#AIAndGameFiBoom Terra Luna Classic, the remnant of the collapsed Terra network, climbed to $0.000129 this week, marking its highest point since March this year.
Some crypto analysts believe the token has more room to grow, especially if the crypto bull run gains momentum.
In a recent post, Miles Deutscher, a popular analyst on X, noted that he was long LUNA and $LUNC
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He cited reasons such as LUNC’s continued listing on Binance, strong bullish charts, and its meme appeal.
Another potential catalyst for Terra Luna Classic is the ongoing token burn, reducing supply and increasing the value of the remaining tokens. According to LUNC Metrics, the network burned 1.34 billion tokens in the last seven days.
The network has now burned over 390 billion tokens, leaving a circulating supply of 6.51 trillion. A significant burn occurred earlier this month when Terraform Labs burned 251 billion tokens as part of a bankruptcy requirement.
The LUNC staking ratio has also risen from its 2022 lows, now approaching 16%, indicating that many investors are holding onto the token for the long term.