Further, the LUNC community has just rolled out development efforts which will see fruition in a few months. Updated Mar 1, 2023 at 4:48 p.m. UTC Puerto Rico is seen as a tax haven for crypto. Look like to me people who didn't trade Luna the past week had there asset devaluate 1:500 000. $LUNC was launched in May 2022 after the crash of Terra Foundations UST (Stable Coin). And Luna is used to absorb stablecoin price volatility. Now, the token will continue. this is extremely difficult to do because it requires a lot of attention from the public and finance to power the project. If there is like trillions of Luna coins who own them ? Luna Classic is now 2.5x larger in Market Cap than Luna 2.0. Its currently difficult to imagine a scenario in which LUNC would significantly outperform the rest of the cryptocurrency market. 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. Both of these could push LUNC price significantly higher in 2023. Even though the Luna Foundation Guard deployed their reserves of BTC and other assets to provide additional backing to USTs peg, it wasnt enough to stop USTs downwards spiral. Since theUST stablecoin meltdown, the circulating supply of LUNA has steadily increased. , the circulating supply of LUNA has steadily increased. Luna 2.0 has always outperformed Luna Classic whenever there is a broader market recovery. Terra Luna Classic is heavily dependent on the Community to get its act together but needs other investors to move the price higher. . Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market. There is enormous potential for the Token to have real-life use cases. After the Terra crash in May 2022, the Terra Foundation launched a new version of Luna called Luna 2.0 $LUNA. 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 older LUNA token was rebranded Luna Classic or LUNC and much of the control was handed over to the LUNC community. At the time of writing this line, LUNAs circulating. For example, if you held 10 UST, you could burn 10 UST to mint and receive $10 worth of LUNA. The liquidity injection by the Peoples Bank of China caused the price increase of Chinese crypto projects. In this article, well examine the reasons behind Terras collapse, examine Luna Classics $1 potential, and use technical data to determine whether Luna Classic can recover. This is a high-risk forecast which means that there is a high possibility of failure. Edit: market cap was editted after a kind redditor showed out my fault, 0.0002 is 2/10000ths of a dollar or 5000x to get to $1 you are off by about 10x. 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. Major risks: Significant increase in regulation. Instead, Terra relied on an algorithmic design that involved the platforms native token, LUNA. Following upgrades like Columbus-5, the supply of LUNA could become highly deflationary in the long run. At the time of writing this line, LUNAs circulating supply is around 6.53 trillion, thus prompting many to doubt that the digital currency would touch $1 anytime soon. Recall that the Terra team launched a proposal to fork a new chain and airdrop new LUNA tokens to existing holders, as part of efforts to make investors whole. Both the tokens have complementary strengths that could benefit everybody. Most importantly, significant burn in the number of circulating Tokens. LUNA price equal to 1.978 USD at 2023-02-23. Keep track of your holdings and explore over 10,000 cryptocurrencies. Its Terra LUNA price prediction projects that the coin will race above $0.0008 in 2027 to reach $0.006 by 2031. So at the moment, we wont rule out Luna Classic and actually, go out and say that Luna Classic does have a future. This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. Do Burn programs have an impact on price? While Terra is down, its certainly not outwhether Luna Classic can recover will depend on the success of the burn program, support from the community, and the pace of protocol development. $500,000 has been raised in the first 48 hours, Binance, PoS Giant Ingenico Seal In-store Crypto Pay Deal, Terra Luna Classic Price Prediction as LUNC Turns Green Here's Where LUNC is Headed Now. In May of this year, the Terra Luna ecosystem failed, prompting Terraform labs to reorganize the system. We expect Substantial improvement in both coin dynamics and macroeconomics in 2025. This mechanism requires that for every UST or KRT minted, 1 LUNA must be burn. Create an account to follow your favorite communities and start taking part in conversations. 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. Even though the tax is much lower now, having a 0.2% tax on all on-chain transactions could be a significant headwind for the actual adoption of the Terra Classic blockchain. This is meant to gradually reduce the LUNC token supply. Terras native token, LUNA, is used to stabilize the price of the protocols stable coins. And what about a burning option wich Burns 3% of every transaction? Terra Classic is likely to rise to $0.000233 by 2023. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token. 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. LUNA has to trade at $0.005 per token to reach market capitalisation before the crash. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc. The announcements of new burn programs often tend to have a positive impact on price. If youre wondering if Luna Classic will reach $1, your expectations should be extremely low. Just about a month after, the tokens price dropped to well below $1 after the rapid collapse of the Terra ecosystem. Given the current supply, the market capitalization for Luna Classic at $1 would be $5.9 trillion. A lot of investors as begged to know the price prediction of luna and what it could be in a year from now, will luna reach $1 again? LATEST NEWS: Terra Luna Classic (LUNC) Price Today Reaches $0.0005. Luna's price chart depicts a historic crash. There is increasing chatter about more collaboration between Terra Luna and Luna 2.0. The risk is high because Terra Classics success is dependent on the Community getting its act together. The yields available in the Terra ecosystem drove huge demand. It was also reported that Lithosphere developers Kaj Labs will burn 2.5 trillion LUNC in their new Finesse series of games and have facilitated $50 to $100 million to facilitate the burn. Terras stablecoins did not follow the classic reserve-based model, in which an equivalent amount of fiat currency or similar assets (such as treasuries) is held to back every token in circulation. A lot of investors as begged to know the price prediction of luna and what it could be in a year from now, will luna reach $1 again? "$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. Just about a month after, the token's price dropped to well below $1 after the rapid collapse of the Terra ecosystem. so it has more potential to reach 1$ than Shiba . 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). Terra Classic is now a community-led coin with very little real-world utility. Follow us on Twitter @coinmonks and Our other project https://coincodecap.com, Email gaurav@coincodecap.com, Blockchain & Crypto enthusiast | Content creator | Writer. Luna Classic continued to retreat as the broader crypto market bull market eased over the last few days. That would be about 6.1493 trillion out of the 6.1510 trillion tokens, and would leave about 1.7 billion remaining. When UST is fixed it can recover, Dependsif they can get supply right then 1$ can work but the market cap will not increase above its ATH, I see $1 is quite impossible, but have you thought about $10? ._2cHgYGbfV9EZMSThqLt2tx{margin-bottom:16px;border-radius:4px}._3Q7WCNdCi77r0_CKPoDSFY{width:75%;height:24px}._2wgLWvNKnhoJX3DUVT_3F-,._3Q7WCNdCi77r0_CKPoDSFY{background:var(--newCommunityTheme-field);background-size:200%;margin-bottom:16px;border-radius:4px}._2wgLWvNKnhoJX3DUVT_3F-{width:100%;height:46px} You have entered an incorrect email address! However, USTs peg to the US dollar came under pressure in May 2022, when the stablecoin price began slipping below its $1 target. Your Australian news source for all things cryptocurrency. For context, the market cap of the entire crypto space is currently less than $1 trillion and, effectively, to reach $1 every single cent in every single crypto coin would have to be redirected to LUNC - and then multiplied by more than six. If true, that burn would drastically slash the supply of LUNC and drive up its price. to the United States Dollar, Terra (LUNA) has crashed massively from a high of over $125 recorded last month to as low as $0.0000009. 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. ._3Z6MIaeww5ZxzFqWHAEUxa{margin-top:8px}._3Z6MIaeww5ZxzFqWHAEUxa ._3EpRuHW1VpLFcj-lugsvP_{color:inherit}._3Z6MIaeww5ZxzFqWHAEUxa svg._31U86fGhtxsxdGmOUf3KOM{color:inherit;fill:inherit;padding-right:8px}._3Z6MIaeww5ZxzFqWHAEUxa ._2mk9m3mkUAeEGtGQLNCVsJ{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:18px;color:inherit} However, the delisting of both the assets from various exchanges may hinder the progress of the plan largely. While the voracious community has driven incredible gains over the last six months, the possibility of LUNC reaching $1 appears slim without drastic action and change. 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). 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. The burn started on September 21 and, according to the exchange, nearly 5.6 billion LUNC tokens - equating to approximately $1.8 million - were sent to a burn address. This tax was previously set at 1.2%, but it discouraged on-chain activity too much as the on-chain transaction volume dropped by over 90%. I dont understand what will the burning mean for holders. 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. That could mean further interest rate hikes and a bigger crash. Your 750 bil market cap puts it around $0.11 value Reply If you'd bought $1,000 worth of Terra a year ago, it would now be worth around $37,000. Staking has been live for a number of weeks with millions of coins taken off exchanges by the community. Both these factors make LUNC a better token if the chips are down. Can Luna Recover? So, its hard to argue that LUNC is undervalued at the moment. /*# 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} Option wich Burns 3 % of every transaction real-life use cases: Terra Luna Classic at $ after... Trade at $ 0.005 per token to reach market capitalisation before the crash native! 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