LUNC Price Jumps 7% on Upgrade Proposal News

The Terra Classic network is gearing up for a significant upgrade as proposal #12131 goes live for voting. If approved, this proposal will elevate the network to version 3.1.5, incorporating a critical security patch for wasmd and updates from version 3.1.4, including a gas simulation patch.

$LUNC proposal #12131 is live for voting.

This proposal, if passed, will upgrade the network to v3.1.5 which adds a security patch for wasmd and includes changes from v3.1.4 with a gas simulation patch.

Looks good to me. Let’s pass it and upgrade #LUNC. 💎🤲🏻 #Crypto #Binance https://t.co/MDz3Iuton5

— Mr. Diamondhandz1💎 (@MrDiamondhandz1) September 9, 2024

Upgrade Details and Timeline

Proposal #12131 details several key improvements for the Terra Classic network. The security patch for wasmd tackles vulnerabilities that could potentially threaten the network’s integrity. The gas simulation patch from version 3.1.4 is also set to optimize transaction processing, resulting in a more robust and reliable network for users.

Read also: Is Terra Classic Staging a Comeback? LUNC Achieves a 58.68% Rebound in Days

The proposal includes a halt height of 19,850,000, expected to occur around September 18th, 11:15 AM UTC. If the proposal passes, this halt height will initiate the network upgrade to version 3.1.5.

Market Reacts Positively to Upgrade News

Following the announcement of proposal #12131, Terra Classic (LUNC) has shown a notable increase in market activity. As of the latest data, LUNC is trading at $0.000083, reflecting a 7.86% increase in the past 24 hours.

The altcoin’s trading volume has surged to $19,811,560, positioning it at rank #114 on CoinMarketCap with a live market cap of $474,343,394.

Technical indicators show LUNC is currently consolidating after a recent downturn. The Moving Average Convergence Divergence (MACD) indicator suggests a possible bullish crossover, hinting at an upward trend.

Read also: LUNC’s Risk-Reward Ratio: Should Investors Take a Chance?

Source: TradingView

However, the RSI currently sits at 54.94, indicating a neutral stance, with no clear overbought or oversold signals.

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