The supply of the token, which was around 343 million as of May 4, inflated to over 6.5 trillion by May 14. Seeing a proposal to refund the bottom 99.6% at 10 million dollars. I have seen proposal to modify the blockchain algorithm. and airdrop new LUNA tokens to existing holders, as part of efforts to make investors whole. Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing, Coinmonks (http://coinmonks.io/) is a non-profit Crypto Educational Publication. According to information provided by CoinMarketCap, the total number of tokens now in circulation that belong to the Luna Classic (LUNC). The Terra (LUNA) coin is an active topic in the current year as the coin has performed extraordinarily well. The newer LUNA 2.0 token retained the original symbol $LUNA. This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. ._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)} One part of the community abandoned the concept of algorithmic stablecoins and launched the Terra 2.0 project. However, the excessive focus on Burn and staking is unlikely to help Luna Classic. $LUNC was launched in May 2022 after the crash of Terra Foundations UST (Stable Coin). For LUNA to reach $1, the market capitalisation would have to reach $7 trillion, assuming the existing supply remains unchanged. ._3bX7W3J0lU78fp7cayvNxx{max-width:208px;text-align:center} Based on our forecasts, a long-term increase is expected, the price prognosis for 2027-07-28 is 155.937 US Dollars. And its price per token went from just $0.52 on Aug. 15, 2020, to $19.25 a year later. The algorithmic mechanism meant to keep UST at $1 went into overdrive. Luna Classic can be bought on numerous major centralized and decentralized crypto exchanges including Binance, KuCoin, Kraken, Gemini, OKX, Huobi, Gate.io, Bybit, Uniswap, and PancakeSwap. 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. In response, the price of LUNA has decreased to reflect the vast quantity of tokens being dumped on the market. Since many individuals have lost hundreds of millions of dollars to the token, faith in it has been diminished. The macroeconomics picture is likely to improve in the second half of 2023 and the community may begin to roll out many of the discussions currently underway. Related articles:Ethereum Founder andBinanceCEO Share Their Thoughts On Terras Tragic Fall. Use case expansion- The original LUNA was a major player in the DeFi space with Billions of Dollars of Total Value Locked. Is $1 a pipe dream for, LUNAs circulating supply has grown from 300 million tokens to nearly seven trillion within the space of fewer than two weeks. That could mean further interest rate hikes and a bigger crash. It utilizes a basket of fiat-pegged stablecoins, algorithmically stabilized by its reserve currency LUNA, to facilitate programmable payments and open financial infrastructure development, Press J to jump to the feed. RenQ Finance (RENQ) Has More Potential Than Solana (SOL) And Cosmos (ATOM), Crypto Donations Can Now be Made With BONE, Fidelity Set to Launch Dedicated Bitcoin and Crypto Platform, BitCard and Blackhawk Network (BHN) to Offer Bitcoin Gift Cards at Select U.S. LUNAs price might potentially rise to $0.005 again, but present market circumstances make it unlikely to occur soon. All through 2024, the LUNA cost can reach a high of $252.31 and a low of . US Congressman Proposes Bill to Block Federal Reserve from Creating American CBDC What's Going On? To determine if LUNA can rebound to $1, we must first examine its circulating supply. The yields available in the Terra ecosystem drove huge demand. Terra Classic (LUNC) continues to show extreme volatility in the market on a massive amount of trading volume. In 2024, the price of one Terra is destined to drop to a minimum of $205.62. Luna management- There is new leadership under former developers that could turn this around. Use Cases: Luna Classic has some use cases but there arent too many apps being developed on Terra Classic the blockchain, Top projects (That are active) on Terra Classic include Terra Swap, Metagloria NFT, Eris Protocol, Terra Rebels Moonshot, P2P Lunc Dispute. LUNAs circulating supply has grown from 300 million tokens to nearly seven trillion within the space of fewer than two weeks. By January 15th, 2023, over 37.5 Billion Tokens were Burnt. (the activity undertaken to reach a . window.coinzilla_display=window.coinzilla_display||[];var c_display_preferences={};c_display_preferences.zone="325fe079eb73cc7840";c_display_preferences.width="300";c_display_preferences.height="250";coinzilla_display.push(c_display_preferences). Can Luna Classic reach 1 dollar. The active community could be the ace up Luna Classics sleeve, as LUNC holders are very active in promoting the coin on social media platforms such as Twitter. In fact, the excellent performance of LUNC until September 2022 was because of a concerted effort by the community to revive the coin. Woodbois Stock Forecast: Is WBI a Worthy Penny Stock to Buy for Long Term? By the end of May, UST was trading at less than $0.03 and a single LUNA token was practically worthless. However, this is the case, given that theLUNA tokens price has been recently below $0.0001. However, the news was met with a mixed reaction by the LUNC community, with one prominent member, LUNCDAO, claiming the press release was "dishonest marketing to get viral engagement". The recent proposals passed and implementation gives investors hope that this Token could recover at some point in the future. Your 750 bil market cap puts it around $0.11 value Reply 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). Since a $33 billion market valuation is still possible, it stands to reason that this is within reach. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. If there is like trillions of Luna coins who own them ? If you are interested in investing in LUNC but dont know where to start, give our how to invest in crypto guide a read. Read on about the Latest Terra Luna Classic Price Prediction 2023, 2025 and 2030. The coin has a market capitalization of over $1 billion, despite the chains DeFi ecosystem having a TVL of only about $6.5 million as of December 9, 2022. 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. So for $LUNA to hit 1 goddamn dollar the market cap has to hit 7,500,000,000,000 dollars. Create an account to follow your favorite communities and start taking part in conversations. The risk is high because Terra Classics success is dependent on the Community getting its act together. The system worked well for a while, and the Terra platform started seeing explosive growth in 2021, primarily thanks to Anchor, a DeFi protocol that offered high yields on Terra stablecoin deposits. The current LUNC burn rate is 450,819,101, which is a decrease from the previous rate. UST briefly lost its peg following the Wormhole hack, leading to a temporary price crash for LUNA. Terra Classic is surprisingly popular and has one of the most active communities in the crypto world. The legacy chain is still going on under the name Terra Classic, and the name of its token has been changed to LUNC. Terra Classic V1.1.0 Upgrade Goes Live, Will Binance Resume LUNC Burns Today? Top Twitter account The Moon with 1M followers asks a simple question, LUNA supply is so close to 7 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? Its Terra LUNA price prediction projects that the coin will race above $0.0008 in 2027 to reach $0.006 by 2031. While it was expected that investors would back the new Terra Luna, the reverse happened. Final Word: Will Luna Classic Reach The $1 Mark? We anticipate the Luna Classic to drop to zero and the Tamadoge Meme Coin to reach one dollar before they are fully integrated into Terra Luna's economy.. Given that the whole crypto market capitalisation peaked at $3 trillion, this is now unachievable. Luna Classic is one of those Tokens. This is meant to gradually reduce the LUNC token supply. . 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. Currently, the Terra Classic blockchain has a 0.2% tax on all LUNC token transactions. The Securities and Exchange Commission (SEC) maintains its regulatory stance on cryptocurrency. 3/ It will effectively create a new Terra chain without the algorithmic stablecoin. Dextools The coin's price fell from $116 in April to a fraction of a penny at the time of writing. LUNA price plummets nearly 38% despite a 200% increase in trade volume. Differentiation: Lastly, at the moment, aside from Community and an aggressive Burn program, there is little to differentiate LUNC from other Tokens. However, there are some reasons for cautious optimism. 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