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We asked to analyze the recent developments surrounding Terra Classic () and its potential price movement.
#Terra Classic is currently voting on a significant proposal aimed at re-enabling interblockchain communication (IBC) with the Osmosis protocol, reinstating transfers between Terra Classic and Osmosis. This initiative follows the expiration of Client ID 07-tendermint-12 on the Columbus-5 network, which previously referenced the Osmosis validator set.
Today, Terra Classic #LUNC✅ is trading at $0.000106 with a 24-hour trading volume of $11.19 million. Its market capitalization stands at $610.85 million, holding a market dominance of 0.03%. Over the past 24 hours, LUNC's price has declined by 2.79%.
Historically, LUNC reached its peak price of $119.01 on April 5, 2022. Its lowest point occurred on May 13, 2022, when it dropped to $0.00001651. Since this all-time low, the highest price #LUNCUSD has achieved is $0.000590.
Currently, the price prediction sentiment for Terra Classic is bearish, despite the Fear & Greed Index indicating a level of 72, which falls under the Greed category.
Terra Classic's circulating supply stands at 5.79 trillion out of a maximum supply of 6.88 trillion LUNC. The annual supply inflation rate is -1.49%, indicating a decrease of 87.43 billion LUNC over the past year.
The community is now considering Proposal 12104, known as "Reactivate Osmosis IBC," on the Station wallet. Introduced by developer Fragwuerdig, a former core development team member, this proposal aims to re-enable IBC between Terra Luna Classic and Osmosis.
Recently, Terra Classic community member and validator Vegas highlighted the need to update the Osmosis IBC client to ensure the smooth operation of interchain transfers between LUNC and Osmosis. The current client, identified as 07-tendermint-12, needs to be upgraded to version 07-tendermint-250 for seamless IBC functionality.
The proposal has received overwhelming support, with over 96% of votes in favor so far.
With these developments, could LUNC's price see a significant rise, possibly reaching $3? The community remains hopeful as these strategic changes take place, potentially paving the way for Terra Classic's resurgence in the crypto market.
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