The price of Terra Classic (LUNC) has been a topic of concern for investors since its significant drop from its peak of $119 in April 2022. Recent developments, such as the ongoing token burn program and the upcoming Bitcoin halving event, have sparked discussions about the potential for the LUNC price to rise once again.
Presently, Terra Classic (LUNC) is trading at around $0.0001563 with a market capitalization of $896.32 million. Despite the prevailing bearish sentiment, the Fear & Greed Index stands at 85, indicating extreme greed among investors.
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Although analysts have cautioned that past performance may not always predict future outcomes, we have written out three developments that could send Terra Classic (LUNC) to $0.01 after the anticipated Bitcoin halving event.
1. Token Burn Program Gains Traction: A significant factor influencing LUNC’s path is the continuous token burn program led by the Terra Classic community to decrease supply and potentially enhance the value of remaining tokens. With over 100 billion LUNC already burned, notably with Binance contributing over 51%, this initiative aims to shape LUNC’s value positively.
The upcoming burning event on March 1, 2024, underscores the community’s dedication to this program. While past burns have shown temporary price spikes, analysts stress that external market dynamics heavily influence price movements, making long-term forecasts challenging.
2. Proposal 12073 Approved: Potential Impact on USTC and LUNC: The recent approval of Proposal 12073 permits the burning of 800 million USTC from the Risk Harbor multisig wallet, potentially affecting both USTC and LUNC.
Following approval, USTC saw a 25% price surge. While a direct link between USTC and LUNC isn’t guaranteed, a thriving USTC could indirectly benefit LUNC. Nevertheless, experts advise caution due to uncertainties surrounding this proposal’s long-term implications on LUNC’s price.
3. Bitcoin Halving: Potential Market Catalyst: The upcoming Bitcoin halving in 2024 is a pivotal event known to impact the broader cryptocurrency market. As Bitcoin supply decreases, scarcity typically drives its price higher, historically benefiting other cryptocurrencies like LUNC.
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Read Also: Google Bard Predicts Terra Classic (LUNC) Price After Bitcoin Halving
However, analysts stress that any potential impact of the Bitcoin halving on LUNC is speculative and contingent on factors such as market conditions, adoption rates, and broader economic trends.
While these factors provide reasons for optimism regarding LUNC’s price trajectory, achieving $0.01 after Bitcoin halving remains a formidable challenge.
Analysts stress thorough research, cautious consideration of past performance, and avoiding investment decisions based solely on speculation or hype as essential practices in navigating the evolving cryptocurrency market responsibly.
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