In the dynamic realm of blockchain technology, the Terra Classic (LUNC) network has witnessed dedicated developers striving to elevate its capabilities.
Still, the native token, LUNC, has faced an uphill battle in the past few weeks. Despite these enhancement efforts, LUNC’s performance has remained lackluster, recording a monthly decline exceeding 10%.
However, the LUNC community welcomed a fresh wave of optimism on August 14, when a popular community member known as Vegas revealed that BitMos is looking to bring Bitcoin (BTC) BRC-20 support to Terra Classic.
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In other words, the BitMos project aims to address the gap between Bitcoin and the Cosmos (ATOM) ecosystem and bring new capabilities for decentralized finance (DeFi) applications and smart contracts, beginning with Terra Classic. It serves as a layer 2 solution for Bitcoin intended to address scalability and interoperability challenges.
What does this mean for LUNC price?
According to Vegas, the move “could be a game changer” for LUNC and TerraClassicUSD (USTC) – the new version of the collapsed TerraUSD (UST) algorithmic stablecoin.
This is because bringing BRC-20 tokens into Terra Classic is seen as a significant advantage for the community that is struggling to add utility to the chain.
The first step of bridging the gap involves introducing Bitcoin liquidity to Terra Classic, leveraging its significant liquidity contribution to the Cosmos ecosystem.
The infusion of new Bitcoin liquidity holds the potential to yield favorable outcomes for LUNC investors. This influx could potentially serve as a catalyst, offering a potential new avenue for bolstering the token, which has been witnessing an underwhelming price performance.
LUNC price analysis
At the time of writing, LUNC was changing hands at $0.0000782, up 0.54% over the past 24 hours.
On the weekly chart, the crypto token added around 0.38%, while losing around 11% over the past month.
Year-to-date, LUNC remains deeply in the red, losing over 45% of its value.
According to a cryptocurrency analyst known as Javon Marks, LUNC’s 12h MACD technical indicator “maintains a bullish divergence and a bullish crossover with prices maintaining a bullish breakout!”
This means that a potential “massive reversal” may be near for LUNC and “can be greater than many think,” the analyst noted on August 13.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
