Terra Luna Classic Community Passes Key Proposal, LUNC To $0.0003?

The Terra Luna Classic community has unveiled a proposal, that appears to have fueled optimism among market participants. The proposed upgrade aims to correct a major issue that was implemented mistakenly in a previous upgrade. Notably, this proposal has also sparked discussions over its potential impact on LUNC price, after the crypto rallied over 17% last week. But the price has failed to maintain its momentum this week amid a volatile scenario in the broader crypto market.

Despite that, the community seems to be bullish over a potential rally, with community-driven upgrades and the latest security updates and developments.

Terra Luna Classic Proposal Sparks Community Interest

The Terra Luna Classic community has revealed a major proposal aiming towards a vital correction. It would address a prior upgrade error that could significantly impact the future of the Terra ecosystem.

The latest Terra proposal, dubbed Proposal 12133, is primarily focused on correcting the number of validators allowed on the network. In the previous upgrade, which was mistakenly changed in a recent SDK update. Notably, the current upgrade aims to fix this issue by restoring the maximum number of validators to 110, ensuring the stability of the ecosystem.

According to the revelation, the error stemmed from a module in 12125, which mistakenly outdated code during the SDK upgrade. However, community members are rallying now to support the correction, with 63.81% of votes already cast for a “yes”. Notably, the voting on the proposal, which was submitted on September 13, will end in two days.

Meanwhile, the latest ecosystem developments like the Tax2Gas upgrade also have boosted the community sentiment. In addition, other recent developments aimed at bolstering the security and efficacy of the ecosystem have also gained attention from market watchers, supporting a much-anticipated rally for the LUNC token.

LUNC Price Rally To $0.0003 Imminent?

The Terra Luna Classic price was up about only 1% today and exchanged hands at $0.00008175 during writing, after rallying over 17% in the prior week. Its trading volume also noted a slump of 38% in the last 24 hours to $11.36 million.

However, a recent LUNC price analysis hints at a potential rally for the crypto to $0.0003, if it breaks the certain resistance levels ahead. Notably, the optimism stems from the Terraform Labs Chapter 11 bankruptcy upgrade, which appears to have bolstered the community sentiment lately.

Meanwhile, the LUNA price was up over 2% during writing and exchanged hands at $0.3819. The crypto has touched a 24-hour high and low of $0.3832 and $0.3684, respectively, with its trading volume declining 32% to $27.66 million.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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