated that it might be “hard to attract projects to build on Terra Classic until the rebels figure out who they’re working for.” He also highlighted the need to clarify the incentives as the 1.2% tax burn plan is set to go into effect Sept. 21.

Terra tokens, LUNC and LUNA, saw fresh selling pressure as the legal drama involving Terra CEO Do Kwon took another twist. At the time of publication, both tokens were down 7.26% and 6.42%, respectively. Kwon was all the while believed to be in Singapore. However, this was proven otherwise as the Singapore police stated that he was no longer in the country.

Luna Classic News

Biggest Movers: LUNC up 20% on Saturday, XRP Moves Towards 1-Week High – Market Updates Bitcoin News

Terra classic rose by as much as 20% in today’s session, which comes following a recent bearish streak. Today’s rally follows Thursday’s drop to a key support point, with bulls using this as an ideal area to reenter. Xrp was also higher, as it moved closer to a long-term resistance level.

Terra Classic (LUNC)

Terra classic (LUNC) was one of the most notable gainers on Saturday, as the token rose by nearly 20% to start the weekend.

Following a low of $0.0002671 on Friday, LUNC/USD rose to an intraday peak of $0.000328 earlier today.

The move came as the token hit a floor of $0.000248 on Thursday, with bulls using this as an ideal point to reenter the market.

Biggest Movers: LUNC up 20% on Saturday, XRP Moves Towards 1-Week High
LUNC/USD – Daily Chart

As of writing, it appears that these bulls are now targeting a resistance level of $0.000380 as a potential exit zone.

If this were to happen, first the 14-day relative strength index (RSI) would need to climb past a ceiling of its own at the 55.00 mark.

Currently the index is tracking at 53.41, which is its highest point since the start of the week.

Like terra classic, XRP was also in the green to start the weekend, as the token moved closer to a key price ceiling.

On Friday, XRP/USD found itself trading below a support point of $0.3260, with prices falling to as low as $0.3212.

However, bulls refused to be overpowered, pushing price to a peak of $0.3571 earlier today.

Biggest Movers: LUNC up 20% on Saturday, XRP Moves Towards 1-Week High
XRP/USD – Daily Chart

Looking at the chart, XRP is now nearing a resistance level of $0.3610, which was its level at the beginning of the week.

In order to recapture this high, price strength will need to rise further, especially as the RSI nears a resistance point of 56.00.

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Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Luna Classic News

Luna Classic, Helium, Gnosis, Kusama and EOS – Biggest Weekly Losers

Be[in]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from Sept. 9 to Sept. 16.

These cryptocurrencies are:

  1. Terra Classic (LUNC): -47.56%
  2. Helium (HNT): -16.58%
  3. Gnosis (GNO): -16.21%
  4. Kusama (KSM): -15.66%
  5. EOS: -15.46%


LUNC has been decreasing since reaching a high of $0.00059 on Sept. 8. The high was made at a confluence of important Fib levels, created by the 4.2-4.618 extension of the original upward movement (red) and the 1.61 length of waves one and three (white).

The ensuing downward movement has led to a low of $0.00024 on Sept. 15, seemingly causing a breakdown from the $0.00028 support area (red icon).

Unless LUNC reclaims the $0.00028 area, it could continue falling towards $0.000165. The possibility of a decrease is also supported by the daily RSI, which has fallen below 50 (red icon).


HNT has decreased since reaching an all-time high price of $51.47 in Nov. 2021. The downward movement has so far led to a low of $3.18 this month.

The ensuing bounce validated the $4 area as support (green icon), creating a bullish candlestick in the process. However, the upward movement could not be sustained, and the price has decreased to the $4 area again.

The weekly RSI is considerably below 50, indicating that the long-term trend is bearish. As a result, an eventual breakdown from the $4 area is likely. If one occurs, the next closest support area would be at $1.80


GNO has been decreasing since reaching a high of $205 on Aug. 18. The price created a lower high on Sept. 11 (red icon), validating the resistance line of a descending parallel channel. 

If the downward movement continues, the closest support area would be at $125. The support is created by the support line of the channel and a horizontal support area.


KSM has been falling since reaching a high of $69.91 on July 23. It created a slightly lower high in the beginning of Aug. before accelerating its rate of decrease. 

On Thursday, KSM broke down from the $45 horizontal support area, which had been in place since June. On Friday, KSM reached a new yearly low of $42.85.

If the downward movement continues, the next closest support levels would be at $36 and $27, created by the 1.27 and 1.61 Fib retracement levels of the most recent upward movement.


EOS has been falling since reaching a high of $1.90 on Aug. 23. The price created a lower high on Sept. 19 and accelerated its rate of decrease afterwards. 

Currently, EOS is trading inside a confluence of support level at $1.40, created by a horizontal support area and the resistance line of a previous ascending parallel channel.

Whether EOS breaks down below this support area or bounces will likely determine the direction of the future trend.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Luna Classic News

Terra Classic 1.2% Burn Proposal Passed With 99% Votes; Terra Rebels Says Now It’s Up To Them To Make It Work – The Crypto Basic

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LUNA Classic (LUNC) 1.2% Tax Proposal Passes Governance Vote.

The LUNC, 1.2% tax burn proposal, dubbed proposal #4661, has passed the governance vote, as confirmed in a tweet by proposal author Edward Kim, notably, Kim says that the parameter change has been made and will take effect from block 9,475,200.

“Terra Classic governance has passed prop 4661. The treasury parameter rates have already been updated. Once the new epoch starts (block 9,475,200), the effective tax rate will automatically be changed to 1.2%,” Kim tweeted.

Terra Rebels says that out of 96% cast votes, 99% favored the 1.2% tax burns, and now it’s up to them to make it work.

It bears mentioning that the proposal was made open for voting just over a week ago, seven days after it was published. Once implemented, the proposal, which has created a lot of excitement in the LUNC classic community, will see LUNC users charged a 1.2% fee for all on-chain transactions. Notably, the fee is sent to the Terra burn wallet to reduce excess LUNC supply.

As shown in the dashboard shared by reXx, a member of the Terra Rebels group, which currently handles Terra Classic development, at the end of the vote, 99.88% voted in favor of the proposal.

LUNC has had an impressive run of late, surging by over 300%. However, the price action has slowed recently, giving away some of its gains. It is trading at the $0.0002815 price point, down 46.43% in the last seven days.

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