- The upcoming v3.0.1 upgrade for LUNC is met with widespread community support but faces an unexpected dip in price.
- Binance boosts recovery efforts with significant token burns, enhancing the potential for price stabilization.
Genuine Labs, the developers behind the Terra Luna Classic, are scheduled to commence the v3.0.1 upgrade, resulting in a temporary suspension of the LUNC blockchain operations.
This upgrade is highly anticipated by the community and has garnered nearly unanimous support, as highlighted in today’s CNF YouTube video here. Despite this, LUNC’s price has not reacted as typically expected, showing a slight decline.
Market Response and Community Engagement
Even with strong backing from the community, the price of LUNC has unexpectedly fallen by 2.95% to $0.0001163 in the last 24 hours, as reported by CoinMarketCap. This decline is unusual given the usual positive market reactions to significant blockchain updates and shows a deviation from expected trends.
Meanwhile, significant community influencers like Mr. Diamondhandz1 are vocal on social platforms about continuing the blockchain’s development and recovery efforts.
UPDATE: The v3.0.1 upgrade by @Genuine__Labs will start in approximately two hours and the $LUNC chain will be halted.
Time to upgrade the #LunaClassic blockchain and continue the recovery effort. Keep BUILDING! #Crypto #LUNCCommunity #Binance @heyibinance @_RichardTeng pic.twitter.com/8OpYlesYBH
— Mr. Diamondhandz1 (@MrDiamondhandz1) June 2, 2024
In efforts to aid the recovery of Terra Luna Classic’s market value, Binance has taken proactive steps by burning a substantial amount of LUNC tokens. Recently, Binance eliminated 1.35 billion LUNC tokens, contributing to over 60 billion tokens burned so far, which accounts for 52% of the entire community’s supply. These strategic burns are critical in bolstering market confidence and aiding in the stabilization of LUNC’s price.
As of the latest update, the price of LUNC stands at $0.0001177, marking a decrease of 1.07% over the past day, despite a 4.41% rise over the last week, illustrating a volatile yet hopeful market scenario. This follows the recent CNF update on the Terra Luna Classic Developer unveiling a major upgrade, raising questions about whether the LUNC price could surge to $0.0002.
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