The Terra Classic community has taken a decisive step towards improving governance by implementing Proposal 12071. This measure requires a 1 million LUNC deposit from anyone introducing new proposals, aiming to combat spam and incentivize high-quality proposals.
This development, coupled with recent strides like staking and the token burn program, has instilled renewed optimism within the community, leading to a 2% price increase for Terra Classic (LUNC).
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Proposal 12071: Curbing Spam, Boosting Quality
Coined “12071,” the new proposal mandates a 1 million LUNC deposit from individuals seeking to introduce new governance ideas. This hefty deposit is a “skin-in-the-game” mechanism, ensuring proposals hold genuine value and deterring frivolous submissions.
The community overwhelmingly endorsed the proposal, with 89% voting in favor. This signifies a collective desire for well-constructed, community-driven initiatives that propel the project forward.
Technical Outlook: Navigating Support and Resistance
Following the mid-week market volatility, Terra Classic (LUNC) found support around the $0.000118 level, bolstered by the 200-day EMA (represented by the green band).
Buoyed by the vibrant community and positive developments, LUNC attempted to break above the former ascending trend line, now acting as resistance. However, it encountered another hurdle at $0.0001236, where the 20-day and 50-day EMAs converge.
Maintaining support above the green band is crucial for LUNC’s upward momentum. If successful, this could attract further investment and push the price beyond the trend line and the red resistance zone of $0.00014. Notably, the Q4 2023 rally saw LUNC reach $0.00028, reflecting the potential impact of positive ecosystem developments.
Beyond Price: A Broader Vision for LUNC’s Future
While the price action is significant, it’s essential to recognize the broader vision fueling the Terra Classic community
Developers and community members are diligently working on enhancing network efficiency and utility, ultimately aiming to restore LUNC and its algorithmic stablecoin counterpart, USTC, to their former glory.
This dedication to rebuilding a robust ecosystem paves the way for sustainable growth beyond short-term price fluctuations.
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Predicting future price movements remains inherently challenging. However, the confluence of positive developments – including Proposal 12071, the staking mechanism, the token burn program, and a dedicated community – creates a fertile ground for potential growth in 2024.
Whether this translates into a full-blown bull run will depend on several factors, including broader market trends, successful implementation of planned initiatives, and continued community engagement.
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