A popular voice within the Terra Classic community is calling for patience amongst investors as the cryptocurrency struggles to grind its way back to the top.
Since the infamous collapse of the Terra (LUNA) ecosystem, core communities around the Terra 2.0 network and its fork, Terra Classic (LUNC), have rallied to propel the projects.
Most recently, Terra Classic proponent Derek made an appeal to current LUNC investors. Appealing to good motives, he urged the community to maintain balance amid a period of pain and patience.
Derek further urged the Terra Classic camp not to be overly excited or worried about the recent price surge and decline affecting LUNC. Instead, he enjoined the community to focus on a long-term target of seeing LUNC reach a $0.03 price at some point in the future.
At the inflection point of major changes in the market, there is always a period of pain and patience. Don't be happy or disappointed by the current meaningless decline and small rise. What we need to look at and focus on is LUNC 0.03, not the current short-term decline or rise.…
— Derek (@kimmyboy2) January 27, 2024
He described the price target and factors that would bring it about as the original intention and what is important for the Terra Classic community. In a more recent post, Derek added the LUNC’s decline is setting it up for a more significant upward trend when the storm is over.Â
Terra Classic (LUNC) Battles to Reclaim $0.0001
The latest appeal for patience from the Terra Classic community comes at a time when the altcoin has been recovering from a decline. Alongside the rest of the crypto market, LUNC has bounced back above $0.0001 at the time of writing.
According to CoinMarketCap, the cryptocurrency has gained 10% in the past seven days and could see further gains if it builds a strong momentum above the crucial $0.0001 mark.
Such an outcome would evidently pave the way for the ambitious price targets being set by the community.
Notably, LUNC’s current supply means that a $0.03 price will put the cryptocurrency’s market cap at over $175 billion, or more than four times the value of Terra (LUNA), at its peak in 2021.
In the meantime, the asset has a market cap of $581 million, making such a 300 times surge less realistic unless the project can accelerate LUNC burns and push for more real-world adoption.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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