Terra Luna Classic (LUNC): 3 Reasons Why LUNC Price Could Reach $1 After Bitcoin Halving
Despite going through a rough patch lately, Terra Classic (LUNC) seems to be picking up steam again, especially with the crypto market getting all bullish. The fact that its not plummeting heavily anymore hints that maybe, just maybe, Terra Classic is gearing up for some good vibes after its struggles. So, why not dive into the top 3 reasons why LUNC price could hit the $1 mark after BTC halving? Lets check it out!
How has the LUNC price moved in the recent days?
As of today, the price of Terra Classic sits at $0.000141, with a trading volume of $140.56 million over the past 24 hours. Its market cap stands at $816.35 million, with a market dominance of 0.04%. Over the last day, the price of LUNC dropped by -1.46%.
Terra Classic hit its highest price on April 5, 2022, reaching an all-time high of $119.01. Its lowest price was recorded on May 13, 2022, dipping to an all-time low of $0.00001651. Since then, the lowest price it has seen since its all-time high is $0.00001651 (cycle low), while its highest price since the last cycle low was $0.000590 (cycle high). Currently, the sentiment for Terra Classics price prediction is bearish, and the Fear & Greed Index is at 80, indicating extreme greed.
Out of a maximum supply of 6.88 trillion LUNC, the circulating supply of Terra Classic is currently 5.78 trillion LUNC.
3 Reasons Why LUNC Price Could Reach $1 After Bitcoin Halving
Reason 1
The token burn program just hit a huge milestone, torching over 100 billion LUNC. The Terra Luna Classic crew set out on a mission to shrink the supply of the token, aiming to give it a boost in value and a better spot in the market.
Big shoutout to Binance, the crypto exchange, for not only hosting a bunch of trading pairs but also being the top dog in contributing to the token burn. Theyve charred a whopping 51% of all the LUNC that went up in flames.
Mark your calendars for March 1, cause thats when the next Binance LUNC token burn is happening. Its the next step after hitting that huge 100 billion milestone. And hey, its not just Binance in on this action; weve got a whole crew pitching in, including validators, other crypto pals, and folks from our own community.
Last time around, Binance put 2 billion LUNC out of commission in the 18th batch, and we saw a little uptick in price because of it. With the mood getting way better, thanks to a solid rally at the end of February, Terra Luna Classic might just spark up another rally, possibly hitting $0.0002 come early March.
Reason 2
Guess what? The Terra Luna Classic gang pulled off something awesome! They finally got Proposal 12073 across the finish line on their second try. This time, they brought up the Proposal to Burn 800M USTC Through Contract Migration on February 19 and kept the voting window open until February 26.
So, heres the scoop from ATOMScan: only 40.90% of the validators were on board with the proposal. Another 7.32% werent feeling it, while 43.96% decided to stay out of the voting game, and 7.82% were all about that No With Veto life.
Heres the kicker: Allnodes, a big shot in the Terra Luna Classic crew, decided to sit this one out. But hey, a sharp-eyed community member noticed and took the opportunity to rally the troops, encouraging everyone to give the proposal a thumbs up.
With Proposal 12073 in the bag, the Terra Luna Classic gang gets the green light to torch roughly $32 million USTC, which adds up to about 800 million USTC, straight from the Risk Harbor multisig wallet. And get this: USTCs price shot up by a cool 25% right after the votes rolled in and sealed the deal. This could further drive the LUNC price.
Reason 3
The upcoming Bitcoin halving event? Its akin to the foundational tale for crypto price dynamics. Now, lets delve into the implications for Terra Classic (LUNC) following BTCs halving. Historically, whenever Bitcoin undergoes a halving, its scarcity tends to propel prices to new heights. Given the increasing institutional adoption of Bitcoin, the upcoming halving holds the potential to significantly reshape the landscape of the entire cryptocurrency sphere, with LUNC standing to benefit. In essence, it symbolizes a rising tide that elevates the fortunes of all cryptocurrencies.
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Text source: CryptoTicker
