LUNC Up by 53% From December Low as Terra Classic Begins To Bloom Again

LUNC price has shown a good level of resilience in the past weeks given the emerging positive fundamentals in the token community. Accordingly, LUNC’s steady uptick since December has increased investor interest in the digital asset.

Many forward-moving proposals were rolled in the token community, including the Signal proposal to repeg TerraClassicUSD (USTC), which recently passed governance voting. Also, the LUNC development team is on the course of upgrading the Terra Classic blockchain from the current version to an advanced version —v.1.0.4 to v.1.0.5. 

As stated by Edward Kim, a top LUNC developer, and enthusiast, this fast-approaching development would allow for more functionalities on the Terra Classic blockchain. As earlier reported by Times Tabloid, the upgrade would enable the Joint L1 Task Force to meet Binance’s condition to resume its voluntary LUNC burning. 

Interestingly, the largest blockchain ecosystem and leading digital assets exchange announced support for the upcoming Terra Classic blockchain upgrade, stating that LUNC trading will not be affected during the period of executing the network upgrade. 

Read Also: Binance Removes Warning Labels on Terra Classic (LUNC) and USTC. Here’s the Significance

LUNC Spikes by Over 53%

A closer look at the LUNC/ USDT chart on Binance showed that the digital asset has been on a steady uptrend since December, although there have been several bumps on the way, masterminded by the bears. Accordingly, LUNC has recorded a 53.2% price increase in the past seven weeks. 

It bears noting that LUNC fell to as low as $0.000121 on December 16 as the FTX contagion continued to spread across the entire cryptocurrency market. However, LUNC has gained massively since then, overcoming every resistance to claim the $0.0001842 high at the time of writing. More so, LUNC reached a high of $0.000211 on February 3 before the bears dragged the price down. 

But it is predicted that LUNC would stage another rally as the token community members and other projects remain focused on reducing the hyperinflated initial total supply of Terra Classic (6.9T) to 10 billion units only.

In the past eight days alone, more than 411 million LUNC was burned, taking the total number of LUNC burned to approximately 38.7 billion and counting.

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