Big $BTC buys coming in. Bullish. | SPIDER MAN on Binance Square

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Big $BTC buys coming in.
Bullish.

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Metaplanet buys another 518 Bitcoin worth $61 million. They now hold 18,113 $BTC worth $2.1 billion.

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🔥JUST IN: US spot Ethereum ETFs saw over $1 billion inflows on Aug. 11, marking its largest daily net inflows since launch.

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🚨UPDATE: #BlackRock spot ETFs bought 1,160 $BTC and 150,580 $ETH on Aug. 11.

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$LUNC, or Luna Classic, refers to the original Luna token from the Terra blockchain ecosystem before it underwent a significant event known as a "hard fork." Here's a detailed overview: - **Origin**: Luna Classic (LUNC) was the native token of the original Terra blockchain, which aimed to facilitate a stablecoin ecosystem. Terra's stablecoins, like TerraUSD (UST), were designed to be algorithmically pegged to fiat currencies, with Luna playing a crucial role in maintaining these pegs through a system where Luna could be minted or burned to stabilize UST's value. - **The Collapse**: In May 2022, the Terra ecosystem, including UST and Luna, experienced a dramatic failure. UST depegged from the US dollar, leading to a massive sell-off and loss of value for both UST and Luna. This event caused the original Terra blockchain to fork into two separate chains: - **Terra Classic**: This chain retained the original LUNC token. It's essentially the continuation of the old Terra network but without the algorithmic backing for its stablecoins. - **Terra 2.0 (LUNA)**: A new chain was created with a new version of the Luna token (LUNA), aiming to rebuild the Terra ecosystem without the algorithmic stablecoin mechanism that led to the collapse. - **Current Role**: After the fork, LUNC has no direct role in stabilizing any stablecoins since the original mechanism was abandoned. However, LUNC still exists within the Terra Classic blockchain: - **Utility**: It can be used for transaction fees on the Terra Classic network, staking, and governance within the Terra Classic ecosystem. - **Burn Mechanism**: The community has initiated various burn mechanisms to reduce the supply of LUNC, aiming to increase its scarcity and potentially its value. This has been a significant point of community activity and discussion, with millions, if not billions, of tokens being burned. $LUNC

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