- The Terra Luna Classic community has advanced Proposal 12133, aiming to correct a previous upgrade error and restore the number of network validators.
- This proposal has spurred optimism about a potential LUNC price increase, with some analysts predicting it could reach $0.0003 if it overcomes key resistance levels.
In a move that’s igniting buzz across the crypto space, the Terra Luna Classic community has advanced a pivotal proposal that could reshape the trajectory of its native token, LUNC. The proposal, designed to rectify a significant error from a previous upgrade, has already stirred optimism among market participants and sparked discussions about a potential surge in LUNC’s value.
A Crucial Correction
Dubbed Proposal 12133, this new initiative aims to address a critical flaw in the recent SDK update that inadvertently altered the number of validators on the Terra network. The previous upgrade mistakenly reduced this number, which could have destabilized the ecosystem. Proposal 12133 seeks to revert the maximum number of validators back to 110, a move that many in the community believe will restore stability and confidence in the Terra network.
The issue first emerged from Proposal 12125, where outdated code was erroneously integrated during the SDK update. This misstep led to a temporary but significant reduction in the number of validators. With the current proposal garnering strong support—63.81% of votes cast favoring the “yes” option—the community is rallying behind the correction. Voting, which opened on September 13, is set to conclude in just two days, adding to the mounting anticipation surrounding this upgrade.
Community Sentiment and Market Reaction
The Terra Luna Classic community’s enthusiasm isn’t confined to just this proposal. The broader ecosystem is also experiencing a series of positive developments, such as the Tax2Gas upgrade, which aims to enhance network efficiency and security. These upgrades have contributed to a buoyant sentiment among supporters and market watchers alike.
Despite this positive momentum, LUNC’s price has been relatively stagnant this week, trading at $0.00008175—just a 1% increase from the previous day. This is a stark contrast to the 17% rally observed last week. Additionally, the token’s trading volume has dropped significantly by 38% in the past 24 hours to $11.36 million, reflecting the current volatility in the broader crypto market.
Looking Ahead: Is $0.0003 on the Horizon?
Despite recent price fluctuations, some analysts are projecting a potential price surge for LUNC. If the token can overcome key resistance levels, there’s speculation that it could climb to $0.0003. This optimism is partly fueled by recent developments in the Terraform Labs Chapter 11 bankruptcy case, which have positively influenced community sentiment and market outlook.
As for LUNA, the token associated with Terra’s more recent iterations, it has seen a modest uptick of over 2% to $0.3819. LUNA’s trading volume has also diminished by 32% to $27.66 million, mirroring the broader trend of market volatility.
While the Terra Luna Classic community’s latest proposal is driving optimism and may pave the way for significant changes, the road ahead remains uncertain. The successful implementation of Proposal 12133 and positive ecosystem upgrades could potentially lead to a notable price increase for LUNC, but investors should stay vigilant amid the volatile landscape of the cryptocurrency market.
