LUNC price is on a successful run this bull cycle backed by key developments on the Terra Luna Classic chain. LUNC price has now rallied over 30% in a week after profit booking due to two key events — the successful v2.4.2 upgrade and the release of Terra co-founder Do Kwon.

Terra Luna Classic v2.4.2 Upgrade

Terra Luna Classic major chain upgrade v2.4.2 was successfully implemented, with the transition to new binary and components. Primarily, IBC-Hooks will enable the onboarding of dApps on the Terra Luna Classic, with mostly notably Enterprise DAO.

Genuine Labs announced it was a smooth upgrade and validators gradually came live after the upgrade. The Terra Luna Classic developer group also announced progress on the Terra Classic Security Package upgrade. This will boost security, functionality, and interoperability. The developer team planned to complete all developments in 8 weeks.

The rise in development activity of Terra Luna Classic is one of the reason behind a massive increased in LUNC and USTC prices.

LUNC Burn and Wallet Numbers

Total LUNC burn has now surpassed 105 billion amid massive support from the crypto exchanges and projects. Binance has burned over 53.48 billion LUNC tokens, accounting for over 50% of the total burn.

New projects and exchanges such as Singapore-based WEEX are joining the burn campaign to reduce the circulating supply. While the burn narrative has picked up, the burn rate has dropped amid the rise in prices.

Source: StakeBin

Meanwhile, LUNC wallet holders are also increasing currently, indicating a rise in demand amid the bull market. Moreover, community developers and projects are also working to bring back utility to the Terra Luna Classic chain. The account holders have now surpassed 5.51 million, as per Cosmos blockchain explorer ATOMScan.

LUNC Price to $1?

LUNC price has jumped 4% in the last 24 hours, continuing its gains from the last week. The price currently trades at $0.000170, with a 24-hour high and low of $0.000161 and $0.000172, respectively. However, the trading volume has dropped slightly in the last 24 hours.

CoinGlass data indicate 1000LUNC futures open interests were up 10% on Binance and Bybit. LUNC futures OI rise signals a positive sentiment among investors and high odds of $0.0002 coming within the next coming days. LUNC price reaching $1 will be difficult this year, but a 1000% jump in price seems possible.

USTC price also climbed 3% in the last 24 hours, with the price currently trading at $0.0306. The 24-hour low and high are $0.0297 and $0.0311, respectively.

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The post LUNC Price Can Hit $1 After Latest Terra Luna Classic v2.4.2 Upgrade? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am