On the previous day, the price of Terra Luna Classic fell by 1.5%, falling to $0.00017113 as the market as a whole fell by roughly 0.5%.

Its 24-hour trading volume is a little over $60 million, and while it has fallen over the past week, the cryptocurrency has risen over the past 14 days by 1.5%.

Nevertheless, a $60 million trading volume is a fall of almost 80% from January 14, when a 24-hour volume of $380 million was reached and the price of LUNC reached a high of $0.00019.

Due to internal strife within the Terra Luna Classic group over how to accelerate the coin’s growth, it appears that market interest in the alternative coin may be diminishing.

The chart of LUNC supports the theory that it is now experiencing an unfinished downswing.

In particular, its 30-day moving average (red) is still below its 200-day moving average (blue), suggesting that the price of LUNC won’t start growing steadily again until the 30-day has bottomed.

LUNC’s relative strength index (purple) is still below 50 at the same time.

Despite the fact that this is an improvement from where it was a few days ago, it shows that the altcoin still lacks the buying momentum required to move forward.

The community is currently fighting on how to move Terra Luna Classic forward, which is hurting LUNC.

In addition to the disagreement between validators and developers over how much LUNC to burn and how much to re-mint, a new proposal has surfaced in the last few days calling for the suspension of payments to developer Jacob Gadikian for allegedly “attacking and slandering validators on the Luna Classic Blockchain.”

This is obviously not a good appearance.

It raises concerns that the Terra Luna Classic community may not be cohesive enough to come up with a definitive plan to raise the price of LUNC, and it may discourage other developers from joining the network out of concern for the hassle and effort involved.

Nevertheless, recent days and weeks have seen a number of encouraging changes in Terra Luna Classic territory.

These give hope that something can be done to increase the price of LUNC.

The Terra Luna Classic blockchain was most recently updated by a proposal that allows whitelists to be added to its native on-chain tax burn.

Binance had asked for this in order to be exempt from the on-chain burn and to resume its regular trading fee burn (something which had temporarily ceased until at least March).

As a result, LUNC burning can resume; to date, almost 38 billion LUNC have been burned (out of a total circulating supply of 6.87 trillion).

This sum is probably going to increase more quickly in the near future, especially if other exchanges follow Binance’s example and implement their own LUNC burning.

The Terra Luna Classic community is also continually coming up with ideas that would increase the burn count, such as one that would let users deliberately burn more LUNC while withdrawing prizes.

Additionally, there is currently a push within the community to improve Terra’s implementation of Tendermint in order to facilitate interoperability between Terra Luna Classic and Cosmos.

If this goes forward, Terra Luna Classic will be able to draw in additional users, dApps, and developers in addition to raising the price of LUNC.

Given all of this ongoing activity, there is a strong possibility that LUNC will make considerable progress this year.

And for many in the community, $0.1 appears to be the main goal that everyone is aiming at together.

A larger burn campaign and better market circumstances should help LUNC reach $0.1, which could give it enough impetus to surge even higher.

There’s little doubt that practically everyone in Terra Luna Classic circles is focused solely on bringing the altcoin back to such heights. Of course, given that it has a supply of about 6.87 trillion LUNC, there’s still a very long way to go.

While LUNC may be headed for a short-term decline, there are now other cryptocurrencies on the market with bright futures.

As a result, we’ve selected the top 15 cryptocurrencies for 2023, as determined by the CryptoNews Industry Talk team, if you’re seeking for additional possibly high-return crypto projects in addition to LUNC.

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