Amidst the broader market recovery in the cryptocurrency space, altcoins like Terra Classic (LUNC) have captured the attention of analysts due to their robust fundamentals. Analysts highlight LUNC’s resilience and potential for a significant price surge, attributing it to various factors, including community strength and support from major exchanges like Binance.
LUNC, the bullish analysis supports a rally
Crypto analyst Mr. Diamondhandz has emphasized the bullish prospects of LUNC, citing its consistent support level above $0.00007 and strong community backing. The analysis underscores the ongoing support from Binance, where fees generated from LUNC trading are being burned, effectively reducing the token’s supply and driving up its value.
Binance, the world’s largest cryptocurrency exchange, has been burning LUNC tokens, reducing its circulating supply. In the latest burn event, over 2 billion tokens were sent to the burn address at the beginning of February, with an additional 135,000 tokens burned on the same day.
These burns have triggered a notable surge in trading volume and a 20% price increase, signaling positive market sentiment towards LUNC.
Community resilience and recovery efforts
Despite facing challenges such as the crash of the Terra network, which caused significant damage to LUNC, the community has remained steadfast in its efforts to revive the token. While proposals for improvement, like the ‘Signal Prop Investigate EVM Functionality,’ aimed to enhance LUNC’s compatibility with other blockchains, not all have received community approval.
Cost concerns were cited as the primary reason for rejecting the proposal, reflecting the community’s cautious approach to implementing changes.