LUNC Price Boosts as Terraform Reopens Shuttle Bridge

The LUNC price has seen a slight market rebound following Terraform Labs' recent announcement. On August 28, the company revealed the relaunch of its Shuttle Bridge.

The price of LUNC has shown a slight recovery in the market following the recent announcement by Terraform Labs. On August 28, the company announced the relaunch of its Shuttle Bridge, which enables the seamless transfer of LUNC and USTC assets.

The LUNC price has seen a slight market rebound recently. Over the last year, the Terra Classic price has increased by more than 30%, reflecting rising trust among investors. Despite these gains, the market is now in a phase of consolidation.

The LUNC price showed moderate fluctuations in trading value over the past 24 hours. After a slight dip, the price climbed steadily, peaking at $0.00008532. At the time of reporting, the Terra Classic price hovered at $0.00008332, showing a minor gain of 1% from the day’s opening. This change highlights the ongoing adjustments in investor sentiment and cryptocurrency market dynamics.

The Moving Average Convergence Divergence (MACD) recently moved below the signal line, indicating potential bearish momentum in the near term. This movement coincides with a recent price decline, reflecting a cautious sentiment among traders.

The price of LUNA has seen a slight increase over the past 24 hours, rising by 1% and trading at an average price of $2.44 at the time of this report. This increase comes as the cryptocurrency market has seen a slight recovery in prices following a period of decline.

However, despite the recent gains, LUNA’s price is still down by more than 98% from its all-time high of $119.99, which was reached in April 2021. The Terra 2.0 chain was launched in May 2022 following the collapse of the original Terra ecosystem, which saw the price of LUNA crash to near zero and the stablecoin UST lose its peg to the dollar.

The new chain was launched with a total supply of 1 billion tokens, which are distributed to users who held the old LUNA and UST tokens before the chain was halted on May 9. Out of the 1 billion tokens, 462.9 million are allocated to users who staked their old LUNA tokens, while 231.4 million are allocated to users who held unstaked old LUNA tokens. A further 105.7 million tokens are allocated to users who held old UST tokens, and 199.9 million are allocated to essential contributors, the Luna Foundation Guard, and early users.

The remaining 1 billion tokens are set to be gradually released over the next four years, with 250 million tokens being released each year. The new LUNA token is designed to be used for governance on the Terra 2.0 chain, and it also serves as a medium of exchange for transactions on the network.

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