With its current price of $0.00009923, Terra Luna Classic has gained as much as 30% today and 10% over the last 24 hours.
As the Terra Luna Classic community starts to vote on a new proposal to raise the network’s burn rate back to 1.5%, LUNC is also up by 12% in a week.
If approved, this would significantly reduce the supply of LUNC, and when combined with other recent ideas for re-pegging USTC to $1, it would help the altcoin restore a large portion of the value it lost in May 2022.
The recovery process may take several months or possibly years because there isn’t a universal agreement within the Terra Luna Classic community on reestablishing LUNC’s status.
As LUNC soars up 30%, what will the Terra Luna Classic price be? Will LUNC eventually reach $1?
The alternative cryptocurrency’s relative strength index (purple) has declined significantly from over 80 over the weekend to over 40 today, indicating a sharp decline in momentum and buyer demand.
The indicator is also likely to start sliding towards — and maybe below — LUNC’s 200-day moving average, as its 30-day moving average (yellow) has now flattened out after increasing over a previous couple of days.
As LUNC is expected to test $0.000095 in the coming hours, observing how the support level responds will be fascinating.
It can reclaim some of its weekend momentum if it can hold above or close to this level, but a decline below $0.000095 will have bad repercussions.
Despite this warning, the recent increase in LUNC has been fueled by growing optimism regarding new ideas and the Terra Luna Classic network and ecosystem growth.
In particular, proposal #11549 would increase the on-chain burn rate of LUNC from 0.2% to 1.5%, burning “trillions” of LUNC, according to the proposal’s sponsor.
The price of LUNC would rise due to such extensive burning, but holders would also be forced to pay higher burn taxes.
Nevertheless, this proposal is the driving force behind the recent advances in LUNC, which have also been aided by a different proposal that aims to develop ideas for re-pegging sister stablecoin USTC to $1.
In the latter plan, USTC would be gradually re-pegged to its initial value through simulation, a process that (if implemented) would result in considerable rises for LUNC.
These ideas have given the LUNC community some much-needed optimism again.
Nevertheless, conflicts continue obstructing its development, with many validators and community members opposing raising LUNC’s burn tax rate.
Because of this, it is impossible to forecast with certainty when LUNC will reach $1, while the USTC re-peg proposal may spur some modest increases in the short- and medium-term.
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Diversify with Wall Street Memes
Due to this unpredictability, some traders would consider high-potential altcoins that rely on something other than a broad community to come to a consensus on divisive issues.
Pre-sale tokens are currently very promising, with the best and fundamentally strongest of these promising to rally sharply once they complete and list on exchanges.
This also applies to Wall Street Memes (WSM), a brand-new cryptocurrency that sprang from the meme stock trend that started with the 2021 GameStop and AMC surges.
The presale for Wall Street Memes’ WSM coin began last week, and it has raised more than $3.5 million as of today.
Such a figure is encouraging for WSM’s future, and coupled with the account’s more than 220,000 followers on Twitter, it may have some substantial rallies once the sale is over.
There will be 30 stages in this presale, with the current stage selling WSM for $0.0271, which will increase to $0.03370000 by the time the sale is over.
Investors can now participate in the presale by visiting the official Wall Street Memes website and connecting their crypto wallets.
WSM’s community will receive most of its 2 billion total supply, with 50% set aside for the presale and 30% saved for community benefits.
It may rank among the most widely dispersed meme tokens on the market due to this distribution, which may help explain why it has already performed so well and why it may have a significant rise later in the year.
