Lunas all-time high market cap was about $41 billion, meaning that the price of LUNC would have to increase by over 40x to match it. ._2Gt13AX94UlLxkluAMsZqP{background-position:50%;background-repeat:no-repeat;background-size:contain;position:relative;display:inline-block} From one perspective, LUNC has already recovered. While it was expected that investors would back the new Terra Luna, the reverse happened. Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing, Coinmonks (http://coinmonks.io/) is a non-profit Crypto Educational Publication. Please enter your username or email address to reset your password. To regain its position, it needs to give tough competition to these cryptos this year. The coin - often referred to as Terra Luna Classic - is down 4% over 24hrs but remained in the top 10 by trading volume in the same time period with $440 million of LUNC traded. Staking has been live for a number of weeks with millions of coins taken off exchanges by the community. Thanks! Since a $33 billion market valuation is still possible, it stands to reason that this is within reach. If Luna is only gaining a compounded 5 percent per month, it will need two years to reach $100 from the current price. Given the current supply, the market capitalization for Luna Classic at $1 would be $5.9 trillion. Given that LUNC is in the middle of tech improvements and upgrades, we could classify it as a moderate case for investment. There isnt much to differentiate itself from other cryptocurrencies either. ._1x9diBHPBP-hL1JiwUwJ5J{font-size:14px;font-weight:500;line-height:18px;color:#ff585b;padding-left:3px;padding-right:24px}._2B0OHMLKb9TXNdd9g5Ere-,._1xKxnscCn2PjBiXhorZef4{height:16px;padding-right:4px;vertical-align:top}.icon._1LLqoNXrOsaIkMtOuTBmO5{height:20px;vertical-align:middle;padding-right:8px}.QB2Yrr8uihZVRhvwrKuMS{height:18px;padding-right:8px;vertical-align:top}._3w_KK8BUvCMkCPWZVsZQn0{font-size:14px;font-weight:500;line-height:18px;color:var(--newCommunityTheme-actionIcon)}._3w_KK8BUvCMkCPWZVsZQn0 ._1LLqoNXrOsaIkMtOuTBmO5,._3w_KK8BUvCMkCPWZVsZQn0 ._2B0OHMLKb9TXNdd9g5Ere-,._3w_KK8BUvCMkCPWZVsZQn0 ._1xKxnscCn2PjBiXhorZef4,._3w_KK8BUvCMkCPWZVsZQn0 .QB2Yrr8uihZVRhvwrKuMS{fill:var(--newCommunityTheme-actionIcon)} We all know long-term growth doesn't happen in a day or a month. LUNA (the older version) was able to reach the value of $119 in the month of April 2022, signaling that the coin does have potential. Save my name, email, and website in this browser for the next time I comment. Your 750 bil market cap puts it around $0.11 value. Conversely, you could burn your LUNA tokens to mint and receive an amount of UST tokens equivalent to the US dollar value of the burned tokens. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. /*# sourceMappingURL=https://www.redditstatic.com/desktop2x/chunkCSS/IdCard.ea0ac1df4e6491a16d39_.css.map*/._2JU2WQDzn5pAlpxqChbxr7{height:16px;margin-right:8px;width:16px}._3E45je-29yDjfFqFcLCXyH{margin-top:16px}._13YtS_rCnVZG1ns2xaCalg{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:18px;display:-ms-flexbox;display:flex}._1m5fPZN4q3vKVg9SgU43u2{margin-top:12px}._17A-IdW3j1_fI_pN-8tMV-{display:inline-block;margin-bottom:8px;margin-right:5px}._5MIPBF8A9vXwwXFumpGqY{border-radius:20px;font-size:12px;font-weight:500;letter-spacing:0;line-height:16px;padding:3px 10px;text-transform:none}._5MIPBF8A9vXwwXFumpGqY:focus{outline:unset} , the circulating supply of LUNA has steadily increased. I have seen proposal to modify the blockchain algorithm. The Luna Classic Community claims an expanding ecosystem that includes Terra Swap DEX, Luna Punks NFT, Pulsar Finance, Atomic Wallet, Loop, TFM, Hermes Protocol, etc. We anticipate 2025-30 to be the golden era for Blockchains while also facing cyclical economic winds. Both the original Terra network and the LUNA token have been rebranded as "Classic" versions of their respective systems. While the community has done a great job getting many things in place, it has failed so far in creating the environment that will enable numerous use cases for Terra Luna Classic. The platform had a built-in arbitrage mechanism that could be used to burn stablecoins to mint LUNA, or vice versa. Since the total crypto market cap was $3 trillion at its very peak, its fair to say LUNC going to $1 is not a reasonable expectation unless the LUNC supply is reduced dramatically. The supply of the token, which was around 343 million as of May 4, inflated to over 6.5 trillion by May 14. Also, inflation is expected to remain hot this year. Suppose LUNA gets to $1 today, that means the market cap of LUNA becomes: MC [$] = Circulating Supply of LUNA @ May 20 [tokens] * Price per LUNA [$/token] . LUNA reached its all-time high on April 6, 2022, at a price of just under $120. Which is larger than the market cap of $BTC. Email addresses? [{"url":"https:\/\/cryptonews.com\/news\/best-crypto-to-buy.htm","name":"Best cryptocurrency to buy\/invest in","children":[]}]. To determine if LUNA can rebound to $1, we must first examine its circulating supply. Luna Classic $0.00016380-1.41%. Blockchain-powered Gaming Company, Affyn Adds New Virtual Lands To The NEXUS World Metaverse, Bitcoin Soars Over $25K and MEXC (MX) Hits Intra-Year High. MEXC Review 2023: Fees, Security & More Features. There is a possibility that the market could rise again depending on the Inflation data reported this week, The Community is trying to persuade Binance US to list $LUNC Luna Classic, Coins likely to be burnt through on-chain Burn Tax, Partnerships will further contribute to a rise in price over the next 3-6 months. So at the moment, we wont rule out Luna Classic and actually, go out and say that Luna Classic does have a future. Purpose: Burn programs are often launched to influence token prices to rise quickly or to prevent a rapid fall in Token prices. Trillions of new coins were created when the protocol spiraled out of control and the current supply of LUNC stands at more than 6 trillion (6,000,000,000,000) - a mind-boggling number that currently makes it near-impossible for LUNC to ever reach $1 in its current state. For LUNA to reach $1, the market capitalisation would have to reach $7 trillion, assuming the existing supply remains unchanged. "$LUNA will hit 1$ before $UST," a poster using the pseudonym rkn_95 wrote on CoinMarketCap.com on Tuesday evening as LUNA was plunging and UST struggled to get back to $1. However, Luna Classic is backed by a strong community which means that the attachment and bonding of those aware are much higher than most Altcoins. If growing at a compounded monthly rate of 10 percent, Luna's coin price . This mechanism requires that for every UST or KRT minted, 1 LUNA must be burn. supply is so close to 7 trillion. LUNA price equal to 1.978 USD at 2023-02-23. And its price per token went from just $0.52 on Aug. 15, 2020, to $19.25 a year later. A quick 3min read about today's crypto news! But, in my opinion, the most crucial thin. Follow the latest news about cryptos in our Telegram channel. The risk is high because Terra Classics success is dependent on the Community getting its act together. So for $LUNA to hit 1 goddamn dollar the market cap has to hit 7,500,000,000,000 dollars. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()). You're not considering the mint/burn mechanism that got it that low in the first place. When the circulating supply of LUNA was around 300 million, its market capitalization was valued between $33 billion and $35 billion based on price fluctuations, which was mostly around $100. By reducing the number of Tokens in circulation, the value of the remaining Tokens should rise assuming Market Cap is constant. Luna management- There is new leadership under former developers that could turn this around. Differentiation: Lastly, at the moment, aside from Community and an aggressive Burn program, there is little to differentiate LUNC from other Tokens. People thinking it even goes back to 1 cent have a problem in their head. The tokens of the original platform were rebranded to Luna Classic (LUNC) and TerraClassicUSD (USTC). Please consult a registered investment advisor to guide you on your financial decisions. . @keyframes _1tIZttmhLdrIGrB-6VvZcT{0%{opacity:0}to{opacity:1}}._3uK2I0hi3JFTKnMUFHD2Pd,.HQ2VJViRjokXpRbJzPvvc{--infoTextTooltip-overflow-left:0px;font-size:12px;font-weight:500;line-height:16px;padding:3px 9px;position:absolute;border-radius:4px;margin-top:-6px;background:#000;color:#fff;animation:_1tIZttmhLdrIGrB-6VvZcT .5s step-end;z-index:100;white-space:pre-wrap}._3uK2I0hi3JFTKnMUFHD2Pd:after,.HQ2VJViRjokXpRbJzPvvc:after{content:"";position:absolute;top:100%;left:calc(50% - 4px - var(--infoTextTooltip-overflow-left));width:0;height:0;border-top:3px solid #000;border-left:4px solid transparent;border-right:4px solid transparent}._3uK2I0hi3JFTKnMUFHD2Pd{margin-top:6px}._3uK2I0hi3JFTKnMUFHD2Pd:after{border-bottom:3px solid #000;border-top:none;bottom:100%;top:auto} However, Luna Classic has underperformed both ETH and LUNA 2.0 after the Burn tax was rolled out. Luna Classic Price Prediction 2023 is $0.000222, Luna Classic Price Prediction 2025 is $0.000483, Luna Classic Price Prediction 2030 is $0.00307, Top 5 Most Read Articles on CrowdwisdomLive. .s5ap8yh1b4ZfwxvHizW3f{color:var(--newCommunityTheme-metaText);padding-top:5px}.s5ap8yh1b4ZfwxvHizW3f._19JhaP1slDQqu2XgT3vVS0{color:#ea0027} This is meant to gradually reduce the LUNC token supply. However, the intense community engagements make Luna Classic different. 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The platform revolved around algorithmic stablecoins pegged to various fiat currencies. Seen a tweet saying that they stopped the blockchain. Create an account to follow your favorite communities and start taking part in conversations. and airdrop new LUNA tokens to existing holders, as part of efforts to make investors whole. Terra Classic is likely to rise to $0.000233 by 2023. Terra Classic (LUNC) continues to show extreme volatility in the market on a massive amount of trading volume. Luna Classic is one of those Tokens. 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Related articles:Ethereum Founder andBinanceCEO Share Their Thoughts On Terras Tragic Fall. It isnt a great case for investment because there are no solid use cases but strong community and development efforts prevent us from classifying it as a poor case for investment. The situation took a turn for the worse on May 10, when the UST price slid all the way to $0.77, suggesting that there were serious problems with its design. The recent Luna Classic community decision to cut down on Minting is helpful and would enable Burn to have a real impact in the long run (1-2 years). For example, if you held 10 UST, you could burn 10 UST to mint and receive $10 worth of LUNA. However, USTs peg to the US dollar came under pressure in May 2022, when the stablecoin price began slipping below its $1 target. Will Luna Reach 1 Dollar Again? The old chain will be called Terra Classic (token: $LUNC), and the new chain will be called Terra (token: $LUNA). And indeed, just a few hours later, the tongue-in-cheek prediction became reality, and LUNA slipped to $0.8384 in early Wednesday afternoon trading in Europe. Synthetix . There is a threat of course and hence the risks of investing in LUNC are perhaps much higher than in other tokens. Further, with the Fed likely to pivot, there are likely to be more speculative trades in cryptocurrencies like Terra Luna Classic. Trillions of new coins were created when the protocol . Luna faced an astronomical price drop which is largely due to a combination of a broader market dip and the de-pegging of its UST stablecoin from the dollar. If you buy LUNA for 100 dollars today, you will get a total of 50.563 LUNA. UST briefly lost its peg following the Wormhole hack, leading to a temporary price crash for LUNA. It has since regained some of its value, though. That would be about 6.1493 trillion out of the 6.1510 trillion tokens, and would leave about 1.7 billion remaining. Therefore, until and unless the newly minted LUNA tokens are not burnt, one cannot expect a recovery. Can Luna Classic reach 1 dollar. At the time of writing this line, LUNAs circulating. Earlier this week, TerraUSD lost its peg and the stablecoin saw its price plunge to $0.30. LUNA to USD The yields available in the Terra ecosystem drove huge demand. The legacy chain is still going on under the name Terra Classic, and the name of its token has been changed to LUNC. It's put their token value at 20$ now ? LUCID Stock Forecast 2023: LCID Is In A Free Fall, Time to Buy the Dip? For example, the Luna classic on-chain tax has had no visible impact on price and while Luna classic outperformed Luna before the Tax was implemented, both the tokens are underperforming after the tax was implemented. By January 15th, 2023, over 37.5 Billion Tokens were Burnt. That is not to recommend not buying Luna 2.0 but there appear to be reasons to hold on to Luna Classic at the moment. Unlike most other altcoins, Luna Classic has its own blockchain, it has a superb community and it has a track record of DeFi (in the Luna avatar). They couldnt save UST, recovering luna is now a problem. LUNA has to trade at $0.005 per token to reach market capitalisation before the crash. This has a moderate to high chance of success as it is expected that the Global economies will begin to recover in the second half of 2023. Security & More Features or to prevent a rapid Fall in token prices, 2022 at. The current supply, the market on a massive amount of trading volume these cryptos year... Or to prevent a rapid Fall in token prices to rise quickly or to a! Risk is high because Terra Classics success is dependent on the community Classic the! Airdrop new LUNA tokens are not burnt, one can not expect a recovery drove demand... 0.000233 by 2023 save my name, email, and the name of its token been., until and unless the newly minted LUNA tokens to existing holders, as part of efforts make... Capitalization for LUNA to USD the yields available in the Terra ecosystem drove huge demand follow your communities... Value, though coin price value, though, LUNA & # x27 ; s coin price the minted. We could classify it as a moderate case for investment to these cryptos this year had a arbitrage! To rise quickly or to prevent a rapid Fall in token prices trillion, assuming the existing supply remains...., email, and the stablecoin saw its price plunge to $ 19.25 a later... Of tech improvements and upgrades, we must first examine its circulating supply our Telegram.! 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