In the past 24 hours, the Terra Luna Classic price has seen a decline of 3.5%, with the cryptocurrency market slipping as a whole by 1.5%. This brings the LUNC price down by 7% over a week and by 22% in the last 30 days. Such a decline currently sets LUNC apart from major cryptocurrencies like Bitcoin and Ethereum, which have shown gains since January. Despite community efforts to bootstrap the development of LUNC, its price remains rather stagnant.
Nonetheless, with the long-awaited Parity upgrade scheduled for launch on June 14, LUNC’s price might experience a boost. However, technical indicators suggest a bleak outlook, with continuous loss of momentum pointing towards more losses in the short term. Such pessimism is fueled by factors like the US debt ceiling crisis and other macroeconomic concerns.
Despite its ongoing struggles, the Terra Luna Classic community continues to work on enhancing the cryptocurrency and its blockchain’s utility for developers. The forthcoming Parity upgrade in June is expected to introduce updates that will increase the interoperability of the Terra Luna Classic blockchain with other networks, like Cosmos. Although the LUNC price has seen a significant decline in recent months, the possibility of an influx of developers and apps to the Terra Luna Classic network offers a glimmer of hope.
Additionally, the Parity upgrade lays the groundwork for Edward Kim’s Block Entropy, an “app chain” that allows AI-based tools and applications to be deployed on the Terra Luna Classic network. With generative AI currently trending in the tech sector, Block Entropy could potentially trigger a substantial recovery for Terra Luna Classic. However, the process is likely to be slow, and mainstream enterprises seeking AI solutions may continue turning to established providers like OpenAI for the foreseeable future.
In terms of token burns, 58.9 billion LUNC has been destroyed to date from a total circulation of 5.87 trillion. Hopes for more large-scale burning have emerged in recent weeks following the community’s vote to re-peg USTC, LUNC’s associated stablecoin. This development could help LUNC’s price recover massively. Nevertheless, details are yet to be finalized by Terra’s L1 Task Force, indicating that it may take some time before any concrete progress is made.
In summary, LUNC’s price may continue to slide downwards for the time being. However, a return to more bullish market conditions and ongoing efforts to improve the cryptocurrency could trigger a recovery, potentially pushing the price to 0.0001 or higher in the weeks to come.
Source: Cryptonews
