luna burning
  • The Terra Luna Classic community has passed Proposal 12104, reactivating interblockchain communication with the Osmosis protocol, leading to an 8% rise in LUNC’s price.
  • Crypto analyst Javon Marks predicts a substantial price increase for LUNC, projecting potential targets of $0.00058046 and $0.00139122, driven by the bullish sentiment and increased trading volumes.

The Terra Luna Classic (LUNC) community is buzzing with excitement as the recent passage of Proposal 12104 has brought new optimism to the token’s future. This proposal aims to reactivate interblockchain communication (IBC) with the Osmosis protocol, a significant step forward for the network. The successful vote has not only rekindled interest in LUNC but also paved the way for potential price surges, as predicted by renowned crypto analyst Javon Marks.

Reactivating Osmosis IBC: A Community Triumph

The Terra Luna Classic community overwhelmingly supported Proposal 12104, with an 85% approval rate. This proposal, titled “Reactivate Osmosis IBC,” was introduced by developer Fragwuerdig, a former core developer of the network. The proposal’s approval means the reinstatement of the Osmosis validator set, specifically the Client ID 07-tendermint-12 on Columbus-5, which will enable seamless transfers between Terra Luna Classic and Osmosis.

Among the 40 validators who participated in the vote, 38 expressed their support. Notable validators such as LuncGoblins, Moon Rabbit Validator, and MoonRunners backed the proposal, highlighting the strong consensus within the community. However, Allnodes has yet to cast its vote.

Vegas, a member and validator of the Terra Classic network, emphasized the importance of updating the Osmosis IBC client from version 07-tendermint-12 to 07-tendermint-250. This upgrade is crucial for the efficient functioning of the IBC relay, ensuring smooth interchain transfers between LUNC and Osmosis.

LUNC Bullish Indicators Identified

Crypto analyst Javon Marks has identified a bullish pattern in LUNC’s price movements, predicting a substantial rise in the token’s value. Marks, sharing his insights on the social media platform X, projects an initial target of $0.00058046 for LUNC, which represents a more than 414% increase from its current price of $0.0001089. He suggests that this target may be conservative, hinting at the potential for LUNC to reach $0.00139122, a staggering 1134% increase from its current value.

Marks’ bullish prediction is backed by a previous breakout and subsequent price increase for LUNC. The approval of the IBC reactivation proposal has already spurred a significant increase in trading volumes within the Terra Luna Classic ecosystem, indicating robust market interest.

The potential for LUNC’s price increase hinges on several factors, including positive sentiment within the cryptocurrency community and new developments or upgrades to the Terra Classic network. These elements could attract new users and investors, further boosting the token’s value.

In the last 24 hours, LUNC’s price rose by 3%, despite a slight retracement towards the end. The 24-hour trading range was between $0.0001089 and $0.0001263, with trading volume increasing by 272%. Similarly, USTC experienced a 5% price increase over the past 24 hours, although it subsequently declined due to profit-taking by traders.

As the Terra Luna Classic community continues to celebrate the passing of Proposal 12104, the future looks bright for LUNC. With strong community support and bullish indicators, the token is poised for significant growth in the coming months.