Terra Luna Classic (LUNC) has experienced a surge of as much as 30% today, with its current price of $0.00009923 representing a 10% gain in the past 24 hours. Weekly gains amount to 12% as its community begins to vote on a new proposal that aims to increase the network’s burn rate to 1.5%. If approved, this could considerably impact LUNC’s supply and, combined with other recent proposals related to re-pegging USTC to $1, could aid in the altcoin’s recovery following losses in May 2022. However, the Terra Luna Classic community lacks consensus on restoring LUNC’s position, which hinders the recovery process.
In light of its recent growth, LUNC’s chart suggests that it could face further declines. The altcoin’s relative strength index has dropped drastically from more than 80 to almost 40, signaling a steep loss in momentum and buying interest. Concurrently, its 30-day moving average has flattened out, possibly leading to a decline below LUNC’s 200-day moving average. The coin is set to test the $0.000095 level, leading to uncertainty about whether it can regain its weekend momentum or see negative implications with a fall below $0.000095.
LUNC’s recent rally is driven mainly by increased optimism regarding recent proposals and the development of the Terra Luna Classic network and ecosystem. In particular, the proposal #11549 aims to raise LUNC’s on-chain burn rate from 0.2% to 1.5%, potentially resulting in the burning of trillions of LUNC. Large-scale burning could increase LUNC’s price, though it may also lead to higher burn taxes for holders. While this proposal has spurred LUNC gains, counter-arguments arise against the proposal to increase LUNC’s burn tax rate, clouding predictions for LUNC’s rise in value.
Taking these uncertainties into account, some traders may prefer to explore high-potential altcoins detached from divisive community agreements. Notably, presale tokens demonstrate potential by rallying once listed on exchanges. One such promising crypto is Wall Street Memes (WSM), a new cryptocurrency emerging from the meme stocks movement, which started with the 2021 GameStop and AMC rallies. The presale for WSM has already raised over $3.5 million, with its Twitter account boasting more than 220,000 followers, implying potential for significant rallies after the sale concludes.
WSM’s current presale stage offers the token at a price of $0.0271, set to rise to $0.03370000 by the end of the sale. Investors can participate in the presale via the official Wall Street Memes website by connecting their crypto wallets. A majority of WSM’s total supply will be allocated to its community, with 50% reserved for the presale and 30% for community rewards. This distribution could make WSM one of the most widely distributed meme tokens on the market, explaining its success thus far and potential for future growth.
Source: Cryptonews
