As a result of KuCoin undelegating all 48 billion Terra Classic (LUNC) tokens on December 30, the Terra Classic validator KuCoin fell from 0.21% to 44th on the list of Terra Classic validators.
The reason for undelegating LUNC tokens was part of a normal node switch, KuCoin announced on Thursday.
Terra Classic (LUNC) Tokens To Be Redelegated By KuCoin
ClassCrypto, a Terra Classic influencer and YouTuber, revealed on January 5 that validator KuCoin will continue to pledge their 48 billion Terra Classic (LUNC) delegation. KuCoin currently ranks 46th on the validator list with 0.19% power.
According to a Twitter user, KuCoin is going insolvent, or stepping back from running validators. He noted that KuCoin began undelegating all of their holdings on their validators for LUNC, LUNA, and ATOM.
As a result, KuCoin said, the KuCoin validator undelegated 48 billion Terra Classics (LUNC) as the pledge node of its internal financial account was switched. In addition, the validator will continue to pledge LUNC tokens after the 14-day lock period. Users’ crypto assets, however, are marked safe.
There has been a recent announcement from several validators that they will no longer support LUNC staking and that users should redelegate their LUNC tokens to another validator.
There was FUD in the Terra Classic community after KuCoin undelegated 48 billion LUNC tokens last week. Some even transferred their LUNC tokens to Binance.
As part of Proposal 11168, Terra Classic core developers Edward Kim and Tobias “Zaradar” formed a “Joint L1 Task Force” which focuses on maintenance upgrades and L1 layer developments.
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Will the LUNC price rally again?
Due to a breakout above the 3-month descending channel, Terra Classic (LUNC) rallied nearly 50% in the last few days. However, Binance temporarily suspended the LUNC burn, causing the LUNC price to fall below $0.00015.
LUNC is trading at $0.00015. The 24-hour low and high are $0.0001516 and $0.0001598, respectively.
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