Can $100 in Terra Classic Make You a Millionaire If This LUNC Burn Forecast Happens?
Terra Luna Classic (LUNC) bulls are fighting back against building sell pressure on Monday, with the cryptocurrency last up around 1.5% on the day in the $0.000089 area and up close to 15% from the fresh yearly lows printed over the weekend in the $0.000077 area.
LUNC may continue to face elevated sell pressure in wake of 1) poor sentiment in the broader crypto market in wake of the SEC’s recent action against Binance and Coinbase and 2) LUNC’s recent strong rejection of key long-term resistance in the $0.0001150 area.
But recent positive fundamental developments relating to the project could help stem some of this sell pressure in the weeks and months ahead.
The Terra Luna Classic community just passed a proposal designed to bring the blockchain’s failed stablecoin USTC, which depegged to the US dollar last May, back to its 1:1 dollar peg.
The Joint L1 Task Force, who are the core development team behind the maintenance and improvement of the Terra Classic blockchain, are now preparing for the upgrade and will be simulating possible USTC repeg and depeg events.
If the team can successfully bring USTC sustainably back to $1 and command the broader crypto community’s trust that, this time, there won’t be another depeg, then that could substantially boost demand for LUNC.
As the Joint L1 Task Force takes steps to bring USTC back to $1, the Terra Classic community also continues to burn LUNC tokens in a bid to reduce the excessively high token supply.
As per LUNCmetrics.com, a total of 63.25 billion LUNC tokens have now been burnt, with Binance accounting for over half of this.
That’s about 1% of the total LUNC circulating supply of currently around 5.84 trillion.
But many members of the LUNC army are holding out hope that LUNC can
Read more on cryptonews.com
