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Story Highlights
Terra Classic's token value surged 2% after Proposal 12071 was approved.
The price of LUNC has shown resilience and is expected to continue consolidating with the potential for a breakout to $0.0002.
LUNC staking has surged above 1 trillion, reflecting increased investor confidence in the project's growth.
Excitement is brewing in the Terra Classic community with a notable 2% surge in its token value. This surge comes on the heels of the approval of Proposal 12071, making waves in the past 24 hours as LUNC climbed 2% to $0.000121, and USTC jumped over 2% to $0.03.
The proposal introduces a 1 million LUNC initial deposit for new proposals, aiming to enhance Terra Luna Classic governance.
#LUNC Proposal 12071
Set the Minimum Initial Deposit to 1M LUNC
Luna Classic Labs votes – YES
Comment:
"Deposit" is a place in the Governance system that is full of spam. For that reason, I don't go there at all and I don't pay any attention to proposals in the deposit phase. I… pic.twitter.com/Z0ALyLPgpa— 🧠 LunaClassicLabs.com – 0% Fee LUNC Validator (@LunaClassicLabs) February 21, 2024
The 1 Million LUNC Initiative
To improve governance dynamics, Proposal 12071 suggests a 1 million LUNC initial deposit for new proposals. This strategic move targets spam reduction and better decision-making by enhancing proposal quality. The overwhelming 89% community vote in favor of the proposal reflects a mature ecosystem valuing substance in governance conversations.
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Additionally, Proposal 12071 aligns with recent project upgrades, including staking mechanisms and token burn programs, showcasing a proactive approach to strengthening the Terra Luna Classic network.
LUNC On the Move!
Technically, Terra Classic’s price has shown resilience, finding support at $0.000118 with backing from the 200-day Exponential Moving Average (EMA). While facing resistance at $0.0001236, marked by the convergence of the 20-day EMA and the 50-day EMA, the overall trajectory remains positive. Sustaining above the green support band is crucial for maintaining upward momentum, with potential resistance expected at $0.00014.
Promising Outlook
Looking forward, Terra Classic’s outlook is optimistic. Developers and the community are actively working on initiatives to improve network efficiency and functionality. The recent Binance LUNC burn and ongoing efforts to refine tokenomics express confidence in the project’s growth. Analysts predict continued consolidation in Terra Classic’s price, with the potential for a breakout to $0.0002 as the network solidifies its position, attracting increased investment interest.
LUNC Market Update: Short Liquidations Spike
In current market dynamics, short liquidations in the LUNC market have spiked, reflecting increased trading activity and a prevailing bullish sentiment. Investors anticipate a strong recovery post recent market corrections. LUNC staking has surged above 1 trillion, a significant rise from the dip in December and January when it dropped to nearly 950 billion.
Presently, the staked supply stands at over 1.027 trillion LUNC, steadily increasing throughout the week, with the staking ratio reaching an impressive 15.09%.
In the bigger picture, LUNC staking plays a pivotal role for validators and the project. Users can lock their assets with a validator to earn rewards, ensuring a secure and efficient network while actively involving the community in the project’s growth.
The message is simple: start saving those coins now as Terra Luna Classic continues to evolve, promising exciting developments ahead.
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