Large LUNC Token Burns Reduce Supply

One of the primary drivers of today’s rise is the increase in token burns. According to Luna burn data, about 32 million LUNC tokens were burned today alone, bringing the weekly total burn to over 224.46 million tokens. In total, approximately 85.58 billion LUNC tokens have been burned so far, representing roughly 19% of the total supply. Gradual reduction in circulating supply is viewed positively by investors for long-term value growth. Community-driven burn mechanisms remain one of the key factors in rebuilding trust following the major collapse in 2022.

The surge in LUNC price is not only due to reduced supply but also increased trading activity. In the past 24 hours, LUNC’s trading volume jumped to around $43.33 million. This spike indicates renewed speculative interest and the return of short-term traders to the market. Higher volume and liquidity provide a stronger technical foundation for price movement while keeping volatility elevated.

Jane Street Case Rekindles Terra Discussions

Another important trigger for the recent surge is the SEC investigation into Jane Street. Allegedly, during the TerraUSD (UST) depegging process on May 7, 2022, Jane Street may have used insider information to take positions that accelerated the collapse. The TerraUSD crash wiped about $40 billion from the crypto market and remains one of the largest crises in the sector. Now, ongoing investigations and lawsuits have brought Terra-related discussions back into focus. Some LUNC community members argue that the collapse was not just due to internal system failures but possibly triggered by external market attacks. This narrative has gained traction again on social media, partially improving perceptions of Terra. If claims of external interference gain credibility, some investors might reassess the project.

At the same time, online discussions about Terra founder Do Kwon have increased. Some investors acknowledge mistakes but argue that the event may not have been a planned fraud. This perspective has slightly softened negative sentiment toward Terra Luna Classic, boosting short-term speculative interest.

LUNC Is Still Far From Its All-Time High

Although LUNC has shown strong gains today, it remains far below its historical peak of $117. The current price compared to the all-time high shows a massive gap. The 24% rally in Terra Luna Classic is the result of a combination of increased token burns, a surge in trading volume, and renewed attention from the Jane Street investigation. Analysts caution that such sharp movements carry high volatility, and speculative narratives may only have a temporary effect on the price. LUNC’s future direction will depend on both the sustainability of the burn mechanism and developments in the ongoing legal cases.

In the comment section, you can freely share your thoughts and comments about the topic. Additionally, please follow us on our Telegram, YouTube, and Twitter channels for the latest news.

The post Why Is Terra Luna Classic (LUNC) Rising? appeared first on Coin Engineer.

Two Consecutive Months of Contraction on Tether (USDT)

Recent data shows that Tether (USDT)’s market capitalization fell by approximately 0.8% in February, declining to $183.6 billion. This follows a roughly 1% drop in January. The back-to-back decrease suggests a meaningful shift in market behavior.

In stablecoin markets, a shrinking supply often indicates that investors are redeeming their tokens with the issuer in exchange for U.S. dollars. In practical terms, this signals capital exiting the crypto ecosystem rather than entering it. While the declines are modest in percentage terms, consecutive contractions in the largest liquidity vehicle in crypto markets tend to draw heightened scrutiny.

Parallels to the 2022 LUNA Crisis

A similar pattern emerged in 2022 following the collapse of the Terra LUNA ecosystem. During that period, Bitcoin fell dramatically—from around $48,000 at the end of March to nearly $17,000 by June—marking one of the most severe downturns in its history. The reduction in stablecoin supply at that time reflected eroding investor confidence and accelerating capital outflows.

Today, market conditions once again appear fragile. Bitcoin recently dropped to $60,000 at the beginning of the month before staging a modest recovery. However, ongoing geopolitical tensions and broader macroeconomic uncertainty continue to weigh on sentiment. The Crypto Fear and Greed Index hovering near historic lows underscores the cautious mood among market participants.

Why Stablecoins Matter

Stablecoins function as the primary liquidity gateway within crypto markets. USDT, in particular, serves as the dominant base trading pair across exchanges. Any contraction in its supply can therefore signal weakening demand for digital assets and reduced risk appetite.

A sustained decline in stablecoin issuance may limit buying power in the market, potentially amplifying downside pressure if selling accelerates.

Not Just Tether

The trend is not isolated to USDT. USDC, the second-largest stablecoin, has also shown limited growth this year. After declining to around $70 billion in January, its supply recovered toward $75 billion but has not demonstrated strong expansion. It is worth recalling that in March 2023, amid U.S. banking turmoil, USDC temporarily lost its dollar peg, falling as low as $0.80.

Taken together, the lack of stablecoin growth suggests a cautious investment climate. Whether this develops into broader market stress or stabilizes in the coming months will be a key factor in determining the next major move in crypto markets.

Additionally, you can share your opinions in the comments about the topic. Also, follow us on Telegram, Twitter, and YouTube for more content like this.

The post Tether (USDT) Tension in the Markets: Echoes of the LUNA appeared first on Coin Engineer.

According to the complaint, Jane Street used material nonpublic information related to Terraform’s internal operations to gain an unfair trading advantage in TerraUSD (UST) and Luna markets during a critical period.

Claims of Front-Running and Market Advantage

The lawsuit alleges that Jane Street obtained sensitive, price-moving information from individuals connected to Terraform Labs before it became public. Armed with this knowledge, the firm is accused of engaging in “front-running” — placing trades ahead of anticipated large market moves to secure profits.

Snyder argues that Jane Street leveraged its market relationships to position itself advantageously during one of the most consequential events in crypto history. On behalf of affected creditors, the wind-down team has stated it intends to pursue all legal remedies available.

Jane Street has firmly denied the allegations, characterizing the lawsuit as opportunistic and without merit. The firm has indicated it will vigorously defend itself against the claims.

The Events That Triggered the Collapse

The chain of events dates back to May 7, 2022, when Terraform Labs quietly withdrew 150 million TerraUSD from the Curve3pool liquidity platform. The lawsuit claims that roughly 10 minutes before any public disclosure, a wallet allegedly linked to Jane Street withdrew 85 million UST from the same pool.

The withdrawals contributed to market instability. The following day, Terraform founder Do Kwon stated that the transaction was intended to move liquidity to a new stablecoin pool. However, confidence in TerraUSD quickly eroded.

By May 9, UST had begun losing its 1:1 dollar peg, and the Luna token rapidly collapsed. Within a week, approximately $40 billion in market value was wiped out, triggering widespread losses and impacting multiple crypto firms exposed to the ecosystem.

Aftermath and Ongoing Legal Scrutiny

Founded in 2018 in Singapore by Do Kwon and Daniel Shin, Terraform Labs was best known for the Terra blockchain, Luna token, and algorithmic stablecoin TerraUSD. The company filed for bankruptcy in January 2024, and a wind-down trust assumed control later that year.

In August, Do Kwon pleaded guilty to two criminal charges and received a 15-year prison sentence.

The lawsuit against Jane Street reopens debate over accountability in the Terra collapse. While the outcome remains uncertain, the case may have broader implications for insider trading enforcement and market conduct standards within the crypto industry.

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.

The post Insider Trading Allegations Surface in Terra Collapse Lawsuit appeared first on Coin Engineer.

Official Sentencing Request for Do Kwon: At Least 12 Years

The legal process surrounding Terraform Labs founder Do Kwon has reached a new phase. U.S. prosecutors announced that they are seeking at least a 12-year prison sentence for Kwon. They argued that the massive financial losses caused by Kwon harmed not only individual investors but also shook the entire market, and therefore a severe sentence is necessary.

Kwon’s legal team requested a 5-year sentence, arguing for a lighter ruling. Prosecutors rejected the request, emphasizing that the Terra collapse is comparable in scale to major financial crimes involving Sam Bankman-Fried (SBF) and Alex Mashinsky. In theory, Kwon could receive up to 25 years in federal prison, but under the plea arrangement, prosecutors are seeking no more than 12 years.

Major Price Spike in LUNC

Luna Classic (LUNC) has seen a renewed wave of interest as Kwon’s sentencing approaches, triggering a strong upward move. Today, LUNC is trading at $0.00005268, marking a sharp recovery over recent days. Accumulation at bottom levels and rising buy pressure pushed the price sharply upward in a short period.

LUNC’s move suggests improving sentiment both technically and psychologically. A strong rebound from the lows indicates that investors are willing to take on risk again, with demand rising rapidly due to the news cycle.

Current data:

• Price: $0.00005268
• 24-hour change: ~20% increase
• Last 4 days: clear upward trend
• Chart: A sharp rally starting with a large green candle, followed by volatile consolidation

High-volume buying activity has been observed in recent days. Although volatility remains elevated after the surge, the overall direction is upward.

Token Burns Keep Supporting LUNC Demand

Burn activity in December continues to support LUNC’s price action. A total of 959 million LUNC has reportedly been burned this month. On Friday alone, 182 million LUNC was burned. The reduction in circulating supply contributes to upward price pressure. These burns, combined with speculation surrounding the Do Kwon case, have strengthened demand for LUNC.

Technical Outlook: Key Resistance Levels and Possible Scenarios

On the daily logarithmic chart, LUNC shows strong recovery, approaching several key levels:

• First major resistance: $0.00003914 (previous R1 pivot) – price is currently above this
• New target zone: $0.00005000 – $0.00005107 – currently being tested
• RSI: 66, approaching overbought zone
• MACD: indicates continuation of bullish momentum

Today’s price at $0.00005268 suggests LUNC may be entering a new breakout scenario.

Is There a Bull Trap Risk?

Given the high uncertainty around the legal case, analysts warn that the recent rally in LUNC and other Terra tokens may be largely speculative in the short term. The sharp move appears to be driven mostly by expectation pricing, not by fundamental improvements. As the December 11 sentencing date approaches, investor behavior may become more aggressive, leading to sharp up-and-down price swings. Fragile market sentiment increases the likelihood of sudden pullbacks after rapid gains. Analysts caution that such environments often produce bull traps, and traders should act carefully.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Why Did Terra Classic (LUNC) Rise? appeared first on Coin Engineer.

In addition to Bitcoin, Ethereum also suffered losses from the sales like Bitcoin. According to the data, ETH, which lost 1.4 percent in value in the last week, remained much more stable than Bitcoin. In addition to all these developments, LUNC, which gained more than 10 percent in value in the last 24 hours, attracted attention.

LUNC Price Analysis:

While deep sales continue in the cryptocurrency market, another cryptocurrency that managed to increase its price was LUNC. LUNC increased by 10 percent in the last 24 hours, according to CoinGecko data.

It is possible to say that although LUNC is on the rise, it is still in a falling trend. However, a close above $0.00009 is required as the beginning of a serious rise.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post LUNC Price Analysis – June 25, 2024 appeared first on Coin Engineer.

Pitbull (PIT)

• Pitbull (PIT) has increased by 2.5% in the last 24 hours, reaching a price of $0.0000000061 USD.
• PIT has decreased by 15% in the last 7 days and 20% in the last 30 days.
• PIT’s trading volume was $1.4 million USD in the last 24 hours.

LUNC

• Terra Classic (LUNC) has decreased by 0.5% in the last 24 hours, reaching a price of $0.000117 USD.
• LUNC has decreased by 5% in the last 7 days and 20% in the last 30 days.
• LUNC’s trading volume was $12 million USD in the last 24 hours.

Backpack (BP) Brings Good News to Early Users

One of the notable projects in the crypto ecosystem, Backpack, has officially entered its token

23
Mar

What is Ant.FUN (ANB)?

One of the projects that has recently attracted attention in the crypto market is Ant.FUN

16
Mar

Strategy’s Massive Bitcoin Purchase Moved the Market!

Institutional investment activity continues to attract attention in the cryptocurrency market. One of the companies

16
Mar

What is WandrLust (AFK)?

WandrLust (AFK) is a Web3 project that aims to bring real-world physical activities together with

16
Mar

Is Artificial Intelligence Data Centers a Threat to Bitcoin Mining?

The rapid increase in investments directed toward artificial intelligence data centers has brought a new

16
Mar

Michael Saylor Signals New Bitcoin Purchase

Michael Saylor hinted that Strategy may announce another Bitcoin purchase as soon as tomorrow. The

16
Mar

Technical Analysis

PIT:

• PIT’s daily charts show that the price is following an upward trend line.
• Indicators also support the upward trend.
• PIT is expected to reach $0.0000000080 USD in the near future.

LUNC:

• LUNC’s daily charts show that the price is following a downward trend line.
• Indicators also support the downward trend.
• LUNC is expected to fall to $0.00014 USD in the near future.

The post Pitbull and LUNC Coin Price Analysis: June 3, 2024 appeared first on Coin Engineer.

The court’s decision comes after previous reports suggested that Kwon would be extradited to South Korea rather than the United States. However, this decision was suspended by the Montenegrin court in light of recent developments.

The lenient sentence for Kwon has sparked a surge in the prices of related cryptocurrencies. LUNA and LUNC, the two main tokens associated with the Terra ecosystem, have seen increases of 15% and 11%, respectively.

Kwon’s Terra Luna and TerraUSD projects collapsed in May 2022, along with Terra’s algorithmic stablecoin UST, causing billions of dollars in losses for investors.

The fact that Kwon has not been severely punished after causing billions of dollars in losses to investors has drawn criticism from the cryptocurrency community.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Terra Luna Founder Do Kwon Released to House Arrest, LUNA and LUNC Prices Surge appeared first on Coin Engineer.

You might like: Major Altcoin Unlocks: Week of January 22, 2024

The bankruptcy filing caused a sell-off in Bitcoin, which fell below $41,000. LUNC and LUNA, on the other hand, saw a surge of nearly 7%.

The company’s assets are estimated to be between $100 million and $500 million.

The bankruptcy filing was made in Delaware, a state known for its efficient and quick handling of bankruptcy cases. The company’s collapse was further exacerbated by the Terra LUNA crash in 2022.

According to official documents, the company’s debts are estimated to be between $100 million and $500 million, which is roughly equal to its assets.

Terraform Labs CEO Chris Amani said in a statement after the bankruptcy filing:

The bankruptcy filing will greatly facilitate the company’s handling of legal matters, including the SEC lawsuit and a lawsuit pending in Singapore. It will also facilitate our work on new projects that we will create with our community to develop solid infrastructure and innovation.

Do Kwon, one of the founders of Terraform Labs and the project’s most well-known figure, is currently in prison in Montenegro for fraud. Kwon is expected to be extradited to the United States soon and the SEC lawsuit to begin there in March.

Legal proceedings are also ongoing in Singapore and South Korea, and there are many lawsuits filed against Do Kwon in the United States in his name.

The Beginning of the Collapse in Terraform Labs

In May 2022, the project’s algorithmic stablecoin UST collapsed, and the subsequent sell-offs spread like a domino effect to other crypto companies. Bitcoin, which was above $30,000 at the beginning of May, fell to $17,000 in June.

Impact of the Bankruptcy Filing

The bankruptcy filing is a significant development for the cryptocurrency industry. It is the first major bankruptcy filing by a cryptocurrency company.

The filing is likely to have a negative impact on the price of Bitcoin and other cryptocurrencies. It is also likely to lead to increased scrutiny of the cryptocurrency industry by regulators.

It remains to be seen how the bankruptcy filing will ultimately impact Terraform Labs and its community.

The post Terraform Labs Files for Bankruptcy! appeared first on Coin Engineer.

You might like: Bitcoin ATMs Shrink by 11%

After the latest LUNC burning process, LUNC and USTC prices increased by approximately 7%, starting the new year with a rise.

The price of LUNC has increased by approximately 8% in the last 24 hours and is currently trading at $0.00014480.

The price of USTC has also increased by approximately 8% in the last 24 hours, and it is currently trading at $0.03340404.

The post Binance has burned 5.57 billion Terra Luna Classic tokens! appeared first on Coin Engineer.