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LUNC Becomes Major Gainer Among Top 100 Cryptos, SHIB Nears Price Breakout, ETH Bears Lose $300 Million in One Hour: Crypto News Digest by U.Today

Fri, 09/09/2022 - 15:40
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Valeria Blokhina
Take a closer look at the latest crypto events with U.Today’s news digest!
LUNC Becomes Major Gainer Among Top 100 Cryptos, SHIB Nears Price Breakout, ETH Bears Lose $300 Million in One Hour: Crypto News Digest by U.Today
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Here are the top four news stories over the past day presented to you by U.Today.

Terra Classic (LUNC) showing highest positive gains in top 100, what's happening?

Terra Classic (LUNC) surprised everyone by becoming a major gainer among the top 100 cryptocurrencies, with 50.58% added to its value yesterday. LUNC has had a positive run-up for four straight days and surged by 77.36% in the past week. It has also reentered the top 30, currently ranking as the 29th largest cryptocurrency on CoinMarketCap. As observed by experts, LUNC’s rally might have been sparked by the concept of the tax proposal to reduce the supply of the token. If the 1.2% tax proposal is accepted, it will be applied to all LUNC transactions, including wallet interactions and smart contracts. The charge is subsequently transferred to the burn wallet given by Terra, which then lowers the supply of LUNC.

Shiba Inu nears price breakout, here's what indicators suggest

Shiba Inu hourly and daily trading charts show that the SHIB price is trying a breakout past the moving average (MA) barrier. On the daily chart, the meme coin is seeking to break through the MA 50 at $0.0000125 in order to continue its successful recovery from the lows of $0.0000117 hit on Sept. 6. The bulls appear to be trying their hardest to break through this barrier, but they have not yet been successful. If buyers manage to push SHIB past the MA 50 at $0.0000125, the price may aim for the next barrier at $0.0000134 ahead of $0.0000147. If the enormous buying volumes seen on Aug. 14 repeat, Shiba Inu might target, in one shot, $0.0000179.

35 Trillion SHIB Swapped in Last 24 Hours as Trading Volume Suddenly Jumps 23%

Ethereum bears just lost $300 million in only one hour

According to data provided by Twitter user @AviFelman yesterday, almost $300 million in Ethereum open interest was closed out in an hour on perpetual contracts, with futures and options included. The rise in stop-loss triggers and liquidations was linked to Ethereum's unexpected price recovery above $1,600 following the collapse below $1,500 that happened the day earlier. Since there was no significant event that could have triggered the recent price movement, the nature of the bounce is still unknown. In general, Ethereum is moving in an uptrend ahead of the Merge, despite the negativity on the market. At press time, ETH is changing hands at $1,720, up 5.24% over the past 24 hours, per CoinMarketCap.

Ethereum on Proof-of-Stake: Comprehensive Guide to The Merge

This is when SHIB will flip DOGE in market cap top

Data provided by crypto data vendors suggests that the gap between Shiba Inu and Dogecoin in market capitalization is gradually decreasing. According to CoinMarketCap, Dogecoin’s current market capitalization is $8.4 billion, while Shiba Inu’s is $7.1 billion. Thus, the current gap in the capitalization of the two projects is about $1.3 billion. However, during the last three months of the crypto market disaster, DOGE's valuation dropped by 21.6%, whereas SHIB added almost 20%. Comparing the capitalizations of SHIB and DOGE, it can be concluded that the redistribution of places between projects will occur when the price of Shiba Inu can cumulatively grow by 12%-20% above the price of Dogecoin.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.