Terra Classic (LUNC) has taken centre stage in what seems like a bullish week for the cryptocurrency market, and many wonder whether it could hit $0.01 anytime soon. Speculation about a rally is driven by the recent surge in token prices and the notable development activities on ...
Terra Classic (LUNC) has taken centre stage in what seems like a bullish week for the cryptocurrency market, and many wonder whether it could hit $0.01 anytime soon.
Speculation about a rally is driven by the recent surge in token prices and the notable development activities on the Terra blockchain. Many believe that these events could set the token on the path of achieving its previous peak price of $120.
Recent Price Movements of LUNC and USTC
Community Efforts to Revitalize LUNC & USTC
After the 2022 Terra-LUNA crisis, Terra Luna Classic became a community-managed blockchain network. Since then, the community has actively explored ways to reinvigorate and enhance the appeal and prices of the blockchain’s two tokens: LUNA, now rebranded as LUNC, and UST, now rebranded as USTC, the foremost algorithmic stablecoin in the market. One of their strategies is to reduce the supply of these assets through burning periodically.
$LUNC Prop 11675 from our Quant team is not passing with flying colours which I am quite surprised to see! Our Quant team have been clear that to give us the best chance for $USTC repeg, we have to burn it so why are we all not supporting this Prop? #BurnItAllpic.twitter.com/WYfUolWOLT— Terraport Finance (@TerraValidators) August 9, 2023
The code to blacklist the wallet of 800 million is done , thanks @TheVinhNguyen4 and @frag_dude for the fantastic work… #Lunc #ustc #burn— Vegas (@VegasMorph) October 20, 2023
On October 25, a prominent member of the LUNC community, an X user with username Vegas, announced the changes were successfully implemented and that USTC’s supply data on CoinMarketCap and CoinGecko have reflected a reduction of 800 million as planned.
#Lunc community, in just a few hours, the circulating supply of #USTC displayed on both CoinMarketCap (CMC) and CoinGecko (CG) will accurately represent the supply without the 800 million USTC. Keep hitting that F5 key—hahaha! This achievement was made possible with the precious…— Vegas (@VegasMorph) October 25, 2023
However, there are speculations that this action might not have happened as it has been reported.
Shaky Confidence & Warnings
The decision to burn 800 million USTC tokens also involved blacklisting the wallet holding them. However, another community member has advised other members to exercise caution when taking trading positions in both USTC and LUNC.
WARNING
Be extremely careful if you buy USTC/LUNC on the back of the 800m wallet blacklisting and the reduced circulation. This blacklisting has not actually taken place in the code yet, so this reduced supply is NOT correct.
Also there is still no legal document suggesting… pic.twitter.com/88Pq7txnB4— Rexyz (@RexYellerBelly) October 25, 2023
Rexyz’s caution contrasts with Vegas’s confidence in the plan, as Rexyz suggests that the code hadn’t implemented the blacklisting nor the burning of the tokens.
Rexyz supported his arguments by pointing out that there’s no legal documentation confirming the legality of the blacklist.
His comments emphasize the importance of being cautious due to the possibility of significant price swings.
In Conclusion
Hence, the idea of LUNC reaching $0.01 remains a distant dream, as it faces a tough road ahead. Even with bold strategies like a 90% reduction in supply and a steady 50% annual growth, it might take about a decade to reach one cent.
Nevertheless, the cryptocurrency space is full of surprises. With solid strategies, favourable market conditions, and community support, LUNC has the potential to make its mark in the industry and perhaps reach $0.01 in the not-too-distant future. For instance, its prior success as LUNA and its innovative potential can be the driving force behind Terra Classic’s future achievements.
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