Terra Classic Update Confirms: Can LUNC Reach $1 in 2023?

Terra Classic Update Confirms: Can LUNC Reach $1 in 2023?

After a difficult few months, Terra Classic (LUNC) only saw a small increase on the last day. But now there's a recent announcement that could turn the tide for the Terra ecosystem's rebranded native coin.

The Terra Classic core development group Joint L1 Task Force (L1TF) has released its status update for the second quarter of 2023 and plans for the third quarter. This was announced by L1TF project manager “LuncBurnArmy” on July 10th.

According to the plans, the developer group intends to focus on reducing the circulating supply of LUNC and the stablecoin TerraClassic (USTC). This is intended to be achieved by validators burning LUNC. Such a reduction in supply can lead to an increase in the coin price as this typically increases demand.

The LUNC community has expressed concern over the past few months over the absence of key validators from the burning event. In this regard, a validator called “ClassyCrypto” announced that it will burn 100% of its commissions by the end of 2023 to restore the validators’ LUNC burn narrative.

The current price of LUNC is $0.00008296. This represents an increase of 1.84% from the previous day, but a decrease of 4.26% from the previous week and a loss of 7.74% over the last month.

In summary, LUNC's price could potentially increase if circulating supply decreases with the new measures announced. However, whether LUNC can reach the coveted $1 price level depends on other factors such as other relevant developments and the general atmosphere in the cryptocurrency market.

Please note that the content of this article should not be considered investment advice. Investing is speculative and involves risks for your capital.

Source: Coinphony