DEXWireNews

Can LUNC Token Burn Program Lead to Price Surge?

Long
BINANCE:LUNCUSDT   LUNC / TetherUS
The price of Terra Classic ( LUNC ) has been a cause of worry for investors ever since it dropped significantly from its peak of $119 in April 2022. Recent developments, such as the ongoing token burn program and the upcoming Bitcoin halving event, have sparked discussions about the potential of LUNC price rising once again.

Currently, Terra Classic ( LUNC ) is trading at around $0.0001563, with a market capitalization of $896.32 million. Despite the prevailing bearish sentiment, the Fear & Greed Index stands at 85, indicating that investors are extremely greedy.

Although past performance may not always predict future outcomes, we have identified three developments that could potentially cause Terra Classic ( LUNC ) price to rise to $0.01 after the anticipated Bitcoin halving event.

1. Token Burn Program Gains Traction: The continuous token burn program led by the Terra Classic community to decrease supply and potentially enhance the value of remaining tokens is a significant factor influencing LUNC’s path. The initiative aims to positively shape LUNC’s value by burning over 100 billion LUNC, with Binance contributing over 51% of the burn.

The upcoming burning event on March 1, 2024, highlights the community’s commitment to this program. Analysts stress that external market dynamics heavily influence price movements, making long-term forecasts challenging, despite past burns having shown temporary price spikes.

2. Proposal 12073 Approved: Potential Impact on USTC and LUNC : The recent approval of Proposal 12073 permits the burning of 800 million USTC from the Risk Harbor multisig wallet, potentially affecting both USTC and LUNC.

Following approval, USTC saw a 25% price surge. While a direct link between USTC and LUNC isn’t guaranteed, a thriving USTC could indirectly benefit $LUNC. Nevertheless, experts advise caution due to uncertainties surrounding this proposal’s long-term implications on LUNC’s price.

3. Bitcoin Halving: Potential Market Catalyst: The upcoming Bitcoin halving in 2024 is a crucial event known to impact the broader cryptocurrency market. As Bitcoin supply decreases, scarcity typically drives its price higher, historically benefiting other cryptocurrencies like LUNC.

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