Terra Luna Classic (LUNC) is on a successful bull run, bolstered by significant developments within its blockchain. The LUNC price has seen an increase of over 30% within a week due to two major events. So, what are the reasons behind this surge? Terra Luna Classic’s major chain upgrade v2.4.2 has been successfully implemented, along with the transition to new binaries and components. IBC-Hooks will primarily facilitate the integration of dApps into Terra Luna Classic, including the Enterprise DAO.
New Upgrade in LUNC
Genuine laboratories announced that this was a smooth upgrade, and validators gradually went live after the upgrade. The Terra Luna Classic developer group also announced progress in the Terra Classic Security Package upgrade. This package aims to enhance security, functionality, and interoperability. The developer team plans to complete all improvements within 8 weeks. Additionally, the increase in development activities for Terra Luna Classic is one of the reasons behind the significant rise in LUNC and USTC prices.
The total LUNC burn has surpassed 105 billion, thanks to substantial support from cryptocurrency exchanges and projects. Binance has burned more than 53.48 billion LUNC tokens, accounting for more than 50% of the total burn. New projects and exchanges like Singapore-based WEEX are joining the burning campaign to reduce the circulating supply. While the burn narrative is recovering, the rate of burning has decreased due to the price increase. Additionally, the current increase in LUNC wallet holders could indicate rising demand in the bull market.
LUNC Analytical Reports
Furthermore, community developers and projects are also working to bring benefits back to the Terra Luna Classic chain. According to Cosmos blockchain researcher ATOMScan, account holders now exceed 5.51 million. The LUNC price has shown an increase of 4% in the last 24 hours, continuing its gains from the previous week. The cryptocurrency is currently trading at $0.000170. Additionally, the 24-hour high and low levels were $0.000161 and $0.000172, respectively. However, there has been a slight decrease in trading volume in the last 24 hours.
CoinGlass data shows a 10% increase in 1000LUNC futures open positions on Binance and Bybit. The increase in OI for LUNC futures indicates a positive sentiment among investors and could lead to the likelihood of reaching $0.0002 in the coming days. Although reaching $1 this year for LUNC price will be challenging, a 1000% increase in price is suggested to be possible. The USTC price has also increased by 3% in the last 24 hours, currently trading at $0.0306. The 24-hour low and high values were $0.0297 and $0.0311, respectively.
