What are some important things? We need to learn about this crypto today so what do we need to know. Let’s talk about Binance as well. So, we’re going to talk about some Terra Luna classic news. We’re going to talk through some Binance updates as well and we’re also going to take a look at the Terra Luna classic price as well. So, what’s gonna need to happen for this price to go up.
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Let you know the crypto market it’s up pumping today. So, it’s really good to see the crypto market pumped today and that’s what we want. So, if you’re holding other cryptos besides Luna classic you’re probably feeling good today. So the crypto prices are going up and on top of that if you’re looking for new crypto exchanges that you haven’t used before and some other services related to crypto. You can get some nice bonuses on some different crypto exchanges right now.
Let’s talk about luna classics that we need to watch out for today and what I have seen over on Twitter which is pretty cool is these updates from the coin in. So, I haven’t used the coin in the crypto exchange. But, I have to give a shout-out to these because this is kind of like the grassroots effort that you do want to see in a cryptocurrency. So, generally, those cryptos that are most successful you know over the long run actually started with grassroots efforts and what we have seen just recently is that coin in. It’s continuing to burn up some Luna classics for the community today. So, this is really nice to have these burns come through. So, you can see right here sending through the burns which are nice right here. This burn amount was 122 000 Luna classic which is really cool. I think they’re going to continue to burn up Luna classic on their centralized crypto exchange so a shout-out goes to coin in today for continuing to burn up this cryptocurrency. What else have we seen that you need to look out for as well? Are these updates coming out of the discord, so I saw this screenshot floating around and it’s an update from terra rebels and it says right here. I’m able to sync up our changes to Columbus five from a pruned snapshot just for fun. I calculated what the 1.2 percent tax would have burned and they say right here in 5.6 hours or 3383 blocks on-chain burn would have been 777 million Luna and that is exciting okay so that is the on-chain parameters.
They are running for you know that scenario right there what is the burn amount 777 million what is the time amount 5.6 hours. That is pretty exciting. So, if they stretch that out over 24 hours that’s basically going to be a lot of Luna classics. So, you’re looking at potentially billions of Luna per day on-chain crypto burns. If all those dynamics those variables flow through for this and what else we need to watch out for is how quickly the Terra rebels and the developers of this cryptocurrency how quickly can they let all this stuff you know become live on the chain. We do in cryptocurrency speed is important so deployment speed is super important the quicker. These can develop get this on-chain and running the better it is going to be for the burn of this cryptocurrency. If we check out the burn of this cryptocurrency today sitting at 1.16 billion so that is good. Again but what do we need to see we do need to see overall though this goes up into the trillions as well so keep an eye out on how much this climbs in the future we are seeing some good news as well coming out in some press and have a look at this article Terra investor not giving up on Luna classics.
People are noticing the Luna classic community. It’s staying strong, it’s staying patient and it’s looking for the future of where this crypto can go. Let’s talk a little bit about Binance and then we’re going to talk about the price of this cryptocurrency. So, one of the big things that we did get an update from CZ about Luna classic was a couple of days ago. He put out that tweet about on-chain activity and by now it’s kind of sitting on the fence for the burn. If Luna classic if finance was to do a burn imminently for this cryptocurrency that would be a really good thing. However, by nets not doing a burn straightaway isn’t the end of the world as well because it does actually force this cryptocurrency to develop on chain first. I am a believer this is going to be like a patient build out of this cryptocurrency there will be prolonged development of this crypto chain.
Then in the future once that activity is running once that 1.2 percent burn is running through from those screenshots. We’re seeing out of the discord that is when Binance will reconsider that burn and I think that’s actually a good thing. So, I think it is healthy for a cryptocurrency to stand up on its own two feet and be assessed by the market based on the utility of the ecosystem. So, why is there a real use case? Why are people buying into it? It is there a reward for buying into the cryptocurrency and that is generally what makes those cryptos kind of go up and up in price and I think it’s a good thing that Luna classic right now is continuing to build out the ecosystem. I am a believer it’s going to be a long term kind of build out of this crypto. The burn won’t happen overnight, but these numbers will continue to rise. If we do take a look at the Luna classic price for now what can we realistically expect for this crypto. I do think there’s going to be more sideways trading. I think a lot of the price catalysts are going to come from two things right now actually, so one thing is going to be the broader crypto market. So, this one is out of control so you have to remember that it is kind of outside of the realms of control. If you want to understand why the bitcoin price goes up.
I explain why the crypto market goes up so why is the crypto market going up today. I cover it, specifically if you’re interested in but one of the things you need to understand is when the bitcoin price pumps up. What tends to happen is the rest of the crypto markets will pump up with bitcoin. So, when the king you can see it right here bitcoin up 7.9 percent today the rest of the crypto market regardless continues to pump. If we get some good macro factors that’s going to help the price of Luna classic. But, that one is outside the realms of the development control the other one that is inside control for this crypto that I think will be another catalyst for. It is really that development that development is that within people’s control and you know with cryptos. If you want to know a bit of a secret one thing that you want to be like trying to understand about a crypto project and this applies to all crypto projects, so not just Luna classic if you want to be figuring out the team of the people. So, what does the development team look like because realistically if you had like one person a team of one person. They can’t finish something very quickly can they but if you had a team of say you know 50 people working on a crypto project. They’re going to be able to finish a project and finish the development of what they’re working on a lot quicker as well so the other thing will come down to the development of the luna classic team and but just watch out for this factor in other cryptos.
So, this is one thing I learned a long time ago. When I was four or five years ago in the market I was trying to figure out why create some crypto slow why are some cryptos faster releasing stuff it comes down to the team guys so some teams. If it’s just one person you got to watch out for those cryptos and that’s kind of the risk that is involved in the crypto market because you just don’t know. There’s a lot of unknown factors. But, again if you manage to get on a good crypto and even if a team’s unknown and that one ends up doing really. Well, you can get a nice reward at the same time there is that risk you have to be comfortable.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/12XGFlmIFkc