Although Terra Classic (LUNC) might be struggling to regain its lost glory among top crypto assets, it could still turn things around before the end of the year.
Last year was abysmal for Terra Classic (LUNC), as it struggled to remain afloat amidst its not-too-good market outlook.
According to the Terra Classic (LUNC) market statistics on Coincodex, the digital asset was nowhere to be found in the ratings for the top 50 cryptocurrencies. Its price has been changing hands at about $0.000105, reflecting a 2% increase in the past 24 hours.
Going further, the crypto assets price tracking site revealed that LUNC is dealing with high volatility, pegged at approximately 11.18%. Also, sentiment on the token remains bearish, while the “Fear and Greed Index” is at 60.
Terra Classic (LUNC) needs time to gather momentum that will see it reclaim its glory days. Nonetheless, this year just started, and it appears to be setting in a breath of fresh air for most crypto assets, including LUNC.
Will Terra Classic (LUNC) exceed expectations? Find out. The subsequent part of this insight will expose why LUNC to $0.01 appears poised to play out this year.
Bitcoin Halving Event
While there is no guarantee that the Bitcoin (BTC) halving event will drive Terra Classic (LUNC) price appreciation, it is worth noting that the event is renowned for having significant impacts on the entire crypto market.
As the biggest crypto asset, the halving event will reduce Bitcoin circulating supply, thereby inducing scarcity with increased demand that will ultimately skyrocket BTC prices, including altcoins like LUNC.
Whether halving aids LUNC price appreciation depends mainly on the Terra Classic development team’s effort to improve the struggling ecosystem with promising innovations.
Terra Classic (LUNC) Burn Campaign
Having recognized the need to significantly cut the LUNC supply pool, the Terra Classic development team has maintained a sustained burn campaign, which would be effective in the long run.
According to a previous publication, Binance, the largest exchange by trading volume, completed its 18th batch of LUNC tokens incineration, removing about 2.1 billion coins.
Binance’s latest burn escapade propelled the total incinerated LUNC tokens above 98 billion, which suggests that a 100 billion LUNC incarceration milestone is around the corner.
Terra Classic (LUNC) Market Statistics
Aside from its relatively fair market cap of about $634.8 million, LUNC also boasts high volatility, liquidity, and a substantial deflationary trajectory. This implies a controlled token supply.
The features described above place Terra Classic (LUNC) in a favorable position for a potential surge to the highly speculated $0.01 price mark.
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Terra Classic Development Team Efforts
While the Terra Classic development team contributions seem to revolve around LUNC burn campaigns, it is pertinent to note that the squad is also expanding the coin’s ecosystem with exciting components via several proposals to attract more users.
Some inviting features on the Terra Classic platform include “Enterprise and Foundation,” the option to pay gas fees via USDC and axlUSDC, maintaining LUNA to serve as Terra’s optimal fee token, etc.
The above initiatives are aimed at ensuring a better user experience with ease. Similar interesting features will roll out during the year to bring more users.