Terra Luna Classic major v3.3.0 update receives support from Binance and other exchanges; will LUNC price increase following the upgrade?
Binance, the world’s largest cryptocurrency exchange, said on Tuesday that it will support the Terra Classic (LUNC) network, which launches today. The v3.3.0 upgrade is critical for the chain and community because it improves tax management and increases utility by attracting developers and projects.
Binance to support Terra Luna classic
Binance has officially confirmed support for the Terra Luna Classic network upgrade. According to StakeBin statistics, the v3.3.0 update will take place at block height 21163600 on December 17, at 14:02 UTC.
The largest cryptocurrency exchange has backed the Terra Luna Classic resurrection and USTC repeg by implementing a monthly LUNC burn mechanism to help the community lower circulating supply.
Binance will temporarily suspend LUNC token deposits and withdrawals on the network to facilitate a significant network upgrade and provide the optimal user experience.
“The trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users.”
Other prominent cryptocurrency exchanges, like Bybit and OKX, have announced support for the Terra Classic chain’s big update.
Terra Luna classic v3.3.0 upgrade details
As previously stated, the v3.3.0 Terrad update streamlines tax management by automatically subtracting tax from the amount transmitted before it enters the recipient’s wallet.
It also improves security and usefulness, making it easier for developers and dapps to create projects on the Terra Luna Classic network. Utility, LUNC burn, and USTC repeg are the community’s primary focuses for LUNC resurrection.
Binance destroyed 68.39 billion of the 393.87 billion LUNC that the community had torched. The community has thanked the exchange for its support of the upgrading.
BREAKING: @binance announces support for the $LUNC v.3.3.0 upgrade.
This upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient’s wallet, and makes it easier for developers to deploy on #LUNC.
BUIDL! 🛠️💎🤲🏻 #Crypto pic.twitter.com/8rDCDfFzHf
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) December 17, 2024
LUNC and USTC price performance
The LUNC price declined 2% in the last 24 hours, although it remains above the $0.00012 support level. Terra Luna Classic is now trading at $0.0001296. The 24-hour low and high values are $0.0001278 and $0.0001345, respectively. Furthermore, trading volume has declined by 27% in the previous 24 hours, indicating a drop in interest among traders.
According to experts, the long-term price is robust, and staking is consistent with a recent decline, indicating that investors expect a pump to come.
Meanwhile, the USTC price declined 2% due to larger crypto market indications. The price is now trading at $0.02294, having a 24-hour low of $0.02251 and a high of $0.02418. However, trade volume has increased 22% in the last 24 hours.
Ethereum price reclaims $4000, ETH whales & on-chain data signal new ATH soon
Ethereum’s price surged beyond $4,000 due to heavy ETH whale activity, with wallets holding 100K Ether accounting for 57.35% of total supply. Will Ether reach ATH?
Ethereum (ETH) price has surged beyond $4,000 in the previous 24 hours, bringing its weekly gains to more than 9%. The breach over this critical level comes amid significant ETH whale accumulation and positive on-chain indicators. Market analysts believe Ethereum will achieve a new all-time high shortly.
Ethereum price surge amid strong whale accumulation
According to the blockchain analytics company Santiment, there are now 104 Ethereum whale wallets with at least 100K ETH each. Their combined holdings now account for 57.35% of the total ETH supply, worth a whopping $333.1 billion. Furthermore, 92% of Ethereum holdings are now profitable.
Wallets holding between 100 and 100K ETH, on the other hand, now have the lowest percentage of the supply in history, at 33.46%. Similarly, smaller wallets with less than 100 ETH hold 9.19%, an almost four-year low. Santiment stated that the concentration of ETH among key players is a long-term positive indication that might propel the Ethereum price to all-time highs of about $5,000.
Crypto analyst Venturefounder stated that the latest Ether closing above the $3,800 support level on the weekly chart verifies the uptrend. Ethereum’s “cup and handle” pattern is finally taking shape, indicating bullish momentum. The next significant price objectives are a retest of the all-time high (ATH) of $4,900, followed by milestones of $5,349, $6,457, and $7,238. According to Venturefounder, this rising trend might materialize by the end of the first quarter of 2025.
The expert also stated that, despite widespread pessimism, Ethereum may “blast off and never look back,” taking investors by surprise. Venturefounder maintains an optimistic long-term Ethereum price estimate of $15,937, estimating that this milestone will be reached by May 2025.
According to Glassnode, Ethereum outpaced Bitcoin and other altcoins like as Solana on a 30-day timeframe. While the price of Bitcoin has risen by 17.49%, ETH has risen by 26.99% in the same time frame. It also states that the leading cryptocurrencies have shifted from Solana to Ethereum. SOL price gains in the previous 30 days totaled 1.69%.
ETH-BTC showing strength
With Ethereum’s recent price outperformance against Bitcoin (BTC), the ETH/BTC pair is once again displaying strength. Analyst Venturefounder notes:
“Nothing has changed for ETH/BTC. 2016-2017 bottom reversal pattern is repeating. Bottom is already made. Could be anytime now for the liftoff”.
Grayscale opens Horizen Trust to qualified investors
Grayscale has announced that Horizen Trust (HZEN) is now accessible to accredited investors. This Trust has been managed by the business for numerous years, although it was not previously offered over the counter.
Horizen has had its last halving, and the overall crypto bull market has fueled a new bull run. However, its token value is still far from its 2021 top, and a complete recovery is unlikely.
Grayscale Horizen Trust
According to a recent blog post by Grayscale, HZEN is now open to accredited investors. The Trust solution is built on Horizen (ZEN), a zero-knowledge cryptography network.
Grayscale has kept HZEN running for several years, despite the fact that it was formally closed to investors. The company’s statements provide a few hints as to why it began trading.
Horizen $ZEN underwent its last halving before a major transition in the project’s tokenomics.
After this major milestone, there will be no more halvings, as the new model introduces a declining emission rate.
— Grayscale (@Grayscale) December 16, 2024
ZEN is a mineable token that uses a halving scheme similar to Bitcoin. It peaked in 2021 as one of the space’s biggest gainers.
However, it had a severe drop the same year, barely recovering by 2022. Horizen has seen a new rise from the bull market; between this and the previous halving, Grayscale may predict future profits.
Currently, the ZEN token’s value is roughly 10% of its 2021 top, although the bull market has regained some pace. Perhaps this, together with the final halving, contributed to a sense of stability.
For example, Grayscale openly marketed numerous different Trust solutions prior to Horizen. It introduced Lido DAO and Optimism Trusts last week, as well as an XLM Trust just before that. In addition, the business is seeking additional ETF products, having submitted a Solana ETF application two weeks ago. The publicly listed HZEN might simply be another experiment.
However, Grayscale’s ETFs are having difficulties. Earlier this month, it sold $150 million of Bitcoin, despite the asset’s rising value.
BlackRock eclipsed its Bitcoin ETF early this year, and its following ETF offerings have likewise been unsatisfactory. Although this theory is credible, it is unclear what Grayscale has planned for Horizen.
