Monat: September 2022

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MEXC the first CEX to support LUNC upgrade and burning proposal

Three months ago, MEXC Global initiated a LUNC recovery plan that included burning and buying back LUNC and since then LUNC has hit its highest gains since the TerraUSD stablecoin debacle that led to the Terra Luna hard fork.

MEXC has once again committed to supporting Terra Luna Classic by supporting the 1.2% burn proposal from the Terra Luna Classic community. To that extent, MEXC has launched a time-limited burning event for spot trading fees for LUNC/USDC and LUNC/USDT from September 3, 10:00 to September 17, 10:00 UTC when the 1.2% tax burn proposal is expected to be released.

This makes MEXC the first centralized exchange (CEX) to support LUNC’s upgrade and burning proposal. Currently, MEXC ranks second when it comes to LUNC burning.

In the initiative, the trading fees received by MEXC will be used for secondary market buybacks on a daily basis. MEXC will then make arrangements to send the LUNC tokens bought in the buyback to the official burn address provided by Terra.

MEXC’s global initiatives

As a leading cryptocurrency exchange, MEXC offers cryptocurrency trading services for spot trading, ETF, crypto futures, staking and NFTs among other crypto-related services. It serves over 7 million people across the world and supports more than 1,400 cryptocurrencies.

MEXC Global offers zero fees for all spot trading during the current bear market. It has also committed to supporting Ethereum upgrade together with any possible hard forks once Ethereum migrates to a Proof-of-Stake model.

The crypto exchange also introduced Grid Trading and Trade Mining among other incentive products for its users.

The post MEXC the first CEX to support LUNC upgrade and burning proposal appeared first on CoinJournal.

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Why is Helium up by more than 7% on Wednesday?

Helium has emerged as the best-performing cryptocurrency amongst the top 100 coins by market cap on Wednesday.

HNT, the native coin of the Helium blockchain, is the best performer amongst the top 100 cryptocurrencies by market cap today. Helium’s performance comes despite the broader crypto market underperforming in the last 24 hours.

The broader cryptocurrency market is trading in the red zone after starting the week positively. The total cryptocurrency market cap is now around $941 billion, down by more than 5% so far today.

Bitcoin has once again dropped below $19k and is currently trading at $18,790, down by more than 5% in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, is also down by more than 8% in the last 24 hours and is currently trading at $1,520 per coin.

Although HNT is the best performer amongst the top 100 cryptocurrencies by market cap today, there is no apparent catalyst behind this move. Despite HNT’s ongoing positive performance, the coin has lost more than 27% of its value in the last seven days.

Key levels to watch

The HNT/USD 4-hour chart remains bearish despite Helium outperforming the market in the last 24 hours. HNT’s technical indicators show that the coin is recovering from its recent slump.

The MACD line dropped into the negative zone on August 25th and continues to remain there. Despite HNT’s positive performance, the MACD line is still within the negative region, indicating that the bears have not relinquished control.

The 14-day relative strength index of 49 shows that HNT is no longer in the oversold region. HNT would need to rally higher to enter the overbought territory over the next few days and weeks.

At press time, HNT is trading at $4.028 per coin. If the recovery continues, HNT could surge past the $4.470 resistance level before the end of the day. 

However, HNT would need the support of the broader market to move past the second major resistance point at $5.017.

The bears are still around and could drag HNT below the $3.7771 support level over the next few hours.  

The post Why is Helium up by more than 7% on Wednesday? appeared first on CoinJournal.