Can LUNC Price Surge To $0.001? Will December Be a Game Changer? Here’s What’s in Store

The post Can LUNC Price Surge To $0.001? Will December Be a Game Changer? Here’s What’s in Store appeared first on Coinpedia Fintech News

The community is now predicting an increase in the price of LUNC since the Terra Classic network is due to reopen an essential part of its ecosystem on December 6. Amid the hush-hush, a significant cryptocurrency influencer has predicted an incoming bullish wave for LUNC. Classy Crypto has said that the coin may rise to $0.001, but the details of when, why, and how were not shared by him. 

My own personal opinion on $LUNC is…#LUNC to $0.001.

NFA.

— Classy (@ClassyCrypto_) December 4, 2022

However, looking at the improvements and modifications, the price of Terra Classic is projected to experience a significant surge in December. The v23 upgrade, which includes the CosmWasm upgrade, will be implemented by the developers. Additionally, on December 5 at block 10,542,500, they will re-enable inter-blockchain communication (IBC) with Cosmos blockchains.

A reminder that tomorrow IBC channel is being reopened. It will require additional governance proposals for client updates. pic.twitter.com/MWcV7YNr3r

— reXx (@reXxTerraRebels) December 5, 2022

Terra’s Burn Mechanism a Boon or Bane

The Terra Classic community wants to burn massive LUNC tokens to cut down on the supply in circulation and raise the price to higher levels. After Terra Rebels increased the burn rate by deploying the v22 update, which eventually resulted in the introduction of staking and the 1.2% burn tax, the community burned about 29 billion LUNC tokens in the last few months.

In October, Binance burned about 13.712 billion LUNC tokens as a result of trading commissions on LUNC spot and margin trading pairs. On October 31, the cryptocurrency exchange burnt 1.26 billion Terra Classic (LUNC) tokens in the fifth batch and more than 5.5 billion Terra Classic (LUNC) tokens in the first.

Following the community’s adoption of Proposal 5234, which cut the LUNC burn tax to 0.2% and redirected 10% to support ecosystem development and contributors in Terra Classic, the burn rate decreased. Developers are against modifying the tax burn parameter once again because it might have an effect on restoring utility to the chain.