Fireblocks’ decision to withdraw support for Terra Luna Classic (LUNC) triggers worries about its future on Binance and other exchanges. Concerns arise over the potential impact on trading and investor sentiment.
A big change has happened that could affect how Terra Luna Classic (LUNC) is used on exchanges like Binance. Fireblocks, a company that provides technology for digital money, has said it won’t help with LUNC anymore. This decision has made people worry about how LUNC is controlled and managed. Some people think that big exchanges, including Binance, might also decide to stop using LUNC, which could make its future uncertain.
Fireblocks’ Decision Raises Concerns For LUNC Users And Investors
People who use and invest in LUNC are worried about what Fireblocks announced on August 8th. Fireblocks’ choice to stop supporting Terra Luna Classic could cause big problems. One possible result is that LUNC might not be available on important exchanges anymore. These exchanges depend on Fireblocks’ technology to keep digital money safe.
LUNC DAO (Decentralized Autonomous Organization) explained that Fireblocks had different reasons for making this decision. Some of the reasons are that there are issues with the technology that supports the public part of LUNC, there isn’t a clear way to make important decisions about changes, the fees for using LUNC keep changing a lot, and there isn’t enough clear information about how the technology works.
Fireblocks’ Move Sparks Speculation Over Binance’s Potential Response
People are worried that what Fireblocks did could cause more problems. Some people are guessing that Binance, which strongly supports the Terra Luna Classic community, might also decide to stop using LUNC. Despite the uncertainty, some people are hopeful because they heard that Binance might be using a different way to keep LUNC safe.To deal with these worries, the Terra Luna Classic community is trying to talk with both Fireblocks and Binance. They want to make the worries go away. People in the community are also showing their support by not selling their LUNC or USTC tokens, which are connected to Terra Luna Classic.
After this surprising news, the value of LUNC went down by more than 1% in just one day and fell by 3% over a week. Right now, the price is about $0.000077. This drop in value was made worse by changes in the price over a single day, with the lowest price being around $0.0000758 and the highest being around $0.0000785.
But on the other hand, USTC, which is a special coin used with Terra Luna Classic, has shown it’s strong. It went up by almost 2% in a day and increased by a big 31% in a whole month. This happened partly because people are trying hard to keep its value steady. Also, the amount of USTC being traded went up a lot by 110% in just one day.
Because of all these changes, the LUNC community has a big challenge. They need to deal with these worries, bring everyone together, and find ways to fix things with Fireblocks and Binance. The goal is to make sure Terra Luna Classic and its related coins can have a safe and good future.