Despite the Terra Classic community voting against creating a new independent website, the LUNC token saw a significant price increase. This rally is likely due to positive news from Terraform Labs’ bankruptcy proceedings, such as a token burn and the reopening of a key bridge.
While Terra Classic is performing well now, there’s uncertainty about future price movements, with some signs suggesting a possible correction ahead.
Terra Classic Community Rejects New Website Proposal, LUNC Token Surges
The Terra Classic community recently voted on a proposal to create an independent website similar to Bitcoin.org. The site was intended to enhance community cohesion through design processes and concept workshops. However, the proposal garnered minimal support: only 4% of votes were in favor, over 21% were against, and a significant 63% vetoed the idea, with 12% abstaining.
Despite the proposal’s rejection, the LUNC token experienced a surprising rally, rising by about 5%. This increase reflects the resilience of the Terra ecosystem and is likely driven by recent positive developments from Terraform Labs. Currently, LUNC has risen by 4.65% to $0.00009108, peaking at $0.00009153 in the past 24 hours, and has gained nearly 30% over the past week, showing strong market interest.
Similarly, USTC saw a 4% increase to $0.02047, with a notable 60% surge in one-day trading volume, indicating significant trading activity.
Data from Santiment highlighted that the LUNC bull rally positively impacted its social metrics, with a rise in Social Volume reflecting growing interest.
Additionally, Binance’s involvement in LUNC burns has contributed to this positive momentum. Despite these encouraging signs, the Weighted Sentiment remains negative, indicating ongoing bearish sentiments in the market.
LUNC Tests Resistance Amid Mixed Signals and Positive Updates
Terra Classic (LUNC) is currently testing a crucial resistance level that it must surpass to maintain its rally. The MACD indicator shows a bullish trend, suggesting positive momentum, while the RSI’s slight decline indicates potential challenges ahead. Additionally, significant liquidations at the $0.000086 level hint at a possible price correction, which might lead to a consolidation phase.
The recent rally in LUNC’s price is closely tied to developments in Terraform Labs’ (TFL) Chapter 11 bankruptcy proceedings. A recent court order has allowed the reopening of the shuttle bridge and authorized a major burn of 150 million LUNA. These updates have sparked renewed interest and optimism within the Terra Classic community.
The reopening of the shuttle bridge is a key development, enabling the movement of large amounts of LUNC and USTC. The bridge currently holds 275.7 billion LUNC and 178.4 million USTC. The community plans to keep the bridge open for one month; any funds not withdrawn during this time will be burned, potentially reducing the circulating supply and increasing the token’s value.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
