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Terra Classic (LUNC) Spikes 25% in 24 Hours, 273% in 3 Months Amid Favorable Developments

Lele Jima
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Terra Classic (LUNC) Spikes 25% in 24 Hours, 273% in 3 Months Amid Favorable Developments

 

Terra Classic (LUNC) has recorded an impressive rally in recent months. 



Over the past three months, LUNC value has spiked 273%, from $0.00007391 to $0.0002756. In the past 24 hours, LUNC has been up 25% as cryptocurrency continues to attract the attention of investors.

LUNC is currently changing hands at $0.0002587. The asset’s trading volume also recorded a massive spike of 164%, representing $573.2 million, in the past 24 hours. LUNC’s market cap is up 16% in the past 24 hours, according to data on CoinMarketCap. In the hours leading up to press time, LUNC is the 36th-largest cryptocurrency with a market cap of $1.7 billion.

The recent rally may surprise many who did not expect positive price action from the token given its recent low trading volume. 

Terra Classic Community Fuels Token Price Via Favorable Updates

Recall that Terra Classic became a community-led project after its massive collapse earlier this year. Community members are seeking ways to revive the value of LUNC by introducing a series of initiatives.

As reported, the major plan is to reduce the total supply of Terra Classic. To do this, the network reintroduced staking as well as LUNC burns. Different proposals were made to incinerate portions of all Terra Classic on-chain transactions.

At first, a 1.2% tax burn fee was implemented for all LUNC on-chain transactions. The move, which saw a good number of LUNC sent to a dead wallet. Transaction volume for the cryptocurrency slumped tremendously, prompting the community to reduce the tax burn rate to 0.2%. 10% of the LUNC tax burn fee is allocated to the community pool to aid Terra Classic’s development. Multiple cryptocurrency exchanges implemented the proposal on their platforms to aid in burning LUNC. Interestingly, Binance took LUNC burns to greater heights by implementing a mechanism to burn fees obtained from the token’s trading activities.

Furthermore, Terra Rebels, an independent development group focused on Terra Classic revival, announced that the network is on track to become Cosmos Interoperable. The feature will be rolled out in the Terra Classic v23 upgrade, slated to go live next month. These developments have continued to fuel LUNC’s value to greater heights.

Other developments include reducing the excess Terra Luna Classic (LUNC) supply, re-pegging TerraClassicUSD (USTC), fixing the chain, and creating and attracting utility.

Flare Releases Its Tokenomics As Distribution Date For XRP Holders Delayed Again

Mark Brennan
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Flare Releases Its Tokenomics As Distribution Date For XRP Holders Delayed Again

Flare Network has released its tokenomics.



As we go deeper into the network’s first beta stage, which it projects to last for an estimated 6 to 9 months, Flare has released its tokenomics.

However, users will be disappointed to note that developers have shifted the distribution date again.

Flare Shifts Distribution Date

Flare Networks have shifted the distribution date for FLR tokens to around January 9, 2023, owing to a lack of exchange readiness. The network discloses this in an update to its Token Distribution Event (TDE) blog post.

It is worth noting that XRP holders have been anticipating the Flare Networks airdrop for over two years, following a wallet screenshot to reward holders as of December 2020. Notably, as reported by The Crypto Basic, the TDE was set for October 24 through November 6, provided the network saw a sufficient number of validators to become decentralized. Flare Networks set this threshold at 66% of the validator power independent of the Flare Foundation.

On October 28, Flare disclosed that the network was now decentralized, as 80% of the validator power was independent of the Flare Foundation, noting that distribution would start at a date agreed upon with exchange partners. The latest delay will allow for the necessary security and compliance reviews according to the network while giving exchanges several weeks of proof of the network’s decentralization.

Notably, Flare expects exchanges to be ready at the end of the month but projects January next year as a preferred date due to end-of-the-year celebrations.

Tokenomics Revealed

As users continue to await the distribution of their tokens, Flare, in a tweet on Friday, revealed its tokenomics.

The network released two versions pending a vote on the first Flare Improvement Proposal (FIP.01). Notably, the critical difference between both is how the network distributes user rewards.

In the original version, XRP holders, as of the time of the screenshot, receive 28.5 billion of the total 100 billion FLR supply directly over three years.

However, in the new version, should the FIP.01 pass the governance vote, these XRP holders will only receive 15% of the 28.5 billion, amounting to about 4,278,738,206 FLR via the TDE. It will distribute the remaining 85% or 24,246,183,166 FLR over three years to users who stake their tokens.

While users have raised concerns about the reduced airdrop rewards, Flare networks have highlighted some of the proposal’s benefits:

  • Distribution will be independent of exchange readiness.
  • Inflation will reduce as the network plans to calculate it based on circulating supply instead of the initial 10% annually of the total supply.
  • New users get a chance to get a share of the distribution.

Tokenomics breakdown per original version:

  • Community allocation (58.3 billion FLR or 58.3%)
  • Flare team, backers, and advisers (19.2 billion FLR or 19.2%)
  • Entities for product development and investment (22.5 billion FLR or 22.5%)

Tokenomics break down in the Genesis month if FIP.01 passes after the TDE:

  • Airdrop 35.7%
  • Flare Foundation non-voting 16.2%
  • Flare VC Fund non-voting 12.5%
  • Flare Networks Limited 18.8%
  • Advisors 2.5%
  • Future team 3.5%
  • Rest of the team, 1.9%
  • Founding team 8.8%

Flare network discloses that voting on the proposal will happen latest by January 14, 2023, after 66% of the tokens eligible for the vote have reached recipients. 

The network asserts that there will be a one-week notice period immediately after it reaches the set threshold, followed by a week of voting. As highlighted, Flare Foundation and Flare VC Fund will not be allowed to vote. Notably, a simple majority is required for the vote to pass.

Flare Networks believes that the changes proposed in FIP.01 are necessary for the network’s now broader vision.

Shiba Inu And Dogecoin Lead on Robinhood for 2nd Consecutive Week

Albert Brown
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Shiba Inu And Dogecoin Lead on Robinhood for 2nd Consecutive Week

Dogecoin and Shiba Inu are doing good.



Dogecoin (DOGE) and Shiba Inu (SHIB) make Robinhood’s top 5 highest-gaining assets list for the second week, with DOGE crowning the top gainers for the second consecutive week.

The bulls have engineered a fierce comeback against the bears, with the majority of crypto assets across the market rallied to promising heights.

Amidst this newly-found strength, DOGE and SHIB have demonstrated some resilience against the bears, as they retain their positions on Robinhood’s list of top 5 highest-gaining assets for the second consecutive week, with DOGE remaining number one.

Robinhood revealed the information as it took to Twitter to disclose its weekly update on cryptocurrencies, sharing a dashboard containing the biggest movers in the market in the past week.

According to Robinhood stats, DOGE gained by 58.9% this week, retaining its position at the top. SHIB secured the fifth position, with a gain of 15.8% in the past week. This unswerving strength from both assets indicates renewed investor interest as the market transition to favorable territories.

 

DOGE has particularly been getting most of its support from the bullish sentiment stimulated by billionaire Elon Musk’s hints of a possible integration with Twitter.

The meme coin’s rally gained steam immediately following Musk’s Twitter takeover, and despite seeing fierce rejections along the way, DOGE has maintained most of its gains. Amidst these hints, former US Congressional candidate David Gokhshtein recently forecasted an imminent ATH for DOGE as the asset soared to surprising heights.

Dogecoin’s rally, which gained steam on October 25, placed the asset on the top of Robinhood’s top-gaining assets in 7 days, as it surged by over 40% as of October 29, The Crypto Basic reported.

The asset’s rally persisted, taking the meme coin to a 7-month high of $0.14 on Tuesday before facing opposition from the bears, which brought it below the 13-cent level. Notwithstanding this opposition, DOGE maintained its position above the support at $0.12, retaining most of the gains picked up in the previous week.

SHIB, on the other hand, has had to weather the storm without advocacy from the world’s richest man, and the asset appears to be doing quite well. A growing trend of whale accumulation has contributed to Shiba Inu’s recent massive price rally. Consequently, Shib secured its position on Robinhood’s top 5 list of highest-gaining assets two weeks back, as The Crypto Basic highlighted. SHIB has maintained its rally since then, staying above the $0.000011 price level despite several hurdles.

DOGE and SHIB have retained their positions on the Robinhood list of highest-gaining crypto assets due to the increasing demand pumped into the markets. SHIB has gained by 2.23% in the past 24 hours, changing hands at $0.00001293. Meanwhile, DOGE currently trades at $0.13, with a massive 6% gain in the past 24 hours.

David Gokhshtein Declares Himself Unofficial Leader of Shiba Inu

Albert Brown
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David Gokhshtein Declares Himself Unofficial Leader of Shiba Inu

Gokhshtein appoints himself as Shiba Inu’s unofficial leader.


David Gokhshtein, a prominent cryptocurrency influencer and founder of Gokhshtein Media, gave himself a position for the Shiba Inu (SHIB) project. In a recent tweet, Gokhshtein declared himself the unofficial leader of Shiba Inu (SHIB).

The founder of Gokhshtein Media thinks it is about time he is recognized for contributing immensely to the widespread adoption of Shiba Inu.

Gokhshtein Promotes Shiba Inu Adoption

Gokhshtein has been a Shiba Inu proponent for months. Despite the asset’s massive slump since the beginning of the year, Gokhstein believes the cryptocurrency will make a parabolic rally in the next bull run.

He had chosen Shiba Inu ahead of other meme-based cryptocurrencies and sometimes regrets not going all-in on SHIB when he has the chance.

For Gokhshtein, Shiba Inu has been a better investment option than Bitcoin, the world’s largest cryptocurrency by market capitalization. According to Gokhshtein, Shiba Inu has given more gains to half of the people he knows than Bitcoin has ever done.

“Half the people I know made more gains on DOGE and SHIB than BTC,” he said.

Gokhshtein’s Followers React

Meanwhile, Gokhstein’s tweet about being the unofficial leader of Shiba Inu has continued to cause many reactions among his followers. Some of his followers agree with his comment, saying he is an official leader in their books.

However, others requested that he should burn a few trillion SHIB on behalf of the community before he would be considered a leader.

James K. Filan Highlights Final Ruling Date In Ripple Vs SEC Lawsuit

Mark Brennan
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James K. Filan Highlights Final Ruling Date In Ripple Vs SEC Lawsuit

Filan sticks to his prediction on the date Judge Torres will give a final ruling on the Ripple lawsuit.


The SEC vs. Ripple lawsuit has lingered for more than a year, with many wondering whether an end is in sight. Several legal analysts have predicted possible dates on when the outcome will be given. However, most legal experts sharing updates about the lawsuit believe Judge Analisa Torres will decide the case on or before March 31, 2023.

James K. Filan, a former U.S. prosecutor, is among the legal experts who share the same opinion. According to Filan, Judge Torres will decide both the experts’ and summary judgment motions simultaneously, on or before the end of March next year.

“I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023,” he said. Filan made this known yesterday after he shared a corrected scheduling update for the Ripple vs. SEC summary judgment. 

Attorney Hogan Makes Shocking Revelation

With Filan sticking to his prediction, the XRP community is hoping that Judge Torres gives a ruling in favor of Ripple. However, attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, believes the ongoing lawsuit between Ripple and the SEC is more complicated than a win or lose. He believes any “piece” of the suit can be decided at any time. Additionally, attorney Hogan thinks Judge Torres could give a ruling that will take a while before people figure out whether it’s a win for Ripple.

Vitalik Buterin Releases Updated Ethereum Roadmap With A New Phase To Fix Censorship Concerns

Mark Brennan
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Vitalik Buterin Releases Updated Ethereum Roadmap With A New Phase To Fix Censorship Concerns

Buterin releases an update to the Ethereum roadmap.



In a tweet today, Ethereum’s Vitalik Buterin released an updated Ethereum roadmap with a few big changes.

Developers highlight key milestones in the roadmap with check marks.

First, he noted that now “The Verge” is not just about developing “Verkle trees,” which will allow users to verify the footprint of transactions in a single proof, but about “verification.” Consequently, the endgame for that phase is a fully SNARKed Ethereum which will greatly improve user anonymity and still allow users to trace and verify transactions. It is a method used by privacy coins. 

SNARK stands for “Succinct Non-Interactive Argument of Knowledge.”

Secondly, the Ethereum founder reveals that developers have added an entirely new phase to the roadmap called “The Scourge.” Buterin asserts that this stage will allow for greater neutrality in transaction inclusion by fixing MEV issues. 

It is worth noting that post-Merge, there has been a flurry of centralization and censorship concerns. Most recently, users pointed out that Office of Foreign Assets Control (OFAC) compliant MEV relays produced over 50% of Ethereum blocks, increasing the risks of censorship.

Finally, Buterin highlighted a push toward single-slot finality as a key milestone in the second stage of The Merge.

In January, Buterin asserted that Ethereum was halfway through its development, and in July, he disclosed that The Merge would take the network to 55% of its potential. However, with the addition of the scourge, it is no longer clear where things stand.

It bears mentioning that it took over six years to get here.

Notably, the next phase for Ethereum after The Merge is The Surge which is touted to make Ethereum more scalable with sharding and rollups. According to Buterin, in July, the completion of this phase will see Ethereum process up to 100,000 transactions per second. The network is currently averaging over 20 TPS as per data from ETHTPS.info.

Unsurprisingly, Bitcoin maximalists took the opportunity to swipe at the roadmap’s complexity. They expressed the opinion that it is a reason to prefer Bitcoin. Notably, one user asserted that it was over-engineering.

Meanwhile, popular crypto investor Eric Wall noted that he was glad to see less sharding terminology. According to the investor in a long thread, sharding, seen as the answer to everything amongst Ethereum lovers, always brought more issues that needed their fixes, and so on, touting rollups as better.

Buterin, in July, noted that the end goal is to make the network more resistant to change and reliable in the future. According to the Ethereum founder, developers would leave more radical changes to its budding Layer 2 ecosystem.

Here Are Corrected Scheduling Updates for Summary Judgment of Ripple vs. SEC Lawsuit

Lele Jima
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0
Here Are Corrected Scheduling Updates for Summary Judgment of Ripple vs. SEC Lawsuit

 

Top U.S. Defense Lawyer Shares Corrected Scheduling Update for Summary Judgment of Ripple vs. SEC Lawsuit.


The lawsuit between Ripple and the Securities and Exchange Commission has made significant progress in the past months. The case is currently in summary judgment. While the court approved a scheduling calendar drafted by the parties, many events have occurred in the past few months. A case in point is the SEC’s recent request for a time extension to file a reply to all parties’ briefs, including amicus briefs.

It is noteworthy that the parties have filed their respective motions for summary judgment alongside opposition briefs. A dozen amicus briefs have also been filed supporting Ripple’s summary judgment motion.

James K. Filan, a U.S. defense lawyer, tweeted an updated version of the scheduling update about the summary judgment motion.

Corrected Scheduling Update for Summary Judgment

“The Court has approved the following schedule in connection with the motions for summary judgment,” Filan said. 

12 amicus briefs have been submitted in the Ripple vs. SEC suit, making it one of the top trial-level cases with several amicus briefs. More briefs are expected to be filed in the coming days. To enable the SEC to reply to all amicus briefs at once, the Court has set November 11, 2022, as the deadline for any additional amicus briefs to be filed. 

On November 30, 2022, the SEC and Ripple will file their temporarily sealed reply briefs for the summary judgment motion. Notably, the page limit was also increased from 45 to 55. 

Following the filings, the parties will meet and confer on December 2, 2022, to identify the necessary redactions sought by each side. On December 5, 2022, the parties will publicly file the redacted versions of their replies to each others’ summary judgment motions. 

Furthermore, on December 22, 2022, the parties will file omnibus motions to seal all materials relating to the summary judgment motions, such as Rule 56.1 statements and counter statements, briefs, declarations and supporting exhibits, etc. The parties will file their opposition to each side’s omnibus motions to seal by January 9, 2023.

Ripple Vs SEC important dates
Image source: https://twitter.com/FilanLaw/status/1588630409403068419
Ripple Vs SEC important updates
image source: https://twitter.com/FilanLaw/status/1588630409403068419

Filan believes all issues regarding sealing motions to exclude expert testimony will also be resolved in the summary judgment process. 

Meanwhile, many legal experts, including Filan, have continued to predict that the lawsuit will be concluded on or before the end of March 2023. However, attorney Jeremy Hogan believes that any piece of the lawsuit can be resolved and settled at any time. 

Dogecoin Founder Kicks Against Elon Musk’s Plan to Charge $8 For Twitter Account Verification: Will It Affect DOGE?

Lele Jima
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Dogecoin Founder Kicks Against Elon Musk’s Plan to Charge $8 For Twitter Account Verification: Will It Affect DOGE?

Marcus thinks Musk’s plan to charge Twitter users for account verification is not a good idea. 

Billy Marcus, the co-founder of Dogecoin (DOGE), has reacted to Elon Musk’s plan to charge a monthly fee of $8 for Twitter account verification. In a tweet today, Marcus said the move is not a good one based on the number of comments he has received about the implementation. The Dogecoin co-founder said the plan does not proffer any solution to the problem it is trying to solve. 

“I’ll just be straight up – I don’t think the $8 for verification feature is a good idea, based on what I am hearing about its implementation. I don’t think it solves any problem it is trying to solve,” Marcus said. 

Marcus: Launching Big Moves Quickly Could Destroy Twitter

According to Marcus, the idea of quickly rolling out significant changes could lead to terminal destruction for Twitter. He referenced Digg, an American news aggregator with a curated front page, as a case in point. 

While Marcus agrees that there should be a section of Twitter that charges users for enjoying selected services, he does not think the “verification badge feature” should be the first place to start. 

“I think free speech is a noble cause, but in practice, safety is a bigger concern for the platform,” Marcus said. 

Will Marcus’ Comment Affect Dogecoin-Twitter Merge?

Marcus’ comment comes days after Musk, the new owner of Twitter, said he is planning to charge users $8 per month for the platform’s verification service, popularly referred to as Twitter Blue. The world’s richest man noted that anyone can pay to have their account verified with a blue checkmark. He added that the fee will be used to run the social media platform. 

The Dogecoin co-founder is not the only one who has slammed the idea. However, the comment comes as a surprise given that both Musk and Marcus have agreed on several issues before now. 

Their good relationship has prompted the Tesla founder to promote Dogecoin’s adoption via his businesses. Musk was instrumental in fueling Dogecoin to an all-time high of $0.73 last year. 

Dogecoin is tipped to benefit massively from Musk’s Twitter takeover, as many expect the cryptocurrency to somehow merge with the social media platform. Musk also hinted at this in a tweet by sharing an image of a dog wearing a Twitter shirt. 

However, with Marcus not supporting Musk’s plan to charge an $8 monthly fee for Twitter’s verification feature, it is no longer certain that the world’s richest man will still want the social media platform to accept Dogecoin. 

Government of Bulgaria Might Have Up to 200k Bitcoin in Possession

Albert Brown
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Government of Bulgaria Might Have Up to 200k Bitcoin in Possession

 

The government of Bulgaria might have in its possession up to 200,000 Bitcoin (BTC) currently worth over $4.2B.


Bulgarian authorities might be sitting on a whopping 200,000 BTC tokens from a criminal syndicate busted as far back as 2017, CryptoQuant chief executive Ki Young Ju recently revealed. Ki’s disclosure comes amid a thread of tweets from the co-founder of CryptoQuant as he seeks to compile a list of governments that might have BTC in their possession.

“PLOT TWIST: Government of Bulgaria?? *might* have 200k+ Bitcoins. Bulgarian authorities disclosed that they found 200k BTC from criminals but didn’t specify that they successfully seized these Bitcoin,” Ki highlighted in a tweet Thursday.

Authorities from Bulgaria raided over 100 locations alleged to have been in connection with a local custom-related computerized crime that had plagued the Customs authorities for some time. The authorities arrested 23 suspects and confiscated a huge amount of money discovered in the bust, the Southeast European Law Enforcement Center (SELEC) revealed in a 2017 report.

Meanwhile, following a thorough investigation, the Bulgarian authorities discovered that the culprits had invested proceeds from criminal activity in Bitcoin. This was when the asset was changing hands at the $2.3k level. Consequently, the 200K BTC was worth nearly $500M.

Despite disclosing that the criminals invested the profits in Bitcoin, the Bulgarian authorities neglected to reveal whether they confiscated the assets, nor did they reveal any action taken. Notwithstanding, most individuals believe the assets were seized by the government, as is the only logical stance.

If this assertion is true, the Bulgarian government would have 200K BTC, way above MicroStrategy’s total holding of 130K BTC. If the authorities successfully confiscated the assets, it is unclear if they were auctioned off or retained somewhere. Conflicting reports have emerged over the years, with the authorities remaining taciturn.

Ki revealed that confiscated crypto assets are usually converted to fiat and sent to a country’s treasury if cryptocurrencies are legal in the country – a pattern observed in the U.S. Meanwhile, while not treated as financial instruments, cryptocurrencies have a sort of grey status in Bulgaria, with the authorities placing taxes on income generated from trading them.

Despite not being regarded as an emerging crypto hub, the economic atmosphere in Bulgaria has not particularly dwarfed the growth of the cryptocurrency industry in the Balkan nation. Early this year, the Bulgarian Ministry of Finance disclosed plans to launch crypto payments.

Despite the growing rate of crypto-related crimes, Bulgarian authorities have not been as antagonistic to bitcoin as a few other nations, such as China. Like Bulgaria, China also encountered BTC reserves from a crime bust sometime in 2019, as recently reported.

The Chinese authorities confiscated 194K BTC and 833K ETH from the now-defunct PlusToken Ponzi Scheme, which hoodwinked investors mainly from China and South Korea. The authorities transferred the assets to the country’s national treasury.

3.6T BabyDoge Burned As Total Burns Reach 50% Of Supply

Mark Brennan
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3.6T BabyDoge Burned As Total Burns Reach 50% Of Supply

More BabyDoge tokens have been destroyed in the past few hours.



In a tweet shared today, Baby Doge Coin announced that multiple trillions of BabyDoge were burned in an hour. According to a tweet shared by Burn BabyDoge, the official Twitter account that tracks the token’s burns, a total of 3,671,975,040,944 (3.67 trillion) units of the cryptocurrency were sent to a dead address within an hour. At the time of the burn, the tokens were valued at $4,880.

The transaction is the highest burn that has taken place for the meme-based cryptocurrency in the past day. Other hourly burns reported today involved meager sums ranging from $250 to $500.

Over the past 24 hours, a whopping 11,555,155,907,465 (11.55 trillion) BabyDoge was sent to a dead wallet. Almost 47% of tokens have been burned from the total supply.

Baby Doge Coin Committed to Reducing Its Total Supply

The team behind BabyDoge is focused on reducing the token’s total supply via its ongoing burn efforts. It is noteworthy that Baby Doge Coin launched last year with a total supply of 420 quadrillion tokens.

As a result of the hefty total supply, many investors have stayed away from BabyDoge, thus affecting the token’s price negatively. In a bid to boost the value of BabyDoge, the team embarked on a massive burn initiative.

Baby Doge Coin Burn Efforts

In July, Baby Doge Coin incinerated 50 quadrillion tokens after the community voted “Yes” in a proposal supporting the move. The team has also been performing monthly burns to drastically reduce the token’s total supply.

Furthermore, the team announced that it will use a portion of Baby Doge Swap’s trading fees to buy and burn the cryptocurrency. These efforts have contributed immensely to the reduction of BabyDoge’s total supply.

According to data from Baby Doge Swap, 199.2 quadrillions have been burned by the team. Interestingly, the team does not seem satisfied with the burn rate. Yesterday, Baby Doge Coin hinted that it would be launching a burn portal for the cryptocurrency. It called on the community to suggest ways to motivate people to burn BabyDoge via the portal.

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