Terra Luna Classic’s recent price rally can be attributed to two significant events that have infused the blockchain with renewed vigor. The implementation of the v2.4.2 upgrade and the introduction of new binary components have been central to this surge. These developments have had a direct impact on application integration, particularly beneficial for dApps and the Enterprise DAO.
Smooth Upgrade and Development Progress
The upgrade, as confirmed by Genuine laboratories, was enacted without any hitches, setting the stage for validators to gradually join the enhanced network. Alongside this, the Terra Classic developer group has made strides in their Security Package upgrade. This initiative focuses on boosting the network’s security, efficiency, and interoperability, aiming for completion within an eight-week period. The surge in development activities is seen as a primary driver for the price appreciation of both LUNC and USTC tokens.
Cryptocurrency exchanges have actively contributed to the burning of LUNC tokens, with over 105 billion incinerated thus far. Binance leads the pack, having destroyed over half of this amount. The participation of new exchanges, like WEEX of Singapore, in the token burning campaign supports the goal of slashing the circulating supply. However, the pace of token burning has diminished slightly with the token’s price rise. Meanwhile, the growing number of LUNC wallet holders suggests a burgeoning demand amid the current bull market.
Community-Driven Development and Market Analysis
Community developers have been instrumental in reinstating advantages to the Terra Luna Classic chain, with indicators like the spike in account holders—a number surpassing 5.51 million—highlighting this trend. Despite a slight dip in trading volume, the price of LUNC has seen a 4% increase in the last day, maintaining its recent upward trajectory. Market data reflects a bullish sentiment, evidenced by a 10% rise in LUNC futures open interest on platforms like Binance and Bybit, hinting at investor optimism for potential short-term gains.
Analysts note that while a $1 target may be ambitious for LUNC this year, a tenfold increase in its price is within the realm of possibility. USTC, another token from the Terra ecosystem, has also seen a 3% rise in its value, indicative of the overall positive movement within the Terra Luna Classic market.