Welcome to September! 🥳 We’re finally in the popular “ember” months, and you know what that means – time to start your unofficial countdown to Christmas 🙃.
And, if you’ve been following the original LUNA token this week, Christmas might have come early for you. Let’s take a look at some of the market’s biggest headlines this week
LUNA To The Moon 🚀
This week was a pretty rough one for the crypto market 😮💨. Bitcoin dropped below $20,000 briefly, and most other coins struggled – well, most except LUNC.
When the Terra ecosystem crashed, the developers decided to split it. Now, there are two chains – the original one (known as Luna Classic, or LUNC) and the new one (known as Terra Luna, or LUNA)
While most other coins dropped this week, LUNC (the OG coin) skyrocketed 👏. Between Tuesday and Thursday alone, its price jumped by over 200% 🤯.
No one really knows why LUNC’s value jumped so much. However, one Twitter account claimed that they have burned over 295 million tokens already.
Basically, burning is a way of reducing the amount of a coin available in the market. The lower the available number, the scarcer it is. So theoretically, its price should jump.
More News from the Cryptoverse
Countdown To The Merge! ⏳
We’re finally in September. If you’re an Ethereum investor, then you should be anticipating the Merge by now 😀.
Ethereum’s developers have been hyping the Merge for over a year, and the market has been excited about it too. After the Merge, the Ethereum blockchain will fully transition to proof-of-stake (PoS) 🛠️. It’s arguably the biggest upgrade in the history of blockchain technology.
The Merge is expected to start on September 6, and many believe that the price of ETH should jump once the process is complete. What do you think? 🤔
Do It For The Gram 🤳
While we wait for the Merge, another pretty big news dropped this week. Meta (formerly Facebook) announced that users in over 10 countries can now post NFTs and other digital collectibles across Facebook and Instagram 👏.
Facebook and Instagram users would simply need to connect their wallets to the apps, and they will be able to show off their NFTs. Meta has been working to add NFT support for months now, and it’s finally here. Next stop, the metaverse! 🚅
Stuff You Might Have Missed
- Snoop Dogg and Eminem had a performance featuring Bored Ape NFTs at the VMAs this week 🎤. Hit or miss?
- California has passed a new bill that requires crypto companies to get licenses before operating in the state 🧑⚖️
Iran’s government has approved using cryptocurrencies as payments for imports 🤑