Token

Terra Classic

Terra

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.&nbsp; 
<h2 id="span-style-font-weight-400-recent-price-movements-of-lunc-and-ustc-span">Recent Price Movements of LUNC and USTC</h2> 
Over the last 48 hours, LUNC has experienced a 1% price increase, and over the past week, it surged impressively by 15%. Currently, LUNC is <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/terra-luna/">trading</a> at $0.000063. In the same 24-hour period, its lowest point was $0.0000612, while it reached a high of $0.0000671. 
<figure id="attachment_11767" aria-describedby="caption-attachment-11767" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" loading="lazy" class="size-full wp-image-11767" src="https://defi-planet.com/wp-content/uploads/2023/11/Terra-Classic-chart-1.jpg" alt="" width="375" height="512" srcset="https://defi-planet.com/wp-content/uploads/2023/11/Terra-Classic-chart-1.jpg 375w, https://defi-planet.com/wp-content/uploads/2023/11/Terra-Classic-chart-1-220x300.jpg 220w" sizes="(max-width: 375px) 100vw, 375px">
 <figcaption id="caption-attachment-11767" class="wp-caption-text">
 Source: <a href="https://coinmarketcap.com/currencies/terra-luna/">Coinmarketcap</a>
 </figcaption>
</figure> 
On the other hand, USTC, LUNC’s stablecoin partner on the Terra blockchain, is currently <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/terrausd/">trading</a> at $0.011, with a recent 3% increase in the last 24 hours and a notable 12% increase over the week. In the same 24-hour period, the lowest USTC reached was $0.0115, and its highest point was $0.0137. 
<figure id="attachment_11768" aria-describedby="caption-attachment-11768" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" loading="lazy" class="size-full wp-image-11768" src="https://defi-planet.com/wp-content/uploads/2023/11/Terra-Classic-chart-2.jpg" alt="" width="374" height="512" srcset="https://defi-planet.com/wp-content/uploads/2023/11/Terra-Classic-chart-2.jpg 374w, https://defi-planet.com/wp-content/uploads/2023/11/Terra-Classic-chart-2-219x300.jpg 219w" sizes="(max-width: 374px) 100vw, 374px">
 <figcaption id="caption-attachment-11768" class="wp-caption-text">
 Source: <a href="https://coinmarketcap.com/currencies/terrausd/">Coinmarketcap</a>
 </figcaption>
</figure> 
These price movements <a style="color: #0000ff;" href="https://www.binance.com/en/feed/post/1511801">have been attributed to a decrease in the total supply of USTC </a>due to a planned 800 million USTC burn <a style="color: #0000ff;" href="https://twitter.com/TerraValidators/status/1689208753592455168?t=sOn4Hu3h1TUT_MWYlJp4nA&amp;s=19">initiated</a> by the community.&nbsp; 
<h2 id="span-style-font-weight-400-community-efforts-to-revitalize-lunc-ustc-span">Community Efforts to Revitalize LUNC &amp; USTC</h2> 
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. 
Recently, the <a href="https://vegasmorph.medium.com/return-800-million-ustc-now-d23fed68ce58">community decided to burn a significant number of USTC tokens,</a> approximately 800 million, which accounts for about 9% of the total supply. This decision followed several months of debate, with proponents arguing that burning was necessary to encourage wallet owners to participate in the broader initiative to stabilize the token.&nbsp; 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24LUNC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LUNC</a> 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 <a href="https://twitter.com/search?q=%24USTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USTC</a> repeg, we have to burn it so why are we all not supporting this Prop? <a href="https://twitter.com/hashtag/BurnItAll?src=hash&amp;ref_src=twsrc%5Etfw">#BurnItAll</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/WYfUolWOLT">pic.twitter.com/WYfUolWOLT</a> 
 — Terraport Finance  (@TerraValidators) <a href="https://twitter.com/TerraValidators/status/1689208753592455168?ref_src=twsrc%5Etfw">August 9, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Alex Forshaw, a community member, <a style="color: #0000ff;" href="https://x.com/4lex_4sh4w/status/1684148664191578113?s=20">notably asserted</a> that the action aligns with the Terra Classic community’s goals to revive the chain and rebuild trust within the community. Forshaw explained that burning the 800 million USTC will help revitalize the struggling community by making the remaining USTC holdings more valuable in USD terms.&nbsp; 
After the proposal was <a style="color: #0000ff;" href="https://twitter.com/VegasMorph/status/1715401044883063022?t=JMJm2JyrL2E3npy9RsRqbg&amp;s=19">approved</a>, community developers started making changes to the token’s code to update USTC data beginning on October 20, 2023. 
<blockquote class="twitter-tweet"> 
 The code to blacklist the wallet of 800 million is done , thanks <a href="https://twitter.com/TheVinhNguyen4?ref_src=twsrc%5Etfw">@TheVinhNguyen4</a> and <a href="https://twitter.com/frag_dude?ref_src=twsrc%5Etfw">@frag_dude</a> for the fantastic work… <a href="https://twitter.com/hashtag/Lunc?src=hash&amp;ref_src=twsrc%5Etfw">#Lunc</a> <a href="https://twitter.com/hashtag/ustc?src=hash&amp;ref_src=twsrc%5Etfw">#ustc</a> <a href="https://twitter.com/hashtag/burn?src=hash&amp;ref_src=twsrc%5Etfw">#burn</a> 
 — Vegas (@VegasMorph) <a href="https://twitter.com/VegasMorph/status/1715401044883063022?ref_src=twsrc%5Etfw">October 20, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> On October 25, a prominent member of the LUNC community, an X user with username Vegas, <a href="https://twitter.com/VegasMorph/status/1717162150752337972?t=r2eXqC9lGlT5fT4i3Ti-lA&amp;s=19">announced </a>the changes were successfully implemented and that USTC’s supply data on CoinMarketCap and CoinGecko have reflected a reduction of 800 million as planned. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Lunc?src=hash&amp;ref_src=twsrc%5Etfw">#Lunc</a> community, in just a few hours, the circulating supply of <a href="https://twitter.com/hashtag/USTC?src=hash&amp;ref_src=twsrc%5Etfw">#USTC</a> 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) <a href="https://twitter.com/VegasMorph/status/1717162150752337972?ref_src=twsrc%5Etfw">October 25, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, there are speculations that this action might not have happened as it has been reported.&nbsp; 
<h2 id="span-style-font-weight-400-shaky-confidence-warnings-span">Shaky Confidence &amp; Warnings</h2> 
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. 
The community member, an X user with the username Rexyz,<a style="color: #0000ff;" href="https://twitter.com/RexYellerBelly/status/1717271052655468712?t=vO5tLNpixYKQXeMvg361xg&amp;s=19"> gave this advice while expressing concerns</a> about the accuracy of the new circulating supply data displayed on CoinMarketCap, particularly regarding the algorithmic stablecoin’s liquidity.&nbsp; 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">WARNING<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 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… <a href="https://t.co/88Pq7txnB4">pic.twitter.com/88Pq7txnB4</a> 
 — Rexyz (@RexYellerBelly) <a href="https://twitter.com/RexYellerBelly/status/1717271052655468712?ref_src=twsrc%5Etfw">October 25, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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.&nbsp; 
His comments emphasize the importance of being cautious due to the possibility of significant price swings. 
<h2 id="span-style-font-weight-400-in-conclusion-span">In Conclusion&nbsp;</h2> 
AI predictions from <a style="color: #0000ff;" href="https://coincodex.com/crypto/terra/price-prediction/">CoinCodex</a> offer a less optimistic outlook for LUNC, foreseeing a modest 1.03% growth by 2024, with the price remaining around $0.000061. The following years appear even more challenging, with forecasts suggesting significant declines. 
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.&nbsp; 
Finally, we will end with a note of caution: past performance does not guarantee future results. So stay informed, follow the latest news and <a style="color: #0000ff;" href="https://defi-planet.com/2023/08/how-to-do-your-research-dyor-in-crypto/">do your due diligence</a> before making investment decisions.&nbsp; 
&nbsp; 
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence. 
If you would like to read more market analysis articles like this, visit DeFi Planet and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/">CoinMarketCap</a> Community. 
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools. 
&nbsp; 
The post <a rel="nofollow" href="https://defi-planet.com/2023/11/lunc-rises-amidst-massive-ustc-token-burn-will-it-hit-1-cent/">LUNC Rises Amidst Massive USTC Token Burn; Will It Hit 1 Cent?</a> appeared first on <a rel="nofollow" href="https://defi-planet.com">DeFi Planet</a>.

LUNC Rises Amidst Massive USTC Token Burn; Will It Hit 1 Cent?

Table of Contents

DeFi Planet

Other articles published on Nov 8, 2023

The German Postal Service will Issue its NFT Collection

4 Signals Point to the Beginning of a Bitcoin Bull Market

NEAR CEO Rejects Wintermute’s 11.2M USN Token Swap for USDT Request

Coatue Management slashes stake in OpenSea by 90%

Gala’s $GALA-powered L1, GalaChain, Comes to Binance Blockchain Week Istanbul

Crypto Market Cap Grows to $1.46T with Bitcoin at the Helm

Join our free newsletter for daily crypto updates!