LUNA Price Rally: Can Terra Classic Bulls Sustain Momentum Post Upgrade?

Terra Classic

The LUNC community has given the green light to the Terra Luna Classic v2.3.0 upgrade proposal through governance voting. This update, incorporating Terrad client v2.3.0, introduces a dynamic validator commission system, known as the dyncomm module.

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This module calculates the minimum commission for validators based on their voting power, bringing an innovative feature to the LUNC ecosystem. The proposal received strong support from the community, with a 93% “Yes” vote and a 7% “Abstain” vote, showcasing near-unanimous approval.

Notably, 58 out of 60 participating validators, including prominent ones like Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, and TerraCVita, voted in favor of the proposal. The implementation is scheduled for block 15493370, expected around 11:18:44 UTC on November 20.

LUNC Price Analysis

Terra Luna Classic (LUNC) is currently trading at $0.000077, reflecting a 0.34% increase in the last 24 hours. However, the token has experienced an 8.47% decline over the past week. Notably, LUNC witnessed a significant 45% surge recently, attributed to a community-driven measure aimed at controlling the minting of USTC (the stablecoin of the Terra Classic ecosystem).

This measure is part of ongoing efforts to restore USTC to its $1 peg and elevate LUNC’s standing in the crypto market. The community’s decision to halt the minting of new USTC tokens resulted in a remarkable surge, nearly eliminating a zero from LUNC’s price. Despite the week-long dip, LUNC has shown resilience, boasting an impressive 40% gain over the last month. Investors are now closely watching whether the governance measures can sustain positive momentum for Terra Luna Classic in the volatile crypto landscape.

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LUNC’s Path to All-Time High: Community Initiatives and AI Predictions

In a concerted effort to restore stability to the Terra Classic ecosystem, the community has introduced another impactful measure: burning 50% of USTC trading fees on Binance, the world’s largest cryptocurrency exchange. The aspiration is that this move on Binance will set a precedent, prompting other exchanges to follow suit and burn USTC trading fees. While the effects of these proposals on LUNC’s price may take some time to materialize, the community is optimistic about the long-term impact.

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Amidst these developments, there’s heightened anticipation within the community about whether these measures can propel LUNC to surpass its all-time high.

CoinCodex, a prominent platform tracking a vast array of cryptocurrencies, recently utilized its machine learning algorithm to provide insights into this question. Despite not foreseeing an immediate return to the all-time high, the AI prediction tool from CoinCodex offers bullish forecasts for LUNC over the coming years.

Investors and enthusiasts are keenly observing how these community-driven initiatives and AI projections will shape the trajectory of LUNC in the crypto market.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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