As the community prepares updates and functionality, Terra Classic (LUNC) will increase in price.
LUNC fell below $0.00015 after FTX failed. As LUNC is staked and burned, the price is improving.
December will see a significant increase in the price of Terra Classic. Developers, validators, and projects have already begun to make numerous recommendations as the community gets ready for the impending changes and price surges. The failure of the cryptocurrency exchange FTX caused the price of LUNC to plunge below $0.00015. However, the price is already showing indications of improvement as LUNC staked and burnt expands quickly.
The Terra Classic Community Gets Ready for a Major LUNC Price Increase
Terra Rebels have released the v23 update after successfully launching the Terra Classic v22 upgrade that permitted governance changes, staking, and burn. The upgrade intends to enable inter-blockchain communication (IBC) once again between the Terra Classic ecosystem and the Cosmos blockchain. To avoid money loss, the IBC channels were shut down during the UST depeg.
Edward Kim, a core developer for Terra Rebels, warned the community that with the v23 upgrade, which includes the CosmWasm upgrade, there would be a noticeable increase in the amount of projects being built on the network. In fact, 9 hours after it was submitted, Edward Kim's Proposal 10950 to re-enable three IBC channels for the chains Osmosis, Crescent, and Juno based in Cosmos reached the "pass threshold" with 100% support.
On December 5, the developers anticipate reopening the IBC channels at block 10,542,500. With the majority of the assets locked on Osmosis, this allowed imprisoned assets to move through the channels. It won't go into effect, though, until the v23 network update rollout.
Additionally, the first project has been submitted by Edward Kim, programme director of Terra Grants Foundation (TGF), with Proposal 10946. In order to encourage participation in the Terra Classic revival from May to October, it intends to reserve 750 million LUNC tokens for developers, projects, validators, and community members.
The network and validator level upgrades will assist increase LUNC price and restore utility. The community anticipates that Binance will begin burning LUNC tokens on December 2 after switching to a monthly burn mechanism, burning at least 20–25 billion tokens. 13.712 billion LUNC tokens have been burned by Binance so far.
Classic Terra Staked and Burned
With nearly 13% of the LUNC supply pledged by the Terra Classic community, there are now 896.06 billion LUNC tokens available. Additionally, the total number of LUNC tokens burned has reached 28.434 billion, with a daily burn rate of more than 402 million tokens.
The price of Terra Classic (LUNC) is currently $0.0001637, up about 2.7% in the previous day. The 24-hour low and high, according to CoinGabbar, are $0.0001594 and $0.0001664, respectively.