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Terra Classic (LUNC) recently started seeing increased volatility as its price attempted to grow.
The price growth was likely caused by the fact that Binance, the world’s largest crypto exchange, just burned 1.4 billion LUNC tokens.
Breaking! #binance burned 1.4 billion $LUNC 🔥🔥🔥🔥🔥#LUNC #USTC 💪 pic.twitter.com/HQJDAqQBD0
— LUNCPOWER💪 (@GodTrading_) August 2, 2023
The burning took place on August 1. It represents the 12th LUNC burning event in 2023. With this additional 1.4 billion, LUNC has burned a total of 71.6 billion so far.
In response, the coin’s price grew on August 2. Price growth started almost right away after the burning.
August 1 saw the lowest price that LUNC has seen in the past week. The coin’s value dropped to $0.00007843, likely led by Bitcoin’s drop.
However, after the burn, the price rose, hitting $0.00008183 around 24 hours later. Since it reached this level, the price corrected once more.
This time, it dropped to $0.0000800, now acting as a support level. Immediately, the price started recovering again, reaching $0.0000810 only three hours later.
This level once again rejected the LUNC value, but only to $0.00008058, after which it went up again. As of 10 AM EST, the price sits at $0.0000812.
While LUNC has been acting bullishly, analysts warn that a breakdown is likely.
LUNC passed key governance and decentralization proposal
LUNC has been working on addressing elements of centralization, seeking to make the project more decentralized.
As part of the effort to achieve this, the LUNC community passed a proposal that will enhance governance and decentralization. The proposal saw 94% of votes in favor of the change. 3% chose to abstain, and another 3% rejected the proposal.
The proposal was submitted by Terra Luna Classic validator, Happy Catty Crypto. Now, it is up to the current Commonwealth administrators to give up their rights and provide access to Ving Nguyen, the Joint L1 Task Force developer.
On August 1, Terra also announced on X (formerly Twitter) that a follow-on governance proposal was published on Agora.
The announcement says that the goal is to execute the ideas proposed in the Alliance Signaling Proposal that was approved on June 8.
Terra Luna Classic will continue burning coins: Another 800m LUNC to be locked away
Terra Luna Classic community also decided what to do with 800 million USTC tokens linked to the Ozone Protocol.
Some proposed returning the tokens to the community pool, while others advocate for their burning.
We have been working with lunanauts, DNC & M Van S to create a counter proposal to burn 100% of the USTC funds should they be released by proposal 11658. It's currently in the deposit stage please feel have a read & contribute towards deposit if you agree. pic.twitter.com/Pn7nNodB1J
— SolidVote LUNC Validator (@SolidVote) July 31, 2023
Conducting another token-burning event could further encourage the LUNC price to grow.
TMNT-inspired token Cowabunga Coin launches presale
Many still remember the collapse of the Terra blockchain and are skeptical about LUNC.
While they wait for the project to prove that it is trustworthy, they have turned their attention to a brand-new crypto project, Cowabunga Coin (COWABUNGA).
The token recently launched its website and social media channels — X and Telegram.
The project also launched a presale lasting another 8 days, ending on August 10. Currently, the presale has just started, offering COWABUNGA at the price of $0.000357.
Users interested in buying the coin can purchase it in exchange for ETH or USDT.
The token was inspired by a hit TV series Teenage Mutant Ninja Turtles (TMNT). The project’s name, “Cowabunga,” is a catchphrase of one of the characters.
Given the popularity of the shows and the movies that emerged in the ‘90s, the project is expected to attract numerous TMNT fans. Its soft cap is relatively low — only $500,000.
Depending on the public’s response, the presale might be pretty short. However, this remains to be seen.
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