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Here’s why Terra Luna Classic (LUNC) and USTC are suddenly rising

Terra Luna Classic (LUNC) has gained 44% today and over 110% over the past seven days while TerraClassicUSD (USTC) has gained over 140% today and over 780% in the past seven days.

Both TerraClassic (LUNC) and TerraClassicUSD (USTC) had almost been forgotten by the greater crypto community over the past two months following the unfortunate Terra (LUNA) debacle that started with the de-pegging of the TerraUSD (USDT) stablecoin.

But the recent price hikes have brought the two cryptocurrencies back to the limelight.

According to CoinMarketCap, the number of LUNC holders has started to increase with the rising price and the same case applies to the USTC stablecoin holders. Between June 26 and today, the number of LUNC holders rose by about1.41%.

Why is USTC and LUNC price rallying?

One of the main contributors to the sudden rise of LUNC price and consequently that of the USTC stablecoin is the recent announcement by a metaverse venture called StarShip that it shall incorporate LUNC into its ecosystem. LUNC will be one of the payment methods in StarShip.

In addition, StarShip will also burn 1.2% of the total amount of LUNC that it will receive as payment.

A press release by StarShip read:

“LUNC will be implemented into the StarShip ecosystem as one form of payment within StarShip Universe, burning 1.2% of all LUNC received for these payments.”

StarShip is one of the biggest metaverses to be created and it recently released footage showcasing its gameplay. The MetaUniverse features 32,000 square kilometers of buildable area and is powered by the new Unreal 5 engine.

The crypto community welcomes the practical use case for LUNC and the partnership between StarShip and Luna reinforces each ecosystem.

The post Here’s why Terra Luna Classic (LUNC) and USTC are suddenly rising appeared first on CoinJournal.

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Court orders Three Arrows Capital to be liquidated

A court in the British Virgin Islands has directed that the embattled crypto hedge fund Three Arrows Capital (3AC) to be liquidated. The liquidation order comes a few days after Voyager Digital issued a notice of default to the hedge fund firm.

The Singaporean crypto hedge fund has been going through a hard time in the past few weeks following the crisis gripping the cryptocurrency sector.  Its woes started with the fall of Terra LUNA, which seemingly started a ripple effect that is still being felt throughout the crypto space.

According to reports, several partners including Teneo in the British Virgin Islands are lining up to handle the insolvency of the crypto hedge fund which has been in operation for the last 10 years since its launch in 2012 by Su Zhu and Kyle Davies.

What does 3AC liquidation mean to the crypto market?

Crypto insiders opine that the liquidation will have a significant impact on the cryptocurrency sector which is already undergoing difficulties due to plummeting market prices which has also caused the market to become extremely volatile.

Although it is still unclear what the immediate financial implications will be, 3AC’s demise is likely to rise more questions about the future of digital assets. And the 3AC creditors will certainly be the first to feel the pinch.

It would be noted that the default notice issued to the 2AC by Voyager Digital was in relation to a loan worth hundreds of millions of dollars.

In an interview with the Wall Street Journal earlier this month, the Three Arrows Capital co-founder Kyle Davies said:

“We are committed to working things out and finding an equitable solution for all our constituents”.

Davies had also said that the hedge fund was looking at alternative ways of rescuing the firm including the sale of assets or being rescued by another firm.

The post Court orders Three Arrows Capital to be liquidated appeared first on CoinJournal.

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Cardano vs Solana: Here’s Why SOL is a Better Buy than ADA

Cardano and Solana price have been in a strong bearish trend in the past few months. SOL is trading at $35.40, which is about 86% from its all-time high. ADA, on the other hand, is trading at $0.4782, which is about 82% below the highest point in 2021. The two have a market cap of over $12 billion and $15 billion, bringing the combined value to $27 billion. This means that the two have lost over $100 billion in value.

Cardano vs Solana

Solana and Solana are Ethereum rivals that make it possible for builders to create quality decentralized applications. Their use-case are projects like those in decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse among others.

The two have better features for building Web3 applications than Ethereum. For example, they are incredibly faster, have a lower carbon footprint, and significantly lower transaction costs. So, which is a better platform between Solana and Cardano?

There are two main reasons why Solana is a better investment compared to Cardano. First, Solana has a bigger ecosystem of applications. Some of the top apps built using Solana’s technology are Basic Attention Token (BAT), StepN, Squads, and Hoglytics. 

Learn more about how to buy Cardano.

Indeed, according to CryptoSlam, Solana is the second-biggest player in NFTs after Ethereum. And according to DeFi Llama, Solana has a total value locked of over $2.57 billion while Cardano has a TVL of less than $200 million. 

Second, Solana is a good investment because of its valuation. While it is hard to determine the ideal valuation of smart contract platforms, there are signs that Cardano is still overvalued. Besides, this is a cryptocurrency that is valued at over $15 billion that has no major application.

Cardano developers have said that thousands of projects are upcoming. Still, there is no evidence that these projects will ultimately be successful.

Solana price prediction

The chart below shows that the Solana price has been in a strong bearish trend in the past few months. As a result, the coin has dropped below the 25-day and 50-day moving averages while the MACD has moved below the neutral level. 

It is also staring at its lowest level this year. Therefore, there is a likelihood that Solana will continue falling in the coming days. If this happens, the next key support level to watch will be at $25. In the long-term, however, there is a likelihood that the price will bounce back.

It is worth noting that Solana and Cardano have a close correlation. Therefore, in this price-discovery phase, the coins will likely track each other.

The post Cardano vs Solana: Here’s Why SOL is a Better Buy than ADA appeared first on CoinJournal.