warning: The datasets shared in the following article were compiled from a range of online resources and do not reflect AMBCrypto’s own research on this topic.
Terra Luna Classic price forecast is expected to remain somewhat bullish at $0.00019, which is supported by a triple bottom pattern. Terra Luna Classic has struggled in the market for several months since the name change in the wake of the failure of the original LUNA coin.
This is the AMBCrypto price prediction for the Terra LUNA Classic [LUNC] for 2023-24
The drop in LUNC prices this week was due to the FTX disaster, which negatively affected the entire cryptocurrency industry. No token was able to escape the heat of the market and LUNC saw a 15% drop.
Luna Classic (LUNC) supports nearly 40 dApps, and the number is growing. After the world’s largest exchange by volume reported a surge in LUNC burnout, analysts expect the asset to soon outperform Dogecoin and Shiba Inu.
With the currency currently devaluing, investors will likely remain concerned about whether or not the price of LUNC will rise.
Transactions on the Terra 2.0 blockchain are validated through the Proof of Stake (PoS) consensus mechanism.
The leading cryptocurrency, Ethereum, has also moved from a Proof of Work to a Proof of Stake mechanism. This only made the competition between PoS blockchains more fierce.
The network has 130 auditors working at any one time. As a PoS platform, it is considered a very eco-friendly token.
Why are these forecasts important?
The stablecoin aims to protect coin holders from the volatility of other cryptocurrencies. It is tied to either a fiat currency like the US dollar or a backing cryptocurrency. Terra USD (UST) is linked to Luna Classic (LUNC – then only LUNA).
This is where the problem started. Cryptocurrency is in no way equivalent to gold reserves. When UNA prices became unstable, it also negatively affected the prices of terrestrial treasuries, and the entire stablecoin system collapsed in May 2022.
For the first few years, LUNC continued to perform well. and here where Also among the top 10 cryptocurrencies by market capitalization at the end of 2021.
However, the Terra system collapsed in May 2022 which led to a fork in the road. It basically launched a new version of Luna. Terra Ecosystem Revival Plan 2 was implemented under which both versions of the Luna token could exist.
Undoubtedly, the future of this cryptocurrency is crucial to determining whether the failed cryptocurrency can come back and grow.
Well, its performance after the May 2022 disaster has been less than stellar so far.
However, if LUNC trades well in the future, it will be cause for celebration not only for this particular cryptocurrency but for many other cryptocurrencies.
LUNC’s price, size and everything in between
Since its launch in 2019, the price of LUNC has remained around $0.2 and $1.3 until April 2021. With the cryptocurrency market booming in mid-2021, the price started to rise. It reached nearly $100 by the end of the year.
As of 2022, it continued to fluctuate between $50 and $100, reaching an all-time high (ATH) of $119.18 on April 5, 2022. The following month, the price started falling and the Terra system collapsed in mid-May. At the time of writing, it is trading at $0.00018121.
Bloomberg mentioned In May 2022 the market lost about $45 billion within a week of the Terra crash. Terraform Labs and co-founder Do Kwon were too Fine $78.4 million in corporate and income taxes by the Korea National Tax Administration.
May 25, 2022, Bloomberg mentioned The network has launched a new version of the cryptocurrency LUNA. The oldest cryptocurrency is now called Luna Classic (LUNC) and the newer one is called Luna 2.0 (LUNA).
Although LUNC, the older cryptocurrency, has not been completely replaced, many users are moving to LUNA. It should be noted here that LUNC has not performed well at all so far.
LUNC’s market cap similarly reflects the market sentiment with respect to cryptocurrencies. In 2019-20, it didn’t even reach $500 million but it started increasing in 2021.
Now, at the start of February, it has crossed a billion dollars. By the end of 2022, it had exceeded $36 billion.
The LUNC flight continued the following year as well, and in April 2022 the flight exceeded $41 billion. But after the May 2022 crash, it ranged between $300 million and $1.5 billion.
South Korea is now trying to revoke Kwon’s passport, after which he may have to return to South Korea. A request has been sent to the country’s Ministry of Foreign Affairs to cancel the travel document, mentioned Bloomberg. An arrest warrant has already been issued against him and other members.
Recently, the Financial Times mentioned South Korean prosecutors have asked Interpol to issue a red notice against Kwon. on the other side , chirp He is not on the run from any interested government agency, adding that the company is fully cooperating and has nothing to hide.
The crypto crisis that followed the collapse of the two currencies, Terra USD and Luna Classic, negatively affected the entire crypto market. In such conditions, LUNCs remain particularly vulnerable.
LUNC Predictions for 2025
Before reading further, please understand that predictions for different cryptocurrency platforms and analysts vary widely as different analysts rely on different sets of metrics to reach their conclusions.
These predictions can go wrong quite a number of times. Also, no one can predict events such as the Chinese cryptocurrency ban or the Russia-Ukraine crisis. Now let’s take a look at what various analysts have to say about the future of LUNC 2025.
remote league pridect The minimum and maximum prices for LUNC 2025 will be $0.0089 and $0.028, respectively.
Other experts, after analyzing the previous performance of LUNC, predict that its average price during the mentioned year will be $0.015.
However, Coinpedia is not very optimistic about the future of the Luna Classic. The pridect That LUNC will trade as high as $0.002846 and as low as $0.001094 in 2025. Its average price during the said year will be $0.001776.
LUNC Outlook 2030
Telegaon continues to be optimistic about the future of LUNC even in 2030. It expect That LUNC will trade as high as $5.23 and as low as $1.93 by 2030, with its average price remaining at $3.11.
On the other hand, Bitcoin Wisdom expect That the price of LUNC will continue to fluctuate between $0.002603 and $0.002834 in 2030. Its average price during the mentioned year will be $0.002719 as per the forecast.
Now it’s worth addressing the elephant in the room, too. Expectations and opinions about the project before and after the crash have changed dramatically in recent months. This means that there is a lot of uncertainty around. For example, in March, Professor Carol Alexander, a member of the Finder Expert Panel, claimed
“…as the name suggests, it can actually go to the moon (for a while).”
On the contrary, there are others who believe,
“There is a lot of uncertainty surrounding LUNA at the moment – the project is certainly ambitious and the goal is impressive, but exactly what the impact will be on the LUNA code itself is unclear.”
So far we have given a brief summary of the LUNA Classic (LUNC). For those of you who are considering investing in cryptocurrencies, we would like to reiterate that cryptocurrency predictions cannot be completely trusted. And you should do your own research before investing in LUNC.
The only thing that can save the currency is burning the currency, which will increase prices by reducing the excess supply in the market. This was tested again in September when Binance and other major CEXs started burning LUNC tokens, causing the price of LUNC to rise by 60% in just a few hours.
The cryptocurrency market is still very bearish and is likely to remain volatile over the next few months.
New Bloomberg a report He says the upcoming legislation would ban stablecoins such as TerraUSD, whose collapse led to a global crash of cryptocurrencies. The said bill is currently being drafted in the US House of Representatives. The bill would make it illegal to develop or issue “internally secured fixed coins.”
New York times interviewed Vitalik Buterin, co-founder of Ethereum last month, who claimed that the Terra Luna team attempted to manipulate the market to increase the value of the local cryptocurrency. She also remembers that many “smart people” said Terra was “basically bad”.
We must also keep an eye on how the Terra community will adapt to changes in technology and the marketplace. It will determine whether this development succeeds in restoring investor confidence.
In an interview with Laura Shin Eun Podcast “Untethered” On October 28, Kwon claimed that he immigrated from South Korea to Singapore before the Tira environment disappeared. He also denied reports that he evaded the application of the law.
Kwon said, “Whatever problems there are with the Terra’s design, its weaknesses [in responding] For the harshness of the market, this is my responsibility and mine alone.”
On November 5, Tira revolted chirp That the first round of lottery games are finally over, with the winner winning over 24 million Terra Luna Classic (LUNC). More than 10.5 million LUNC have been sent to the burnt wallet. As we can see, these efforts are going one way or another.