Showing posts with label Luna. Show all posts
Showing posts with label Luna. Show all posts

Terra Reverses Course: LUNA Drops 38% From Recent High

Terra has slowed down since last week's abrupt increase, but the prices of LUNA and LUNA Classic have increased significantly in the past week.


#After last Friday's unexpected increase, the cost of Terra's LUNA has dropped 38%.Both coins have 

#Increased in value dramatically over the previous week, despite LUNA Classic's (LUNC) sharp decline.

Late last week, Terra's LUNA mooned as the newly revived cryptocurrency token rose 247% early on Friday. Although the token's value has increased significantly over the past week, the rise has come to an end; it is currently down more than a third from its previous peak.

According to statistics from CoinGecko, LUNA has decreased by a total of 38% from its Friday top of $6.72 to its current price of $4.17 per coin. The second-generation coin was airdropped to owners of the first-generation LUNA cryptocurrency, which has subsequently been renamed LUNA Classic, on June 1, making that price the highest for LUNA since then (LUNC). Although there has been a noticeable decrease, LUNA has kept up a good portion of its recent increase. It has increased by 133% during the past seven days, more than tripling after months of fluctuating around the $2 level.

It's interesting to note that other coins in the Terra ecosystem have recently experienced similar ups and downs in price. For instance, the price of LUNC is at $0.0003, down 17% over the past 24 hours, and down 43% since its peak in late last week. However, LUNA Classic is still up 33% for the week and 242% on a 30-day basis.

While TerraClassicUSD (USTC), formerly known as UST, a stablecoin linked to the dollar, is down 10% today at $0.047, it has increased by approximately 54% over the past week and 61% over the past 30 days. For comparison, the overall cryptocurrency market is up today by around 1%.

Under their prior names, LUNC and USTC, both of which lost their dollar pegs in early May and caused the paired LUNA cryptocurrency to fall, respectively, collapsed. The simultaneous drop of LUNA and UST, two cryptocurrencies with total market caps in the tens of billions of dollars, contributed to a wider crypto market crash.

A transaction fee that will be used to buy up and burn (or permanently destroy) coins in order to reduce the supply has been implemented by the community to help rebuild the ecosystem. LUNC's growth in recent weeks has been more steady than LUNA's.

In the meantime, Do Kwon, the project's original founder, and Terraform Labs have launched a new cryptocurrency called LUNA in an effort to revive the Terra ecosystem after its meltdown in May. It's still unclear why the revived LUNA's value increased last week, however it might have been a spillover from the LUNC's own recent increase.

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This Week in Coins: LUNA Moons, Bitcoin, and Ethereum Rebound

The new British administration appears to be supportive of cryptocurrencies, while arguments about regulation in Washington are getting more heated.

In the midst of a bitter crypto winter, Bitcoin and Ethereum experienced a nice week for the first time in many weeks.

Bitcoin experienced a steady 7.3% comeback over the last seven days after falling below $19,000 at the beginning of the week, and as of this writing, according to CoinMarketCap, it is trading for $21,236.

Just days before the Ethereum merging event to proof of stake, Ethereum, the second-largest cryptocurrency by market cap, rose more strongly. Its value has increased by 10.9% during the past week to $1,726.

A number of so-called "Ethereum killers," or layer-1 blockchains with highly functional smart contracts, saw significant gains as well. Cardano (ADA) soared 9.4% to 51 cents, Solana (SOL) increased 11.4% and trades for $35, Avalanche (avax) increased 8% to $20.35, and NEAR Protocol increased 13% to $4.71.

The Bitcoin network's 10% hash rate, or computing power per second, was announced to be frozen on the same day by Poolin, a Beijing-based mining pool, citing "liquidity issues."

Also on Monday, a plan to repay $270 million to impacted consumers was accepted by the bankruptcy court overseeing the insolvent cryptocurrency broker Voyager Digital. The following day, a court document indicated that Voyager will auction off its remaining assets the following week. A hearing will be held on September 29 to approve the proposals presented by various organizations. The 22 potential buyers haven't been named, but Sam Bankman-exchange Fried's FTX has already made a public offer. Lawyers for Voyager denounced this as a "low-ball" offer.

In a filing to the U.S. Bankruptcy Court on Wednesday, Vermont state officials claimed that Celsius, a bankrupt cryptocurrency exchange, had artificially inflated the price of its CEL token over the previous three years at the expense of retail investors, and that they were seeking more authority to look into this.

Vermont Assistant General Counsel Ethan McLaughlin stated that Celsius artificially inflated the company's CEL holdings on its balance sheet and financial statements by boosting its Net Position in CEL by hundreds of millions of dollars.

Washington and Westminster dispatches

At a business conference on Thursday, SEC Chair Gary Gensler declared his support for a congressional resolution that would grant the Commodity Futures Trading Commission (CFTC) authority to "oversee and regulate crypto nonsecurity tokens and related intermediaries."

Gensler noted that his own federal agency shouldn't be disregarded if Congress gave the CFTC primary oversight over cryptocurrencies. He previously declared that Bitcoin is a commodity and not a security, so it is not subject to SEC regulation. Many in the cryptocurrency community believe he is trying to find a method to put ETH under SEC jurisdiction because he has refused to express his opinion on the matter.

The same day, the White House made a suggestion that due to cryptocurrency mining's high carbon impact, American lawmakers and regulators may soon take tougher measures.

The Environmental Protection Agency (EPA), the Department of Energy (DOE), and other federal agencies must work with crypto miners to reduce greenhouse gas emissions, according to a new report from the White House Office of Science and Technology Policy, which was required by President Biden's executive order in March.

In the event that the sector does not make strides toward sustainability, the report recommended that "the Administration should investigate executive actions, and Congress should consider legislation, to prohibit or eliminate the use of high energy intensity consensus procedures for crypto-asset mining."

The British parliament held its first crypto debate on Wednesday in London, across the pond. According to Richard Fuller, Economic Secretary to the Treasury, the UK aims to "become the country of choice for individuals wishing to create, innovate, and build in the crypto area."

According to Fuller, the new government led by Liz Truss is "looking for methods to obtain global competitive advantage for the United Kingdom" as crypto technologies "increase in relevance." That sounds... hopeful?

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The Atari chain has teamed up with Luna PR to create a next-generation blockchain gaming coin.

The evolution of the gaming business from games like Pacman and Pong to modern-day games is extremely inspiring. The gaming business now generates over $300 billion in sales and has about 2.7 billion active players across the world. The DeFi sector is reshaping the way traditional entertainment is delivered today, and it is swiftly gaining traction in the media. The Atari Token is a decentralized cryptocurrency that was established with the goal of becoming the industry's standard token.

Atari Chain has established a strategic agreement with Luna PR, an award-winning crypto PR and marketing agency, to highlight the company's innovation and competitive advantage. The cooperation will bring Atari Chain's technological breakthroughs and operations to the attention of the public, helping them to realize their aim of creating a token that will fuel the interactive entertainment industry's future.

The Atari Token was introduced in 2020 by Atari Chain in partnership with the ICICB Group, which has a 50% position in Atari Chain LTD, a Gibraltar-based company. The ICICB Group has been granted an exclusive license by Atari Chain to create a crypto-currency-based gaming platform. The ICICB Group is a holding company with licenses in FinTech, Blockchain, Crypto Exchanges, financial houses, and hedge funds.

Atari Chain will provide developers and publishers additional choices for exploitation of Atari's goods, smart contract integration, in-game asset security, and much more, in addition to allowing the Atari Token to be utilized as broadly as possible across the interactive entertainment industry.

The native $ATRI utility token, which will serve as the standard payment for different online entertainment events, is at the heart of Atari Chain.

With its ATRI token, Atari Chain hopes to become the payment standard for a variety of online entertainment activities such as video games, gambling, and betting. Currently, fewer than 1% of gamers make money from their gaming time. Atari Chain intends to address this problem by creating a system that allows gamers to successfully swap their in-game resources for crypto tokens or even fiat cash.

Game makers will be able to use the token as a payment method directly in their games. Finally, network users will be able to utilize ATRI to watch their favorite players play, purchase resources and VCS games, and participate in interactive games like as gambling. As a platform's gas, comparable to Ethereum. The coin also includes a built-in governance mechanism that aids in the ecosystem's decentralization.

Atari Token was created with the goal of allowing billions of people to participate in the global economy. The market capitalization of $ATRI is now about $135 million.

Luna PR will also collaborate closely with the Atari team to inform consumers about the newest developments in Atari Chain, such as the Atari Smart Wallet and their rapidly expanding metaverse. This wallet will allow users to purchase and trade a variety of cryptocurrency assets, including ATRI, ETH, USDT, BTC, LTC, and BNB, 24 hours a day, seven days a week.

Atari Chain's Background

The launch of Atari Chain heralds the start of a new era in the blockchain gaming industry and cryptocurrency trading. Atari Chain, a well-known video game pioneer, plans to develop a decentralized cryptocurrency that will become the industry standard in the blockchain video game business. Over the years, Atari Chain has established a solid reputation. Their innovative gaming platform provides multi-beneficial ease of integration, security, and liquidity to both developers and gamers.

The platform brings together a vast user base and unites several initiatives into a single, open, and integrated token that can be easily linked into games and blockchain-based apps, aiming to become the world's first cryptocurrency.

Visit Atari Chain's website, Reddit, Discord, Medium, Twitter, and Telegram for more information.

Luna Public Relations

Nikita Sachdev founded Luna PR, an award-winning advising, marketing, and public relations firm, in 2017. With the support of a skilled staff, the organization has years of experience handling crypto and defi projects across five continents. Luna PR has aided a number of well-known initiatives in realizing their full potential and reaching their target audiences in the most efficient way possible.

Visit Luna PR's website, Twitter, Instagram, and LinkedIn for more information.


Luna Yield Pulls Solana's First Major Rug Pull

On Aug. 16, SolPad, a Solana-based launchpad, incubated the yield farm. Important Points to Remember

  • Luna Yield, a newly launched high APY yield farm, has seen its first rug pull for Solana.
  • Luna Yield's unknown team has since taken down their website and social media accounts.
  • On Aug. 16, SolPad, a Solana-based launchpad, incubated the yield farm.

Luna Yield, a Solana-based yield farm, has carried out what appears to be the ecosystem's first large rug-pull.

$8 Million is stolen from Solana Yield Farm.

Luna Yield, a recently created high APY yield farm, has seen its first rug pull on Solana, a rapidly growing blockchain network.

The farm's developers appear to have made off with millions of dollars in investor monies. The incident was first reported on Twitter by hoakegani, a Solana developer. According to hoakegani's on-chain investigation, the team has taken around $8 million worth of crypto assets out of the Luna Yield pools.

A Solana account that signed many transactions and deployed the original contract transferred $8 million in WBTC, WETH, LUNY, and USDT tokens out of the protocol. On Aug. 16, SolPad, a Solana-based launchpad, incubated the yield farm. SolPad claims to have helped the scammers raise $100,000 by facilitating the sale of LUNY tokens.

On Twitter, Solpad confirmed the exit fraud, stating it was "sorry for any inconvenience." The Luna Yield team's name and IP addresses could not be traced, according to SolPad.

Luna Yield's unknown team has since taken down their website and social media accounts.

SolPad announced a compensation plan using its Foundation emergency reserves in response to the tragedy. The recompense, however, will only be accessible to IDO investors. SolPad's staff wrote on its Telegram account:

“Although we will not be able to recover the monies taken by Luna Yield, we will pay their SolPad IDO buyers.”

Exit scams involving blockchain-based produce farms have occurred several times in the recent year. In the crypto world, these incidents are referred to as rug pulls. Scammers have previously used high yields to entice novice investors to deposit funds on chains with low transaction costs, such as Polygon or Binance Smart Chain. Luna Yield, for example, provided an APY of up to 400 percent on the SOL-USDC pair, which drew millions of dollars from DeFi investors.

Solana, a high-performance blockchain, just reached a total value lock of $2 billion across several projects.

The Solana network could become another target for scammers due to its ultra-cheap and extremely scalable transactions, especially if projects on the platform are promoted by Solana developers. The farm was listed on the Solana website in the instance of Luna Yield, but the listing page was removed following the rug pull. To avoid similar scams, many members of the community have asked for increased care and openness in the Solana ecosystem.


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