Since many individuals have lost hundreds of millions of dollars to the token, faith in it has been diminished. Thus, each significant price increase is accompanied by setbacks that drive the token price back down. With Exchanges like Binance and KuCoin showing their willingness to support the above burn, LUNC has seen promising revival signs.
- Currently, the price of Terra is around $2.16 with a market capitalization of $274,802,724, a circulating supply of 127,475,474.31 LUNA, and a 24-hour trading volume of $599,701,739.
- Terra Luna’s value is expected to trade above $1 by the end of the year.
- Despite the recent crumbling of its network, LUNC’s community is exhibiting promising signs of revival as ‘#LUNCcommunity’ has been trending on Twitter.
- The short-term outlook looks positive for the token, and this is also because the entire market has started to recover from the May crash.
Last week, Luna’s classic price started strongly, and at one point, the prices were trading as high as 135 per cent. However, by the end of the week, the prices had started to come down, which saw Luna classic closing the market with a gain of 70 per cent. Today, the bearish trend, which started last week, looks to be continuing, with Luna classic already down by 13 per cent. Amid the crash, Terraform Labs CEO Do Kwon offered a Luna recovery plan to stabilise the current crypto wreckage, introducing the new Luna 2.0.
Is cryptocurrency safe?
This, however, does leave us with the question of LUNC’s functional or practical utility in the coming times. In doing so, he proposed a hard fork for which the majority of the community members voted in favor. Apart from this, it can also be used for governance that allows users to make changes to the Terra protocol. Kelvin Maina is a computer science graduate who has a passion for cryptocurrencies. In 2017, he became professional crypto and Forex technical analyst for CryptoPolitan and in 2022, he joined InvestingCube.com.
One can access the DApps built on the Terra blockchain by using the wallet. Furthermore, the Terra Station can operate on a phone and a computer without failure. The native token of the network, LUNA, is an essential element in the Terra Ecosystem and is responsible for platform governance. The LUNA token is responsible for operating the collateralizing mechanisms which keep the stablecoins in check and avoid massive fluctuation.
Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class. Terra Luna Classic is a new token that will replace LUNA coins that have failed without the UST peg or any other algorithmic stablecoin. In fact, Luna’s supply was not fixed, and varied algorithmically to try to keep the value of the UST stablecoin fixed. When the implosion of UST began, the system went haywire, and a huge amount of Luna tokens were produced. It went from about 345 million moons to over six trillion in the space of a week.
The some of fastest-growing blockchain ecosystems support the Terra ecosystem with 100+ projects across DeFi, Web3, and NFTs. LUNC is the rebranded version of the LUNA Coin, now that is known as the Terra Luna 2.0. The sudden implosion at Terra was one of the most significant events in the crypto market in early 2022.Investors had rarely witnessed such huge destruction in the market. This process allows the coins to remain pegged to the underlying assets. The network uses a flexible and effective monetarily oriented approach to solve stability and economic problems.
Terra Luna Classic’s Long Term Price Prediction
He recommended a new hard fork as part of his revitalization strategy in order to assist in the correction of design defects of this kind that were present in the ecosystem. The new blockchain is already live, and the previous one has been renamed Terra Classic when its new name was announced . However, it is still unclear whether or not these efforts will bring the LUNA ecosystem back to its previous state. On May 11, 2022, when the price of UST struggled to recapture its $1 price peg, the price of LUNA dropped below $0.84 before stabilizing above $1.10.
Terra Luna revival could ‘surprise a lot of people’ as token rebounds
However, because TerraUSD is a so-called stablecoin, investors were taken aback by the abrupt decline in its price. Getting rid of the stablecoin that made Luna crash in the first place could increase the possibility of the new crypto being successful, but anything goes in this volatile crypto market. After reaching a peak of $19.53 (€18.15) on Saturday, https://dogirafather.com/will-luna-classic-reach-1/ luna dropped as low as $4.39 (€4.00) just hours later, according to CoinGecko. It’s worth noting that UST has lost its peg in the past and regained it. However, this dramatic dip in the price of UST may shake the faith of investors in Terra for some time. However, until UST regains its peg again, these discussions are likely to continue.