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Recently, Terra Classic (LUNC) surprised investors with double-digit gains, causing excitement in the market. Alongside this surge, its trading volume also soared, indicating increased activity and interest from traders.
At the same time, the LUNC community is gearing up to submit a proposal that could significantly influence both the blockchain and its token.
Terra Classic (LUNC) Market Analysis
CoinMarketCap’s data indicates that LUNC experienced a notable surge in the last 24 hours, with a price increase of over 10%. Simultaneously, its trading volume soared by more than 700%.
It’s commonly observed that significant price changes are often preceded by spikes in trading volume, indicating heightened market interest. This suggests that the current upward trend in LUNC’s price may persist for a longer duration.
Terra Classic’s one-week price volatility gained momentum following a sharp decline. Moreover, its social volume spiked in the past few days, indicating increased attention and activity surrounding the token.

Sentiment Analysis and Derivatives Market
The price uptrend contributed to a rise in bullish sentiment around LUNC, as reflected in its Weighted Sentiment. Additionally, the Funding Rate for LUNC was high, indicating active buying by derivatives investors at higher prices. However, a concerning metric was observed in the form of declining Open Interest despite the price surge.
A decrease in Open Interest typically signals rising possibilities of a trend reversal, posing a cautious note amidst LUNC’s recent price hike.

Upon examining LUNC’s 4-hour chart, Terra Classic’s MACD revealed a significant bullish advantage in the market, suggesting a sustained uptrend in price.
However, other metrics presented a bearish outlook, indicating a potential reversal in the trend. Notably, the Relative Strength Index (RSI) experienced a sharp downturn from the overbought zone and was continuing to trend downwards at the time of observation.
Similarly, LUNC’s Chaikin Money Flow (CMF) followed a similar declining trend, signaling a possible conclusion to the token’s bullish rally.

Proposal for Terra Classic (LUNC) Security Enhancement
Blockchain security expert Coach Bruce Wrangler recently shared a tweet unveiling a new proposal aimed at addressing key issues within Terra Classic (LUNC).
The proposal highlights the necessity to swiftly burn through LUNC supply to stimulate significant price appreciation. Additionally, it addresses concerns regarding manipulation by anonymous bad actors, such as scammers, plaguing the token.

Impact of Proposal Implementation
If approved, the proposal could swiftly eliminate 99% of bad actors, bolstering blockchain security. Furthermore, it plans to burn an estimated 50% of the token supply within 90 days, potentially positively impacting the token’s price action in the subsequent months.
As per LUNC Metrics, a total of 97.98 billion LUNCs have been burned to date, reflecting ongoing efforts to enhance tokenomics and security measures.
⚠️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.
#TerraClassic #lunch

Terra Classic ecosystem tokens, LUNC and USTC, have been on a tumultuous journey, with a crash and subsequent rise from the ashes. Now, a contentious debate surrounding tokenomics is taking center stage.
The focal point of this battle is Proposal 11958, which calls for the incineration of 8 million USTC from the community pool in a bid to revive the imploded Terra Classic tokens, including LUNC and USTC.
A Burning Question: Will it Ignite or Fizzle Out?
Supporters of the burn argue that it is a necessary step towards achieving deflation and stability. They view the 8 million USTC as excess baggage, with the community pool already holding a substantial 3.49 billion LUNC, enough to cover operational costs.
Vocal supporter, VegasMorph, emphasizes that this action sends a powerful message about actively shaping the future of the Terra Classic ecosystem.

However, skeptics remain unconvinced. The proposal received a lukewarm response, with only 28% of the community voting in favor, while 71% opposed it. An additional 1% wielded the “No with Veto” hammer.
This skepticism stems from the community’s preference for exploring alternative burn mechanisms, particularly regarding the 800 million USTC trapped in the inaccessible Risk Harbor wallet.
The community’s wariness of drastic measures is a direct result of the bitter lessons learned from the Risk Harbor saga, which serves as a painful reminder of the May 2022 crash.
In response, they are actively seeking creative solutions. Ideas under consideration include on-chain burning mechanisms and community-driven initiatives that incentivize USTC burning.
Market Reflects Uncertainty
The market mirrors the ongoing uncertainty surrounding the burn proposal. LUNC, after a brief surge, experienced a 2% dip from its 24-hour high, with the current value hovering around $0.0001441.
However, trading volume witnessed a 10% increase, indicating sustained interest in the digital asset. On the other hand, USTC remained relatively stagnant, trading at $0.0325.
Awaiting the Phoenix’s Return
Although the 8 million USTC burn proposal may have encountered resistance, it has sparked a crucial conversation about the future of Terra Classic.
The community’s unwavering dedication to finding innovative solutions demonstrates its resilience and belief in the platform’s potential for resurgence.
Whether through targeted burns or ingenious community-driven initiatives, the ultimate goal remains the same: to restore Terra Classic to its former glory and reshape its narrative from ashes to ascendancy.
A Lesson Learned, a Shadow Cast
The inaccessible 800 million USTC trapped in Risk Harbor’s multisig wallet serves as a stark reminder of the fragility of trust and the critical need for robust contingency plans.
While the community’s decision to blacklist the wallet was necessary, it highlights the importance of exercising greater vigilance in safeguarding assets and ensuring accountability from third-party partners.
⚠️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.
#Terra.Classic #lunch $LUNC