Crypto News 28/6: Luna Crypto up 70%, crypto.com removes DOGE & SHIB from earn program

The crypto market is still in a bearish cycle in the final days of June 2022.

Cryptocurrencies reached a market cap of $980 billion on June 26th. The market cap fell below $1 trillion during the crypto price crash on June 13th and has yet to recover. Meanwhile, the Bitcoin price is holding above $20,000 with the lowest price since December 2020.

In crypto news today, the fallen token Luna Classic (LUNC) is up 70% in price. Dominating headlines is also news the exchange and DeFi protocol operator Crypto.com has removed 15 cryptocurrencies from its Crypto Earn rewards programme.

In other crypto news, EverGrow Coin has become the leading reflections token with $37 million BUSD rewarded to investors since its launch in September last year.

Crypto.Com removes DOGE, SHIB, and more from Crypto Earn

Crypto companies and DeFi protocols have been hit badly in June 2022.

After the Terra Luna collapse, first Coinbase announced job cuts, followed by Bybit and Crypto.com, and then the Celsius network froze all network withdrawals.

This week, Crypto.com is in further turmoil after removing 15 cryptocurrencies from its Crypto Earn rewards programme. Dogecoin, Shiba Inu, Tezos, FLOW, Zilliqa, Fantom and NEAR Protocol are among tokens removed from the rewards protocol.

Reward rates for other cryptocurrencies like Bitcoin, Ethereum, Polygon, Avalanche, and Solana remain unchanged. Crypto.com hasn't revealed the reason for the removals.

Luna Classic crypto pumps 70% in price

Terra Classic (LUNC) is up 22% in price today to hit $0.00009155.

Over the past week, Luna Classic saw a price pump of 70% in the space of a few hours after it spiked from a low of $0.000058. The Luna Classic trading volume also increased from $53 million on June 25th to $535 million on June 27th. That's a volume spike of over 900%.

The fallen algorithmic stablecoin TerraClassicUSD is also pumping massively in price today. Over the past week, USTC is up 470% in price. The spike in price saw USTC rejoin the crypto top 100 with a market cap of $536 million at the time of writing.

EverGrow Coin becomes the leading reflection token

EverGrow Coin has shot past $37 million BUSD rewards to become the leading reflection token in the market.

Reflection tokens could soon replace the popularity of many DeFi protocols like Crypto Earn. This is because the rewards mechanism is much more scalable and secure than protocols that rely on yield and wider crypto market conditions to meet APY promises.

EverGrow Coin charges a 14% transaction tax with 8% distributed immediately in the BUSD stablecoin .

When daily trading is up at $3 million – as was the case in April – that's $24,000 distributed daily among all investors (depending on EGC holding size). When daily trading volume is in a bearish cycle and at $100,000 (at the time of writing) rewards drop to $8,000 million daily.

You can find calculators on the EverGrow Coin website and see how much crypto passive income you could make from EGC.