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Terra Luna Classic (LUNC) community is preparing to implement the eagerly awaited v3.0.1 upgrade, expected to start within a few hours. According to a recent post by community member Bay Diamondhandz1, the upgrade is planned to begin within a few hours. This may temporarily halt the LUNC chain.
New Update in LUNC
This upgrade follows a unanimous decision by the Terra Luna Classic community, with the v3.0.1 software upgrade proposal receiving an overwhelming 99.9% approval from both community members and validators. The proposal, put forward by the Terra Luna Classic Layer 1 development team Original Labs, includes significant updates such as SDK 47 and other crucial blockchain improvements.
As the community prepares for this significant upgrade, data from the 21milyon.com website shows that the LUNC price fell by 2.95% to $0.0001163 in the last 24 hours. Analysts find this unusual as the news of the expected new development should trigger a positive price reaction.
However, with the news of the agreement between the United States Securities and Exchange Commission (SEC), Terraform Labs, and Do Kwon, market observers noted positive sentiments regarding Terra tokens.
Price Prediction for LUNC
According to a new LUNC report, given the positive sentiment from the SEC agreement news, there are predictions that LUNC is aiming for a $1 price target. The v3.0.1 upgrade protocol may require validators to replace the old binary file with the new one. The project’s goal is to improve the Terra network based on performance and operations.
In its recovery path, Terra Luna Classic’s prices recently saw the world’s largest cryptocurrency exchange Binance burn a massive 1.35 billion tokens as part of its internal LUNC mechanism to support the community. According to obtained data, Binance’s total burn to date exceeds 60 billion, accounting for 52% of the Terra Luna Classic Community.
