Anonymous User Steps in for LUNC Price Revival with $19K Donation

Anonymous User Steps in for LUNC Price Revival with $19K Donation

Since its inception, the Terra classic (LUNC) community has shown massive support for its growth.

Most of this support is directed at the Terra rebels, especially a decentralized organization dedicated to pushing the Terra Classic ecosystem as far as it can go.

Over time, the members of the Terra classic community have been supporting this organization through encouragement and donations, in a bid to push the work that has to be done on LUNC further.

Just recently, in an interesting development, an anonymous user donated a sum of $19,520 to the Terra Rebels as support for the ongoing Terra Revitalization Initiative.

Snapshot showing financial contributions to the Terra Rebels | Source: <a href=";"><u>Terra Rebels' tweet</u></a>
Snapshot showing financial contributions to the Terra Rebels | Source: Terra Rebels' tweet

The Terra Rebels announced the donation via a tweet from their Twitter handle, referring to the kind gesture as an "extremely generous donation" and asking whoever the anonymous donor is to send them a message for formal appreciation.

What Happened After The Contribution To LUNC

According to the snapshot above, the transaction to the Terra Rebels was sent on Sunday, 16 October, from a user called "Orquda."

Before the main contribution, this same user had also contributed about $254 to the Terra Rebels, bringing the total to about $19,700.

Several other financial donations have been to the Terra Rebels' revitalization efforts over the last few months. More than 140 people have contributed financially, with "Orquda" as the highest contributor. Followed closely by Orquda is another donator known as "Nebilo," with a $9000+ donation.

Ever since the LUNA crash this year, the Terra rebels have revealed plans to revive the Terra ecosystem and have released a roadmap that leads to a more effective way to burn LUNC Tokens.

The Terra Grants Program

Lately, Terra core developer Edward Kim has shared a proposal to launch a Terra Classic grants program. According to Kim, this program will ensure efficient and transparent distribution of community pool funds.

The proposal seems to have created some buzz and is now the topic of many discussions within the community.

Recall that it was Kim that originally proposed the 1.2% tax burns. Notably, the crypto exchange, KuCoin has now supported Kim's new proposal. Moving forward, independent third parties will be brought in to review this proposal and identify any deficiencies or conflicts of interest.

The Terra chain appears to be doing well so far and was recently ranked 60th among Defi chains. It currently has about $12 million as its Total Value Locked (TVL) as the community continues to make efforts to rebuild the chain and restore its former glory.

LUNC Price Analysis

LUNC is still in a consolidation phase, testing the $0.00026190 zone.

Chart showing price action of LUNC | Source: <a href=""><u>Tradingview</u></a>
Chart showing price action of LUNC | Source: Tradingview

Overall, the volatility in the cryptocurrency has been low since late September, indicating a lack of strength from either bulls or bears.

If the price of LUNC manages to bounce from this support level to the upside, it has the 50 and 100-period moving averages on the 4-hour timeframe to worry about.

The lack of volatility on the LUNC chart indicates a continued correction phase. And unless the bulls or bears step in soon, the volatility is expected to remain stagnant.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

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