As the crypto market continues to suffer from the outcome of the Wednesday FOMC meeting where the Feds raised interest rates by 50 BPS to the 4.25% – 4.5% range, several crypto assets including Bitcoin (BTC) and Terra Classic (LUNC) have plummeted extensively.
Amid the current indications that LUNC could retrace further in tandem with the general crypto market movement, ClassyCrypto, a popular crypto influencer and validator on the Terra Classic network pinpointed some key actions that if taken, could cause the embattled LUNC asset to rally instead. As earlier reported, Classy speculated that LUNC could hit $0.001 in the near term.
How to Pump LUNC
According to Classy, the native currency of the Terra Classic blockchain, LUNC could begin to move upwards in price if proposals related to Terra Classic burn tax changes, as well as non-Terra assets belonging to the community, are lessened.
It is worth noting that several debates and conflicts have been recorded in the Terra Classic community following the discovery of the then $4.16 million worth of non-Terra assets held in an Ethereum multisig wallet.
Related: Terra Classic Developers in Fresh Dispute Over Off-Chain Assets Worth Millions of Dollars: Details
These disputes have resulted in the creation of factions in the LUNC community which has in turn constrained the growth of the project. Classy, who has always urged the community to stay united, believes that reduced proposals in this regard could help LUNC to pump.
Likewise, there have been increasing arguments regarding the LUNC tax burn on the Terra Classic network. Initially, the LUNC tax was kept at 1.2% but was later changed to 0.2%. While some think that a higher tax would help incinerate more LUNC, CZ Binance maintains that a 0.2% tax is more helpful in reducing the hyper-inflated LUNC supply.
Secondly, ClassyCrypto noted that for LUNC to pump, more investments have to come from individuals and corporations. For this to happen, the pseudonymous LUNC validator stressed the need to hold more Twitter Spaces with healthy dialogue in the Terra Classic community. He believes that the effective communication of future development plans could trigger more investors to bet on LUNC.
Thirdly, he noted that the key development groups in the community including Terra Rebels and TerraCVita should aim at securing venture capital funding from interested private organizations to enhance the development of the Terra Classic blockchain. Classy believes that more developments in the community could give LUNC a bullish sentiment.
Read Also: Could Terra Classic (LUNC) Reach $1 in the Next Bull Market, Analysis Shows It’s Likely: Details
Lastly, ClassyCrypto mentioned that the re-pegging of TerraClassicUSD (USTC) and achieving V23 parity has the potential to put LUNC in an uptrend. Recall that USTC, formerly represented with the ticker UST, de-pegged in May which led to the meltdown of Do Kwon’s Terra blockchain.
On the whole, the four strategies ClassyCrypto believes could help revitalize Terra Classic (LUNC) include:
- fewer proposals about burn tax changes/ wallets with off-chain assets.
- More spaces with healthy dialogue to increase LUNC investor morale.
- Securing VC funding on private organizations for development on our chain.
- Re-peg USTC & V23 Parity.
How to pump $LUNC :
Less proposals about burn tax changes/wallets with off chain assets.
More spaces with healthy dialogue to increase #LUNC investor morale.
Securing VC funding on private organizations for development on our chain.
Re-peg $USTC & V23 Parity.
— Classy 👾 (@ClassyCrypto_) December 15, 2022
Follow us on Twitter, Facebook, Telegram, and Google News
