Cosmos InterChain Summit Sparks LUNC Revival: Bullish Proposal Fuels Price Surge Hopes

Interchain alliances flex muscle as Terra Classic (LUNC) gets a lifeline—just don't call it a comeback... yet.

Cosmos ecosystem's latest governance proposal could be the defibrillator LUNC holders prayed for during its crypto-ICU stint. The 'burn-and-revive' playbook gets another test run.

Market watchers eye key resistance levels as proposal details leak. 'Because what crypto needs is another token with identity issues,' quipped a hedge fund trader while refreshing his trading dashboard.

Terra Luna Classic Community at Cosmos InterChain Summit

Cosmos InterChain Summit is a two-day event scheduled during Berlin Blockchain Week on June 20-21. The event will feature many projects and developments on Cosmos-based chains.

The Terra Luna Classic community members are expected to attend the event with a solid presence. Key members, including developers, from the Terra Luna Classic community are also expected to attend and discuss developments regarding LUNC and USTC.

The Market Module 2.0 proposal by validator Vegas and StrathCole to reactivate the market module will be closely monitored by the Terra Classic community. The community wants the market module back to restore utility and fee flow — but will only accept continuous net supply decline.

“As you know, we’re facing a critical situation on Terra Classic that can no longer be ignored: the depletion of the oracle pool. The heart of our chain is Proof-of-Stake, and as staking rewards continue to decline, we risk losing competitiveness — even falling below the yields of low-risk capital staking options,” said Vegas.

At present, the depletion of the oracle pool has become a concern for the community. It has dropped from 115 billion to 69 billion LUNC tokens in a one-year timeframe.

Community Eyes LUNC Price Recovery

The formation of a “death cross” in February has kept the price to stay lower. It is formed when the 50-SMA crosses below the 200-SMA. However, the Terra Luna Classic community looks for recovery in LUNC price starting today.

LUNC price has jumped more than 1% in the past 24 hours, with the price currently trading at $0.00005818. The 24-hour low and high are $0.00005666 and $0.00005793, respectively.

CoinGlass data indicates buying in the derivatives markets. Notably, the total 1000LUNC futures open interest on Binance and Bybit climbed nearly 1% and 3.30% in the last 4 hours, respectively.

Also Read: Will Bitcoin price Close Below 50-DMA As BOJ Pushes for Rate Hike?