- Terra Luna Classic (LUNC) has burned over 393 billion tokens, contributing to a potential price surge as supply decreases.
- Upcoming network upgrades and ongoing token burns create optimism for a 90% increase in LUNC’s value.
The Terra Luna Classic (LUNC) ecosystem has been making waves in the cryptocurrency world with its ongoing token burn initiative. Amidst a backdrop of volatility in the crypto market, the burning of billions of tokens is sparking hope for a potential price surge. This article explores the significance of the recent burn and the prospects for Terra Luna Classic’s price.
Terra Luna Classic Token Burn: A Deflationary Push
The Terra Luna Classic price has faced recent declines, with a current trading value of $0.000133, down 25% from its highest level this month. However, the narrative is shifting positively as the token burn continues to gain momentum.
According to LUNC Burn Tracker, over 393.8 billion Terra Luna Classic tokens have been burned since May 2022 when the Terra ecosystem collapsed. In just the past week alone, over 524 million tokens have been incinerated, reducing the circulating supply to 6.51 trillion. This decrease in supply helps to create scarcity, a vital factor for increasing a token’s value.
Recent Burn Milestones
One noteworthy development is the recent individual action where a user burned one million Terra Luna Classic tokens. Furthermore, Terraform Labs accelerated its token burn process during November as part of its bankruptcy settlement. This strategic move demonstrates the community’s commitment to stabilizing and revitalizing the LUNC token.
Upcoming Catalysts: Major Upgrades and Network Developments
The Terra Luna Classic community is eagerly awaiting several key developments, with Proposal 12147 being a notable one. This proposal seeks to update the Terra Class dashboard on CoinMarketCap, aiming to boost visibility and attract new users.
Additionally, on December 17, the network will halt at block height 21,163,600 to implement the reverse charge tax approach proposed in Proposal 515. This update introduces the TaxKeeper into various areas of the application, improving transaction handling and efficiency. Historically, such major upgrades have been associated with volatility and potential price movements.
LUNC Price Analysis: Room for Growth?
The daily chart of Terra Luna Classic shows fluctuations but highlights an intriguing potential for recovery. After peaking at $0.0001796 earlier this month, the token has retraced 25% to its current value of $0.000130. However, the formation of a golden cross pattern, with the 50-day and 200-day moving averages intersecting on November 29, adds optimism.
LUNC’s support at $0.00013 marks a crucial level, which could signal a bullish continuation. If the token manages to break above this month’s high of $0.0001796, there’s a strong likelihood of testing the year-to-date high of $0.0002545—a gain of approximately 90%.
Conclusion
The ongoing token burn and upcoming network upgrades suggest a promising future for Terra Luna Classic. As the circulating supply decreases and key developments unfold, the possibility of a significant price surge becomes increasingly realistic. Investors and community members are poised to witness how these changes shape the trajectory of LUNC in the coming months.
