Terra Classic Community Seeks to Elevate LUNC and USTC Prices to $1 

It appears that the Terra Classic community is looking for ways to increase the prices of LUNC and USTC to $1. The community is currently voting on a signal proposal claiming to raise the price of LUNC to $1. However, the initial votes and sentiments of Terra Classic members and validators suggest that the proposal to reinstate the LUNC burn tax at 1.2% might fail. 

The Future of Terra Classic Coin

Proposal No. 11549, “The Final Vision Plan for LUNC to $1+”, presented by Validator JESUSisLORD, aims to increase the LUNC on-chain tax to 1.5%, consisting of 1.2% burn tax and 0.3% for the community pool. 

Previous proposals to increase staking rewards and exempt dapps from the on-chain tax could remain in effect. The proposal seeks the community’s help to convince crypto exchanges to support the 1.2% burn tax. 

So far, the proposal has only received 23% in favor votes, with a 77% “No with Veto” vote rate. High-level validators like TCB, MAX, LunaClassic.com, LUNC Development Fund, and Lunanauts have voted “No with Veto,” while other top-level validators have not yet supported the proposal. 

Some Terra Classic community members are urging others to vote No or No with Veto on the proposal, fearing it could harm LUNC trading volumes on crypto exchanges and repel whales due to the high burn tax. 

Meanwhile, Terra Classic will undergo a significant v2.1.0 upgrade on June 14, bringing the chain on par with blockchains like Terra 2.0 and Cosmos. The community believes the CosmWasm v2.1.0 parity upgrade could revive LUNC’s $1 journey by bringing value back to the chain. 

Furthermore, core developer Edward Kim’s AI application chain “Block Entropy” will soon be integrated into Terra Classic. Developers revealed several features of Block Entropy. 

LUNC Price Rises with Positive News

The LUNC price has risen by 1% in the last 24 hours, currently trading at $0.000084. The lowest and highest prices of the past 24 hours were $0.0000842 and $0.0000857, respectively. However, trading volume continues to be lower, indicating a lack of trader interest. 

The price rebounded from the $0.000083 level due to increased sentiment following Binance LUNC’s burn and several significant changes to the chain. Whether LUNC, which previously had a strong structure and dragged the entire crypto world into crisis when that structure collapsed, will return to $1 remains a major curiosity among investors.