Binance Boosts Terra Classic (LUNC) with Upgrade Support: Is $0.0001 Within Reach?

Bombolo | News and Media

In a surprising turn of events, Terra Classic (LUNC), a cryptocurrency that has faced significant price fluctuations in recent months, experienced a sudden and noteworthy rebound. This surge in LUNC's price came after Binance, the world's largest crypto exchange, announced its support for the Terra network upgrade. The upgrade, set to occur at the Terra block height of 5,994,365, is expected to take place around July 18, 2023, at 13:00 (UTC). In light of this development, Binance plans to temporarily suspend Terra deposits and withdrawals on July 18 until the upgraded network is deemed stable.

Also Read: Token Recovery and the Journey to $1: Terra Luna Classic L1TF's Ambitious Plan Unveiled

LUNC Soars Among Top Gainers

On July 17, LUNC witnessed a remarkable spike of nearly 5%, positioning it as the fourth best-performing crypto asset in terms of 24-hour price gains. This surge placed LUNC behind other notable gainers like 1inch Network (1INCH), Basic Attention Token (BAT), and Algorand ($ALGO). As of the time of writing, LUNC was trading at $0.000096, reflecting a 4.75% increase over the last 24 hours. Over the past week, the cryptocurrency has gained more than 17%, resulting in an additional $50 million in market cap during that period. However, it is important to note that LUNC still remains in negative territory year-to-date, with a decline of almost 35%.

Factors Driving LUNC's Rise

The recent surge in LUNC's price can be attributed to several factors. Binance CEO Changpeng Zhao's announcement about the exchange's substantial investment of $3 million in Terra back in 2018, with their LUNC holdings remaining untouched since then, has instilled optimism among Terra Luna Classic enthusiasts. This news has encouraged the community to revitalize interest in the embattled crypto token.

Moreover, the Terra Classic core developer team Joint L1 Task Force (L1TF) provided an update for Q2 2023 and unveiled new plans for Q3. These plans involve focusing on reducing the circulating supply of LUNC and stablecoin TerraClassicUSD ($USTC) by reinstating the validators-led LUNC burning process. This reduction in supply could potentially lead to an increased interest in the token, thereby driving its price higher.

Also Read: Reviving LUNC: Terra Luna Classic Community Pool, Quant-Binance USTC Talks, and Coinbase Listing

Future Outlook for LUNC

If the efforts to decrease the circulating supply of LUNC prove successful, it is likely to generate further interest in the asset. As a result, LUNC's current gains may extend, with the target price of $0.0001 becoming increasingly attainable.

The announcement of Binance's support for the Terra network upgrade has sparked a significant surge in the price of Terra Classic (LUNC). This unexpected rebound comes after a period of price fluctuations for the cryptocurrency. The commitment shown by Binance, along with the developers' plans to reduce the circulating supply, has generated renewed optimism among LUNC enthusiasts. As the upgrade progresses and market dynamics evolve, it will be interesting to observe how LUNC's price and market cap continue to respond.

Also Read: Is Terra Luna Classic (LUNC) the Top Performing Coin of the Day? Price Prediction and Buying Opportunities

FAQs

1. What is the significance of the Terra network upgrade?

The Terra network upgrade, supported by Binance, aims to improve the overall functionality and stability of the Terra blockchain, which has a direct impact on Terra Classic (LUNC) and other related tokens.

2. How did Binance's announcement affect LUNC's price?

Binance's announcement of supporting the Terra network upgrade generated optimism among the LUNC community, resulting in a notable increase in LUNC's price.

3. What are the plans for reducing LUNC's circulating supply?

The Terra Classic core developer team, Joint L1 Task Force (L1TF), plans to reinstate the validators-led LUNC burning process, which will help decrease the circulating supply of LUNC and potentially contribute to a rise in its price.

4. How has LUNC performed in recent times?

LUNC has experienced significant price fluctuations and volatility, but the recent surge indicates a positive trend for the cryptocurrency.

5. What is the future outlook for LUNC?

If the efforts to decrease the circulating supply of LUNC are successful, it is expected that LUNC's price will continue to rise, potentially reaching the target price of $0.0001.