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Terra Classic ecosystem tokens, LUNC and USTC, have been on a tumultuous journey, with a crash and subsequent rise from the ashes. Now, a contentious debate surrounding tokenomics is taking center stage.
The focal point of this battle is Proposal 11958, which calls for the incineration of 8 million USTC from the community pool in a bid to revive the imploded Terra Classic tokens, including LUNC and USTC.
A Burning Question: Will it Ignite or Fizzle Out?
Supporters of the burn argue that it is a necessary step towards achieving deflation and stability. They view the 8 million USTC as excess baggage, with the community pool already holding a substantial 3.49 billion LUNC, enough to cover operational costs.
Vocal supporter, VegasMorph, emphasizes that this action sends a powerful message about actively shaping the future of the Terra Classic ecosystem.

However, skeptics remain unconvinced. The proposal received a lukewarm response, with only 28% of the community voting in favor, while 71% opposed it. An additional 1% wielded the “No with Veto” hammer.
This skepticism stems from the community’s preference for exploring alternative burn mechanisms, particularly regarding the 800 million USTC trapped in the inaccessible Risk Harbor wallet.
The community’s wariness of drastic measures is a direct result of the bitter lessons learned from the Risk Harbor saga, which serves as a painful reminder of the May 2022 crash.
In response, they are actively seeking creative solutions. Ideas under consideration include on-chain burning mechanisms and community-driven initiatives that incentivize USTC burning.
Market Reflects Uncertainty
The market mirrors the ongoing uncertainty surrounding the burn proposal. LUNC, after a brief surge, experienced a 2% dip from its 24-hour high, with the current value hovering around $0.0001441.
However, trading volume witnessed a 10% increase, indicating sustained interest in the digital asset. On the other hand, USTC remained relatively stagnant, trading at $0.0325.
Awaiting the Phoenix’s Return
Although the 8 million USTC burn proposal may have encountered resistance, it has sparked a crucial conversation about the future of Terra Classic.
The community’s unwavering dedication to finding innovative solutions demonstrates its resilience and belief in the platform’s potential for resurgence.
Whether through targeted burns or ingenious community-driven initiatives, the ultimate goal remains the same: to restore Terra Classic to its former glory and reshape its narrative from ashes to ascendancy.
A Lesson Learned, a Shadow Cast
The inaccessible 800 million USTC trapped in Risk Harbor’s multisig wallet serves as a stark reminder of the fragility of trust and the critical need for robust contingency plans.
While the community’s decision to blacklist the wallet was necessary, it highlights the importance of exercising greater vigilance in safeguarding assets and ensuring accountability from third-party partners.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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Terra Classic Price Prediction: A potential bounce back from the 50% Fibonacci retracement level could bolster buyers to continue a bullish trend.The crypto market witnessed increasing volatility from the second week of December in tandem with the Bitcoin price reverting from $44500. However, this uncertainty took a major toll on the LUNC price, dropping from $0.00028 to $0.000163, accounting for a 41% loss. However, the correction trend stalled at $0.00016 supporting projecting an opportunity to reclaim higher ground.New Demand Pressure at $0.00016 Support?The combined support of $0.00016 and 50% FIB offers strong support to buyers.A 50% retracement from the LUNC price indicates the prevailing bullish trendline is intactThe intraday trading volume in the LUNC coin is $83.5 Million, indicating a 43% loss.The Terra classic (LUNC) coin is currently exhibiting a correction trend, finding significant support at $0.00016 and aligning with the 50% Fibonacci retracement level. For the past five days, the coin has been sustaining above this support level, indicating an attempt to gather momentum for an upcoming upward movement.What’s noteworthy is that the recent consolidation phase of the Terra Classic price is confined within the price boundaries set by the daily candle on December 13th. This positions the high ($0.000203) and low ($0.000163) of this candle as key resistance and support levels, respectively. A breakout beyond this price range is likely to provide a clearer indication of the next directional move for the coin.Should there be an upward breakout surpassing the $0.000203 mark, it would suggest that the bulls have regained strength following the correction. This could potentially encourage buyers to aim for the recent swing high of $0.00028. Successfully breaking past this level might trigger an extended rally, possibly reaching up to $0.00037.Conversely, if the price falls below the support level of $0.000163, it could intensify selling pressure, potentially extending the correction down to the $0.00014 level.LUNC vs BTC Price PerformanceIn a comparative analysis with Bitcoin (BTC), both LUNC and BTC have shown bullish trends over the last two months. However, the Bitcoin price gradual and steady growth pattern might be more appealing for breakout traders, suggesting a more stable asset for investment. In contrast, the LUNC price rapid growth interspersed with occasional corrections might be more suitable for traders who prefer implementing a pullback strategy, capitalizing on short-term price fluctuations.Directional Movement Index:  A DI+ slope wavering above the DI- slope accentuates the recovery trend is intact.Exponential Moving Average: A bullish crossover from the 100-and-200-day EMA boasts market sentiment for an uptrend continuation.$LUNC #priceprediction #lunch $LUNA #dyor