The Terra Classic (LUNC) token has experienced a significant price increase in recent weeks, fueled by key developments within the ecosystem. This upswing comes amidst a broader cryptocurrency bull market.
A critical driver of LUNC’s positive momentum is the successful implementation of the Terra Classic v2.4.2 upgrade. This upgrade introduced new binary and components, most notably IBC-Hooks.
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IBC-Hooks pave the way for the onboarding of decentralized applications (dApps) onto the Terra Classic chain. The arrival of prominent dApps, such as Enterprise DAO, has the potential to boost network activity and user adoption.
Following a successful upgrade, The Terra Classic developer team is actively working on the network’s Security Package upgrade, which is expected to be completed within eight weeks. This upcoming upgrade promises to enhance security, functionality, and interoperability for the Terra Classic network.
The heightened development activity surrounding the blockchain is considered a major factor contributing to the recent price appreciation of LUNC and its associated stablecoin, USTC.
LUNC Burn Initiative Shows Promise as Wallet Numbers Rise
The LUNC burn initiative has gained significant traction. At press time, data from Luncmetrics showed that 105.16 billion tokens had been burned. Major cryptocurrency exchanges and projects have actively participated in the burn program, with Binance leading the charge by burning over 50% of the total (over 53.48 billion LUNC tokens).
New ventures and exchanges, like Singapore-based WEEX, are continuously joining the burn initiative, aiming to reduce the circulating supply of LUNC. Some believe LUNC’s recent listing on WEEX could also help it dominate the 2024 bull run.
The number of Terra Classic wallet holders has also been steadily increasing, with new users wanting a piece of LUNC’s success. This rise reflects a surge in demand during the current bull market, and the number of wallet holders has surpassed 5.5 million.
This growth indicates rising interest in the Terra Classic ecosystem, potentially fueled by ongoing efforts from community developers and projects to restore utility to the Terra Classic chain.
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What’s Next for Terra Classic (LUNC)?
Despite a minor 2.89% dip over the past 24 hours, LUNC has climbed 25.4% in the past week to its current price of $0.0001597. USTC has shown a similar growth trajectory, rising 18.54% to its current price of $0.02985.
LUNC has momentum for a massive rally, and after a recent positive prediction from Google Gemini, some believe $1 is within reach before 2024 ends.
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