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Terra Classic upgrade to go live; How will LUNC react?

Terra Classic upgrade to go live; How will LUNC react?

Upgrade v1.0.5, which will pave the way for the resumption of the Terra Classic (LUNC) token burning of the cryptocurrency trading platform Binance, is scheduled for launch on February 14, as a development that could positively influence the price of LUNC in the short term.

Indeed, the release of a new upgrade brings Binance burns one step closer to the ecosystem, as popular cryptocurrency social media influencer and Terra Classic network validator known under the pseudonym Classy Crypto, revealed on February 12.

Upgrade v1.0.5

As it happens, the proposal, which was passed on January 25, was “a state-breaking software upgrade proposal to the Terra Classic blockchain to transition from v1.0.4 to v1.0.5,” and introduces “a fix to the upgrade keeper that stores the current version map of the modules in the applications memory,” as well as “a simple fix to the node’s LCD endpoint that corrects a calculation issue on the LCD.”

Upgrade v1.0.5 proposal. Source: Classy Crypto

Prior to the upgrade, the team had prepared the ground by introducing block height guards “so validators and full nodes can upgrade at their convenience up until the state-breaking change at block 11,543,150, which will be approximately February 14th, 2023,” as the LUNC developer Edward Kim wrote on the upgrade’s GitHub page on January 18.

LUNC and USTC reactions

The upgrade should represent good news for Terra Classic’s native token, as the manhunt for the ecosystem’s founder Do Kwon by the South Korean officials intensifies, spreading to Serbia, where he is rumored to have found refuge, Finbold reported.

However, this will not necessarily affect the price of LUNC, as the value of the original chain of the collapsed Terra (LUNA) ecosystem had failed to rally earlier in January, despite the New York Southern District Court dismissing the case against Terraform Labs.

At press time, LUNC has started to make a modest recovery of 0.08% in the last 24 hours, as it tries to offset the loss of 6.79% over the past week and a 4.51% decline on its monthly chart, currently changing hands at the price of $0.0001687.

LUNC 24-hour price chart. Source: Finbold

Despite declines on its weekly and monthly charts, the crypto community over at CoinMarketCap remains bullish, projecting that LUNC would be trading at the price of $0.0004574 by February 28, which is even more optimistic than its earlier predictions reported by Finbold on February 7.

On the other hand, the sentiment on 1-week gauges at the finance monitoring platform TradingView is yet to reflect any positive expectations. Indeed, it stays more on the bearish side, as summarized by oscillators in the ‘buy’ zone at 1, and moving averages (MA) indicating a ‘strong sell’ at 5.

LUNC 1-week gauges. Source: TradingView

At the same time, the ecosystem’s de-pegged stablecoin, TerraClassicUSD (USTC), has climbed by more than 10% over the previous day, according to the latest information retrieved by Finbold on February 13.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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