Terra Luna Classic (LUNC): 3 Reasons LUNC Price Could Reach $1 After Bitcoin Halving
Despite going through difficult times recently, Terra Classic (LUNC) seems to be coming back to life, especially with the cryptocurrency markets all showing signs of strength. The fact that it’s no longer plummeting suggests that Terra Classic is preparing to get on a good note after its struggles. So, take a look at the three most important reasons why. away price Will BTC reach $1 after halving? Let’s check it out!
How has the LUNC price moved recently?
As of today, Terra Classic’s price is $0.000141, with trading volume of $140.56 million over the last 24 hours. The market capitalization is $816.35 million and the market dominance is 0.04%. Over the past day, LUNC price has fallen -1.46%.
Terra Classic reached a high of $119.01 on April 5, 2022. The lowest price was recorded on May 13, 2022, when it dropped to an all-time low of $0.00001651. Since then, the lowest price since the last all-time high is $0.00001651 (cycle low), and the highest price since the last cycle low is $0.000590 (cycle high). Currently, the sentiment regarding Terra Classic’s price prediction is bearish, and the fear-greed index is 80, indicating extreme greed.
Out of a peak supply of 6.88 trillion LUNC, Terra Classic’s current circulating supply is 5.78 trillion LUNC.
3 Reasons LUNC Price Could Reach $1 After Bitcoin Halving
Reason 1
The token burn program reached a huge milestone by burning over 100 billion LUNC. The Terra Luna Classic team has embarked on a mission to reduce the token supply with the goal of increasing the value of the token and securing a better position in the market.
A huge thank you to Binance, the cryptocurrency exchange that did a great job in not only hosting so many trading pairs but also contributing to the token burn. They burned a whopping 51% of all LUNC in flames.
Mark March 1st on your calendar. Because that is when the next Binance LUNC token burn will occur. This is the next step after achieving the huge milestone of 100 billion. And Binance isn’t the only one getting in on the action. We have our entire staff participating, including validators, other cryptocurrency friends, and people from our community.
Last time, Binance decommissioned 2 billion LUNC in the 18th batch, which caused the price to rise slightly. With sentiments looking much better thanks to a solid rally in late February, Terra Luna Classic may spark another rally and reach $0.0002 in early March.
Reason 2
Guess what? The Terra Luna Classic team did a great job! They finally crossed the finish line on their second attempt, getting Proposal 12073. This time, on February 19th, the voting window was opened until February 26th with a proposal to ‘burn 800 million USTC through contract migration’.
Here’s the scoop from ATOMScan: Only 40.90% of validators participated in the proposal. Another 7.32% didn’t feel it, 43.96% decided to stay out of the voting game, and 7.82% were all about the “no veto” life.
Here’s the key: Allnodes, the giants behind the Terra Luna Classic team, decided to solve this problem. But an eagle-eyed community member spotted it and took the opportunity to rally the troops, encouraging everyone to give the suggestion a thumbs up.
With Proposition 12073 in the bag, the Terra Luna Classic gang got approval to torch about $32 million in USTC. This amounts to approximately 800 million USTC directly in the Risk Harbor multi-signature wallet. And get this: the price of USTC soared 25% immediately after the vote was held and the deal went through. This could cause the LUNC price to rise further.
Reason 3
Upcoming Bitcoin Halving Event? This is similar to the basic story of cryptocurrency price dynamics. Now let’s take a look at what the BTC halving means for Terra Classic (LUNC). Historically, whenever Bitcoin undergoes a halving, scarcity tends to push the price to new heights. As institutional adoption of Bitcoin increases, the upcoming halving has the potential to significantly change the landscape of the entire cryptocurrency space, and LUNC stands to benefit. Essentially, it symbolizes a rising tide that increases the fortunes of all cryptocurrencies.
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