The Terra Luna Classic price has crept up by 1% in the past 24 hours, following the emergence of a proposal to merge its ecosystem with that of the newer Terra 2.0 platform. At $0.00016160, LUNC is also down slightly by 0.2% in the past week and by 35% in the past month, with its ongoing token burns doing little to counteract the downward pressures exerted on the wider market by FTX’s collapse.
Put forward by developers in the past couple of days, the outlined merge would enable holders to use the Inter-Blockchain Communication (IBC) channel to send their LUNC to Terra 2.0 and receive the newer LUNA in return (as well as DEX rewards). But with LUNC enjoying a bigger market cap than its younger counterpart, it’s not a given that holders will take the opportunity to swap it for something less valuable.
According to LUNC’s chart and indicators, the altcoin is enjoying some degree of momentum, without an obvious rally being in the works. Its relative strength index (purple) is hovering around 55 at the moment, meaning the direction is leaning more towards buying than selling.
It also seems that LUNC’s 30-day moving average (red) is on the brink of rising above its 200-day average (blue), a move that could signal an incoming rally. Of course, with the wider market remaining unstable, there’s no guarantee that a crossover would last for long, as can be seen by previous instances this year.
Aside from the FTX collapse and the resulting fallout, the most pertinent thing happening in relation to LUNC right now is the aforementioned merge.
The latest news on this proposal is that it will happen at some point next month, although this remains provisional, given that it’s dependent on the reopening of the IBC bridge, which will connect the Terra Classic and Terra 2.0 networks.
Aside from being able to swap LUNC for LUNA, the only other details available are that those who do make this swap will also be provided with DEX-related incentives, as a reward for providing liquidity. The exact form of these incentives hasn’t yet been specified.
Given the lack of detail, and also given the fact that the proposal seems aimed partly at shrinking (if not ending) the Terra Classic ecosystem, community members have been less than enthusiastic. Indeed, some have suggested that if the idea of swapping LUNC for LUNA proves successful, it would effectively ‘kill’ LUNC.
Despite such warnings, the proposal of LUNC-to-LUNA swaps has done little to impact the price of either LUNC or LUNA. Both are up by anything between 1% and 2% in the past 24 hours, yet it’s worth noting that many other major coins have outperformed such percentages within the same timeframe, including bitcoin (2.5%), ethereum (4%) and polygon (4%).
As such, it’s likely that the ability to swap LUNC for LUNA will prove marginal, at least for the short- and medium-term.
Looking at LUNC more generally, it continues to witness token burns. Around 28.8 billion LUNC has been burned to date, out of a total circulation of 6.88 trillion. As such, there’s still a long way to go before its on-chain tax burn (and various exchange burns) makes a real dent in its supply.
With this in mind, it’s unlikely that the market will witness any big LUNC price rises in the near future. A best-case scenario would see it return to the $0.0005 levels it saw in September, although this would be dependent on there being no further shocks to the cryptocurrency market.
While the Terra Luna Classic community continues steadily burning LUNC, it’s likely that other altcoins may post stronger returns in the meantime. This includes new tokens holding their presales at the moment, and due for exchange listings in the next month or so.
Impressively, some new coins have risen by as much as 1,800% compared to their presale prices this year. While obviously not every new coin will replicate such performance, those with solid fundamentals have a good chance of rallying in the immediate aftermath of a listing, and it’s for this reason that we’ve picked three of the most promising presales happening right now.
Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, helping them to make more informed trading decisions. Its D2T token runs on Ethereum, and is used primarily to pay for the monthly subscription fees to its platform.
Set to go live early next year, its sale has already raised more than $7.5 million and is due to enter its fourth stage (it will end after five). It has also announced listings on BitMart and LBANK Exchange for early next year, giving early investors a good opportunity to make some decent returns.
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Another Ethereum-based platform, RobotEra (TARO) is a Sandbox-style Metaverse due to launch its alpha version in Q1 2023. It will enable gamers to play as robots and participate in creating its virtual world, including NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.
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Calvaria (RIA) is a blockchain-based card game, in which players can collect, trade and do battle with their NFT-based cards. Aside from incorporating play-to-earn features, it will also enable gamers to play it without holding any cryptocurrency, which could help make it more accessible to a wider audience.
RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale for the token has raised $2.1 million and is currently in its fourth stage, during which 40 RIA can be bought with 1 USDT.
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A quick 3min read about today's crypto news!
A quick 3min read about today's crypto news!