The price of Terra Luna Classic has fallen by 4.5% over the past 24 hours, dropping to $0.00017108. This is because the broader cryptocurrency market fell 3% within the same time frame. Despite this decline, it continues to rise above 16% over the past 30 days, aided by the ongoing token burn and overall market recovery.
With the aforementioned burn continuing rapidly, there are very real expectations that LUNC will continue to make significant gains throughout 2023. However, if the community wants to get back above $1, it will have to adopt a more drastic token burn. Because the current rate is too loose.
Terra Luna Classic price prediction when LUNC surges 16% in 30 days and $1 LUNC comes in?
LUNC’s chart now shows a slight correction after several weeks of gains. The Relative Strength Index (purple) dipped below 30 yesterday, indicating oversold, but is rising towards 40, which may indicate a recovery.
Meanwhile, LUNC’s 30-day moving average (red) is above its long-term 200-day average (blue), suggesting a drop. This means that altcoins may suffer further losses.
Still, even with a correction to the card for LUNC, it is well positioned to enjoy a significant uptick this year. This is due to burns of
At the time of writing, some 38 billion LUNC burned, out of the total circulating supply of 6.87 trillion. While this may not seem like much compared to total supply, it will continue to increase as the year progresses, especially given the amount of community effort dedicated to increasing burn rates.
LUNC was hit a few weeks ago. Binance has temporarily stopped burning LUNC trading feespostponing the next burn until March of this year and permanently switching to burning only 50% of transaction fees (instead of 100%).
However, the Terra Luna Classic validator community has voted through a proposal that facilitates upgrading LUNC’s transaction fees and burn mechanism. This was proposed in response to Binance requesting these changes, and their introduction should mean that sooner or later he will (and 100%) reintroduce LUNC Burn.
This suggests that combustion returns to its previous rate. At the same time, the Terra Luna Classic community continues to make proposals that result in much higher burn counts, including a proposal to stop reissuing tokens that were burned earlier this month (which were intended to support development work). is created intentionally. ).
Other recent proposals propose features that allow users to voluntarily burn excess LUNC when withdrawing rewards.
At the same time, there is a growing movement within the LUNC community to introduce interoperability between Terra Luna Classic and Cosmos, primarily through updates to Terra’s Tendermint framework. If this happens, the network will become much more useful, attracting more developers and users, and increasing the price of LUNC.
Proposals like this show that the LUNC community is completely focused on restoring Terra Luna Classic to something of its former height. Another indicator of this fact is the acceptance earlier this year of a proposal to create a task force aimed at accelerating the development of the Terra Luna Classic blockchain.
This is the same task force that Binance submitted a proposal to see an update to the Terra Luna Classic protocol that would result in the reintroduction of the full LUNC burn. And it’s likely the same team that will introduce many other proposals as the year progresses, further pushing the price of LUNC up.
Regarding this price, many in the community are eyeing a medium-term goal of $0.10. This isn’t too unrealistic, but it would require more burn and more recruits.
Assuming LUNC reaches $0.10, this will almost certainly open the door for further gains, including above $1. However, this is a long way off in the future and cryptocurrency as a whole should return to a full-fledged bull market, which is unlikely to happen just yet.
Alternative to Terra Luna Classic
If you’re looking for other likely crypto projects in addition to LUNC, we’ve listed the top 15 cryptocurrencies for 2023 crypto news Industry talk team.
The list is updated weekly with new altcoins and ICO projects, so check back for new entries.
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