Notwithstanding having a difficult time recently, Terra Classic (LUNC) is by all accounts getting steam once more, particularly with the crypto market getting all bullish. The way it’s not plunging intensely any longer gives a clue that perhaps, Terra Classic is preparing for a soar after its battles. Below are a few factors that could help Terra Claassic reach $1 after Bitcoin Halving.
The Previous Price Chart Of LUNC
As of today, the price of Terra Classic is at $0.000141, with a trading volume of $140.56 million throughout recent hours. Its market cap remains at $816.35 million, with a market strength of 0.04%. For the past day, the price of LUNC came down by -1.46%.
Terra Classic hit its highest recorded price on April 5, 2022, arriving at an all-time high of $119.01. Its most lowest price was recorded on May 13, 2022, plunging to an all-time low of $0.00001651. From that point forward, the lowest price it has seen since its record-breaking high is $0.00001651 (cycle low), while its highest price since the last cycle low was $0.000590 (cycle high). At present, the sentiment for Terra Classic’s price prediction is bearish, and the Fear and Greed Index is at 80, showing extreme greed.
Out of a maximum supply of 6.88 trillion LUNC, the circulating supply of the coin is right now 5.78 trillion LUNC.
Read Also: Terra Classic Community Burns 800 Million USTC in Landmark Decision
Factors That Could Trigger LUNC Price To $1 After Bitcoin Halving
First Factor
The token burn program just hit an enormous achievement, burning more than 100 billion LUNC. The Terra Classic team set out, determined to reduce the supply of the token, which will result in giving it a boost in value and a superior spot on the market.
Binance needs to be celebrated for facilitating a lot of exchanging matches as well as being the big dog and contributing to the token burn. They’ve charred an astounding 51% of all the LUNC that was burned.
The next Binance LUNC token burn will be happening today. This is the next move after hitting that enormous 100 billion achievement. What’s more, is that it’s not only Binance on this activity; there is an entire team contributing, including validators, other crypto buddies, and people from the Terra Classic Community.
Binance put 2 billion LUNC out of commission in the 18th batch, and there was a little increase in price as a result of it. With the state of mind improving, because of a strong rally toward the end of February, Terra Classic may ignite another rally, which could possibly hit $0.0002 at the beginning of March.
Second Factor
BREAKING 🚨
Allnodes VOTES ABSTAIN to prop 12073
We need all the YES votes we can get from all the other validators who have not voted yet. LETS BURN 800M #USTC 🔥@frag_dude @VegasMorph @MrDiamondhandz1 @RexYellerBelly @TerraWorld #LUNC ✨ #HaileyLUNC ✨ #USTC ✨ pic.twitter.com/9FndCpPhhZ
— Engin Yildiz (@engin301980) February 26, 2024
Also, The Terra Classic team posse pulled off something marvelous! They at long last got proposal 12073 across the end goal on their second attempt. This time, they raised the Proposition to “Burn 800M USTC Through Contract Migration“ on February 19 and kept the voting window open until February 26.
Here’s the scoop from ATOMScan: just 40.90% of the validators were on board with the proposal. Another 7.32% weren’t feeling it, while 43.96% chose to avoid the voting game, and 7.82% were about that “No With Veto” life.
Here is the kicker: Allnodes, a hotshot in the Terra Classic team, chose to sit this one out. but a sharp-eyed community member saw it and made a move to get everyone excited by encouraging everybody to give the proposal a thumbs up.
With proposal 12073 taken care of, the Terra Classic team receives the green light to touch $32 million USTC, which amounts to around 800 million USTC, directly from the Risk Harbor multisig wallet. What’s more: USTC’s price shot up by 25% just after the votes came in and sealed the deal. This could be another factor to drive the price of the LUNC.
Read Also: Terra Coins Poised for Bullish Run as Crypto Market Recovers
Third Factor
The forthcoming Bitcoin halving event? It’s likened to the primary story for crypto price dynamics. At this point, we will dig into the implication for Terra Classic (LUNC) following BTC’s halving. with reference to historical context, at whatever point Bitcoin goes through a halving, its shortage will in general impel price to be higher than ever. Given the rising institutional reception of Bitcoin, the upcoming halving holds the possibility to fundamentally reshape the scene of the whole digital currency circle, with LUNC benefiting from it as well. Fundamentally, it represents a rising tide that lifts the fortunes of all cryptocurrencies.
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