Analysis of Terra Classic Proposal 12071
Following the approval of Proposal 12071, there has been a 2% surge in the Terra Classic price, reflecting a pivotal moment for the community. The LUNC has risen by 2% to $0.000121, while the USTC has jumped over 2% to $0.03 in the past 24 hours.
Commitment to Governance Improvements
The recent proposal for a 1 million LUNC initial deposit for new proposals aims to improve Terra Luna Classicโs governance. The goal is to reduce spam and poorly written proposals, leading to improved decision-making within the community.
Stakeholder Commitment to Quality Conversations
- Proposal 12071 received an 89% community vote, showcasing the communityโs commitment to improving governance dynamics.
- This reflects a mature ecosystem where stakeholders value quality and substance in governance conversations.
- The proposal also supports recent project basic improvements, including staking mechanisms and token burn programs, showing a proactive attitude towards strengthening and sustaining the Terra Luna Classic network.
LUNC Price Movement
From a technical perspective, the Terra Classic price has shown resilience, finding support around $0.000118, buoyed by the 200-day Exponential Moving Average (EMA). Although it encountered resistance at $0.0001236, marked by the convergence of the 20-day EMA and the 50-day EMA, the overall trajectory remains positive.
The outlook for Terra Classic appears optimistic, with the potential for continued consolidation in the near term and a breakout to $0.0002 as the network solidifies its position and attracts further investment interest.
LUNC Market Update
Short liquidations have spiked this week in the LUNC market, reflecting a bullish sentiment prevailing in the overall market. The staked supply of LUNC has reached over 1.027 trillion, steadily increasing throughout the week, with the staking ratio reaching 15.09%.
The LUNC staking plays a pivotal role for validators and the project, allowing users to lock their assets with a validator to earn rewards.
Hot Take: Terra Classic on the Rise
With the recent surge in price, the approval of Proposal 12071, and the optimistic outlook, Terra Classic is showing resilience and a strong commitment to governance improvements. As a crypto enthusiast, itโs essential to keep an eye on Terra Classicโs price movements and market updates as it continues to evolve.
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