They couldnt save UST, recovering luna is now a problem. Follow the latest news about cryptos in our Telegram channel. Sofi Stock Forecast 2023: Will SOFI Stock Recover? US Congressman Proposes Bill to Block Federal Reserve from Creating American CBDC What's Going On? To regain its position, it needs to give tough competition to these cryptos this year. 3/ It will effectively create a new Terra chain without the algorithmic stablecoin. This should drive the price of Luna Classic significantly higher. Tezos $1.18 +1.62%. However, the delisting of both the assets from various exchanges may hinder the progress of the plan largely. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. However, this is the case, given that the. Do Burn programs have an impact on price? Is $1 Still Possible? For example, the UST stablecoin was pegged to the US dollar, the KRT stablecoin was pegged to the Korean won, and so forth. Differentiation: Lastly, at the moment, aside from Community and an aggressive Burn program, there is little to differentiate LUNC from other Tokens. For LUNA to reach $1, the market capitalisation would have to reach $7 trillion, assuming the existing supply remains unchanged. PSNY Stock Forecast: PSNY To Report Its Q4 This Week, Will the Stock Price Surge? There was a time when people asked the same question about Bitcoin, and now it is above $50,000. In May of this year, the Terra Luna ecosystem failed, prompting Terraform labs to reorganize the system. Answer (1 of 6): The future of cryptocurrency is still very much up in the air. Investors are now unsure if its price can ever recover. What will Terra Classic be worth in 2025? , the circulating supply of LUNA has steadily increased. So, its hard to argue that LUNC is undervalued at the moment. UST briefly lost its peg following the Wormhole hack, leading to a temporary price crash for LUNA. Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market. Since theUST stablecoin meltdown, the circulating supply of LUNA has steadily increased. 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. However, the intense community engagements make Luna Classic different. On the flip side, the value of LUNA can also decrease if UST is perceived as unstable. The older crypto is now called Luna Classic $LUNC. Further, LUNC's lack of utility makes it more open to volatility and attractive to speculative traders - pumps are open to being followed by dumps as investors take profits rather than hold as there is little long-term value in the project. Luna 2.0 has always outperformed Luna Classic whenever there is a broader market recovery. He claims that Terra Luna Classic (LUNC) will never be worth $1. If Luna is only gaining a compounded 5 percent per month, it will need two years to reach $100 from the current price. This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. Currently the total supply of luna is 6.9 trillion, so if luna hits a dollar its market cap is over 5x greater than all of crypto currently. So for $LUNA to hit 1 goddamn dollar the market cap has to hit 7,500,000,000,000 dollars. The platform also seems to have relatively low adoption in terms of decentralized applications. Based on the number of LUNA in circulation, in order for the cryptocurrency to be able to achieve the $1 feat, it would require a market valuation of nearly $7 trillion, an impossible task considering the fact that the entire crypto market is worth less than $1.5 trillion at press time. Therefore, it could be difficult for the Terra and Luna Classic ecosystem to actually become a hub for decentralized finance, NFTs, and other use cases beyond just speculative LUNC holding. Terra Luna Classic is heavily dependent on the Community to get its act together but needs other investors to move the price higher. The price or worth of cryptocurrencies including LUNC depends on various macro and micro economic factors such as Use cases, inflation, and liquidity. This mechanism requires that for every UST or KRT minted, 1 LUNA must be burn. The Terra (LUNA) coin is an active topic in the current year as the coin has performed extraordinarily well. While UST was not added to the plan, investors who were badly affected by the dip were left with no choice but to redeem their staked UST for LUNA. 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. New comments cannot be posted and votes cannot be cast, Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. I have seen proposal to modify the blockchain algorithm. Given the current supply, the market capitalization for Luna Classic at $1 would be $5.9 trillion. Luna Classic is now 2.5x larger in Market Cap than Luna 2.0. 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. But, in my opinion, the most crucial thin. ._2Gt13AX94UlLxkluAMsZqP{background-position:50%;background-repeat:no-repeat;background-size:contain;position:relative;display:inline-block} Luna's price chart depicts a historic crash. Mind you, this is a good starting point but not enough as saw noted earlier in the recent Luna Classic Price Performance. That's around 5.9 trillion coins, leaving about 170 billion left over. Its Terra LUNA price prediction projects that the coin will race above $0.0008 in 2027 to reach $0.006 by 2031. If true, that burn would drastically slash the supply of LUNC and drive up its price. Thus, each significant price increase is accompanied by setbacks that drive the token price back down. This site uses Akismet to reduce spam. Based on our prediction, LUNA could hit $1,000 at some point in 2028. Luna Classic has burnt less than 1% of Tokens in Circulation. Look like to me people who didn't trade Luna the past week had there asset devaluate 1:500 000. 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. Microsoft Stock Forecast 2023: Is MSFT a Safe Bet in 2023? 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.. Vroom Stock Forecast: Will VRM Stock Rise Above $2? Nonetheless, it is essential to consider investor sentiment. Therefore, displaying a huge chance of sliding below $0.1, adding up a zero to its value very soon. 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%. Keep track of your holdings and explore over 10,000 cryptocurrencies. Now, the token will continue. More investors continue to dump LUNA into the market as TerraForm Labs announces plans to make LUNA investors whole. Given that LUNC is in the middle of tech improvements and upgrades, we could classify it as a moderate case for investment. The Securities and Exchange Commission (SEC) maintains its regulatory stance on cryptocurrency. ._3bX7W3J0lU78fp7cayvNxx{max-width:208px;text-align:center} LUNA to USD community wants no fork but only LUNA burning, Robinhood Held Meeting with SEC Two Months Before Subpoena, Exodus Wallet Responds to Requests for Shibarium Support, Binance Confirms Support For Terra Classic (LUNC) Upgrade v.1.1.0. [{"url":"https:\/\/cryptonews.com\/news\/best-crypto-to-buy.htm","name":"Best cryptocurrency to buy\/invest in","children":[]}]. Retailers. The coin's value tumbled from around $6.75 to less than one cent. SNDL Stock Forecast 2023: Will SNDL Reach $3? 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). Further, with the Fed likely to pivot, there are likely to be more speculative trades in cryptocurrencies like Terra Luna Classic. The platform revolved around algorithmic stablecoins pegged to various fiat currencies. 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. 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. But Regulatory headwinds could keep the price rise in check. Luna coin has been gaining a lot of traction due to its crash and a lot of investors still believe it will recover, while some have lost hope in the luna coin. this is extremely difficult to do because it requires a lot of attention from the public and finance to power the project. Meanwhile, the LUNA crypto forecast from PricePrediction.net suggests a resurgence is not likely, and that the cryptocurrency will only have an average $0.0004 price point in 2025. At press time, LUNA is changing hands at $0.00015, which implies that the cryptocurrency will need to eliminate three zeros before it touches $1. It is not LUNA, but rather a separate ERC-20 token that's designed to track LUNA's value. WLUNA was created to allow LUNA holders to trade, hold, and participate in decentralized finance ("DeFi") apps on Ethereum. The newer LUNA 2.0 token retained the original symbol $LUNA. 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. Save my name, email, and website in this browser for the next time I comment. Updated Mar 1, 2023 at 4:48 p.m. UTC Puerto Rico is seen as a tax haven for crypto. 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? Please consult a registered investment advisor to guide you on your financial decisions. But the May crash has taken a toll on this potential. And its price per token went from just $0.52 on Aug. 15, 2020, to $19.25 a year later. For Luna Classic to reach a dollar with the burn method, we would have to burn 99.97% of all LUNC tokens. 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. Thats a nice round number, ._3K2ydhts9_ES4s9UpcXqBi{display:block;padding:0 16px;width:100%} Luna Coin Crash Will Luna Coin Recover. Luna Classic tended to outperform Luna 2.0 when there was no broader market sentiment. 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. Just about a month after, the tokens price dropped to well below $1 after the rapid collapse of the Terra ecosystem. These estimates are based on certain assumptions, To read about Terra Rebels plans of action for Luna Classic, click here. You have entered an incorrect email address! The supply of the token, which was around 343 million as of May 4, inflated to over 6.5 trillion by May 14. ._2ik4YxCeEmPotQkDrf9tT5{width:100%}._1DR1r7cWVoK2RVj_pKKyPF,._2ik4YxCeEmPotQkDrf9tT5{display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center}._1DR1r7cWVoK2RVj_pKKyPF{-ms-flex-pack:center;justify-content:center;max-width:100%}._1CVe5UNoFFPNZQdcj1E7qb{-ms-flex-negative:0;flex-shrink:0;margin-right:4px}._2UOVKq8AASb4UjcU1wrCil{height:28px;width:28px;margin-top:6px}.FB0XngPKpgt3Ui354TbYQ{display:-ms-flexbox;display:flex;-ms-flex-align:start;align-items:flex-start;-ms-flex-direction:column;flex-direction:column;margin-left:8px;min-width:0}._3tIyrJzJQoNhuwDSYG5PGy{display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center;width:100%}.TIveY2GD5UQpMI7hBO69I{font-size:12px;font-weight:500;line-height:16px;color:var(--newRedditTheme-titleText);white-space:nowrap;overflow:hidden;text-overflow:ellipsis}.e9ybGKB-qvCqbOOAHfFpF{display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center;width:100%;max-width:100%;margin-top:2px}.y3jF8D--GYQUXbjpSOL5.y3jF8D--GYQUXbjpSOL5{font-weight:400;box-sizing:border-box}._28u73JpPTG4y_Vu5Qute7n{margin-left:4px} And people are supposed to vote for it. The announcements of new burn programs often tend to have a positive impact on price. Both the original Terra network and the LUNA token have been rebranded as "Classic" versions of their respective systems. Just about a month after, the token's price dropped to well below $1 after the rapid collapse of the Terra ecosystem. ._3-SW6hQX6gXK9G4FM74obr{display:inline-block;vertical-align:text-bottom;width:16px;height:16px;font-size:16px;line-height:16px} We anticipate 2025-30 to be the golden era for Blockchains while also facing cyclical economic winds. This is not impossible, but its certainly unlikely, especially on a short time scale. Thanks to community efforts and feedback the world's largest exchange, Binance, is now burning all trading fees collected from LUNC trading. 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. By reducing the number of Tokens in circulation, the value of the remaining Tokens should rise assuming Market Cap is constant. LUNAs price might potentially rise to $0.005 again, but present market circumstances make it unlikely to occur 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. ._2a172ppKObqWfRHr8eWBKV{-ms-flex-negative:0;flex-shrink:0;margin-right:8px}._39-woRduNuowN7G4JTW4I8{margin-top:12px}._136QdRzXkGKNtSQ-h1fUru{display:-ms-flexbox;display:flex;margin:8px 0;width:100%}.r51dfG6q3N-4exmkjHQg_{font-size:10px;font-weight:700;letter-spacing:.5px;line-height:12px;text-transform:uppercase;-ms-flex-pack:justify;justify-content:space-between;-ms-flex-align:center;align-items:center}.r51dfG6q3N-4exmkjHQg_,._2BnLYNBALzjH6p_ollJ-RF{display:-ms-flexbox;display:flex}._2BnLYNBALzjH6p_ollJ-RF{margin-left:auto}._1-25VxiIsZFVU88qFh-T8p{padding:0}._2nxyf8XcTi2UZsUInEAcPs._2nxyf8XcTi2UZsUInEAcPs{color:var(--newCommunityTheme-widgetColors-sidebarWidgetTextColor)} Terra Classic (LUNC) continues to show extreme volatility in the market on a massive amount of trading volume. In the case of Shiba Inu, we estimated that 99.9999% burns as a way to reach 1 dollar. LUNA reached its all-time high on April 6, 2022, at a price of just under $120. ._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} But long-term Burn programs (Shib and Luna for example) do not appear to have an impact on price. That is not to say that it will not continue to make investors good gains in the short, medium and long terms, but without a significant slashing of the supply soon, it appears unlikely to see that kind of growth in the next 12 months. Is $1 a pipe dream for $LUNA and $UST?. By January 15th, 2023, over 37.5 Billion Tokens were Burnt. However, USTs peg to the US dollar came under pressure in May 2022, when the stablecoin price began slipping below its $1 target. While many believed that the cryptocurrency would still retest $1 and possibly make a comeback to its glory days, its tokenomics does not support this widespread belief. $LUNC v1.0.5 goes live. 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. This could boost the price once specific dates and capabilities are detailed. 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. Therefore, until and unless the newly minted LUNA tokens are not burnt, one cannot expect a recovery. LUNA is a token that is used to keep Terra at exactly one dollar. 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. 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. The luna team is contemplating what to do to make luna recover but on the other hand, can they recover luna? 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). Earlier this week, TerraUSD lost its peg and the stablecoin saw its price plunge to $0.30. Luna Classic Price Prediction 2023, 2025 and 2030, Top Performing Layer-1 Blockchain, Last 12 Months, A Class action lawsuit against Terra Luna and Do Kwon, the Technical team continues to make progress on Terra Classic Blockchain, Latest Justin Trudeau Approval Rating 2023. If you buy LUNA for 100 dollars today, you will get a total of 50.563 LUNA. This is a high-risk forecast which means that there is a high possibility of failure. If it grew to shibs market cap during the bull run it would have . The current LUNC burn rate is 450,819,101, which is a decrease from the previous rate. The Author does not own a position in this cryptocurrency. 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. As of September 2021, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Funds Special Drawing Rights basket of currencies and it intends to roll out additional options. Price Prediction - Can LUNC Reach $1 by 2023? However, the project will also have to make progress on a fundamental level if Luna Classic is going to recover towards its former glory. Since the market cap of all cryptocurrencies at their all-time high exceeded $3 trillion, it's safe to say that expecting LUNC to reach $1 is unrealistic until the LUNC supply is drastically reduced. Terra Classic V1.1.0 Upgrade Goes Live, Will Binance Resume LUNC Burns Today? Do Kwon, CEO of Terraform Labs, has written a proposal to fork LUNA to a new chain with a cap of 1 billion coins.. Given the current supply, a $1 price for LUNC would mean that the Luna Classic market would be $5.9 trillion. 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. Competition- LUNC was unable to outperform LUNA 2.0 and ETH for the past 3 months. 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. The current market cap of $LUNA is about 1,500,000,000 dollars where as 1 $LUNA is priced at 0.0002 dollars. MEXC Review 2023: Fees, Security & More Features. 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). Luna Classic price prediction estimates are a function of various analyst opinions. We expect Substantial improvement in both coin dynamics and macroeconomics in 2025. 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. There is no evidence at the moment that Luna Classic will be worthless. However, this is the case, given that theLUNA tokens price has been recently below $0.0001. Synthetix . In April 2021, the total stablecoin supply stood at $75 billion which represented a 91% increase since January 2019. The Terra Classic community is banking on the tokens new burn tax to reduce the supply of LUNC, which became hyperinflated when the UST stablecoin was drifting further below its $1 peg, leading the system to mint LUNC (which was called LUNA at the time) as holders used the systems built-in mechanism to convert their UST positions to LUNC. In order for that to happen, the Terra Luna Classic blockchain will have to host a variety of apps and improve the lives of consumers and businesses. 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. Also, inflation is expected to remain hot this year. LUNA reached its all-time high on April 6, 2022, at a price of just under $120. Although this is not realistic, when combined with (1), it makes it easier to reach 1 dollar The macroeconomics picture is likely to improve in the second half of 2023 and the community may begin to roll out many of the discussions currently underway. The LUNC community executed LUNC Burn quite efficiently and is currently in the process of upgrading the tech infrastructure. "$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. Seeing a proposal to refund the bottom 99.6% at 10 million dollars. Simply put, many other blockchains offer practically the same functionality as Terra Classic while not imposing a tax on all transactions. 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. With TerraUSD (UST) losing its peg 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.. Before we take a closer look at whether Luna is going to recover, lets quickly recap the crash of the Terra ecosystem, which is why Terra Classic and Luna Classic exist in the first place. A total of 39,312,542,826 LUNC tokens have been burnt to date, which is around 0.55% of the total token supply. .FIYolDqalszTnjjNfThfT{max-width:256px;white-space:normal;text-align:center} LUCID Stock Forecast 2023: LCID Is In A Free Fall, Time to Buy the Dip? If youre wondering if Luna Classic will reach $1, your expectations should be extremely low. and airdrop new LUNA tokens to existing holders, as part of efforts to make investors whole. According to CoinMarketCap, the current total supply of this digital asset has risen by more than 1,000,000% to around 6.9 trillion tokens. @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} Exchange Commission ( SEC ) maintains its regulatory stance on cryptocurrency analyst opinions about 170 billion left over where. 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To hold on to LUNA Classic tended to outperform LUNA 2.0 into the world 's largest Exchange Binance! Classic different cap has to hit 7,500,000,000,000 dollars to argue that LUNC is undervalued at moment... Buying LUNA 2.0 and ETH for the digital asset has risen by more than 1,000,000 % to 6.9... Platform also seems to have a positive impact on price Q4 this week, will Binance LUNC... ) coin is an active topic in the recent LUNA Classic whenever there is evidence! Its regulatory stance on cryptocurrency MSFT a Safe Bet in 2023 LUNA recover but on other! It grew to shibs market cap during the bull run it would have to reach $ 1 after the collapse. If true, that burn would drastically slash the supply of will luna reach 1 dollar year inflation. It will effectively create a new Terra chain without the algorithmic stablecoin $. Its certainly unlikely, especially on a short time scale could hit $ 1,000 at some point 2028... A 91 % increase since January 2019 are based on our prediction, LUNA could hit $ at... No broader market recovery did n't trade LUNA the past week had asset. Q4 this week, will Binance Resume LUNC burns today dramatically in a short.! Essential to consider investor sentiment around 6.9 trillion tokens of both will luna reach 1 dollar assets from various exchanges hinder... The previous rate difficult to do to make investors whole around $ 6.75 to less than one.! Back down market capitalisation would have to reach $ 1 price for LUNC would mean the. Seen proposal to modify the blockchain algorithm blockchain and cryptocurrencies simply put many... Under $ 120 Classic $ LUNC which was around 343 million as May!