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 the subject.
Since the beginning of the year, Terra’s Luna Classic has risen 16% in price before bears entered and cut its profit margin to 8%. Terra is now consolidating within the previous support zone established in November, which shows upside potential in the coming weeks.
Read the Terra LUNA Classic price forecast [LUNC] for the year 2023-24
Terra’s Luna Classic price has shown significant countertrend strength in recent days. The bulls may be ready for a 20% rally to challenge the December high.
LUNC was at the center of the Terra ecosystem collapse last May. The currency was also hit hard by the crash of cryptocurrency exchange FTX last November. Its market capitalization has fallen from $1.5 billion to $0.9 billion since then.
Transactions are validated on the Terra 2.0 blockchain through a 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 even more fierce.
The network has 130 auditors working at any given time. As a PoS platform, it is considered to be a very green token.
Why are these expectations important?
The stablecoin aims to protect coin holders from the volatility of other cryptocurrencies. It is pegged to either a fiat currency such as the US dollar or a supporting cryptocurrency. Terra USD (UST) is pegged to Luna Classic (LUNC – then just LUNA).
This is where the problem started. Cryptocurrency is in no way equal to gold reserves. When the price of UNA became unstable, it also negatively affected the price of terrariums, and the entire stablecoin system collapsed in May 2022.
For the first few years, LUNC continued to do well. lo and behold where Also among the top 10 cryptocurrencies by market capitalization at the end of 2021.
However, the Terra system collapsed in May 2022 leading to a crossroads. It basically launched a new version of Luna. The Terra Ecosystem Revival 2 plan has been implemented under which both versions of the Luna token can exist.
Undoubtedly, the future of this cryptocurrency is crucial to determining if the failed cryptocurrency can bounce back and grow.
Well, its performance after the May 2022 debacle has been less than stellar so far.
However, if LUNC trades well in the future, it will be a 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 been around $0.2 and $1.3 until April 2021. With the cryptocurrency market booming in mid-2021, the price has started to rise. He reached nearly $100 by the end of the year.
After the collapse of FTX earlier this month, its market capitalization has fallen from $1.5 billion on November 8 to less than $1 billion at press time.
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 to drop and the Terra system collapsed in mid-May.
At the time of writing, it is trading at $0.00015461.
bloomberg mentioned In May 2022 the market lost about $45 billion within a week of the Terra crash. So was Terraform Labs and co-founder Do Kwon 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 LUNA cryptocurrency. The older 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’s performance has not been very good so far.
LUNC’s market capitalization similarly reflects market sentiment regarding cryptocurrencies. In 2019-20 it didn’t even hit $500m but it started to increase in 2021.
Now, as we start in February, it’s over $1 billion. And by the end of 2022, it has exceeded $36 billion.
The LUNC ride continued the following year as well, and in April 2022 the ride passed $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 for 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 cryptocurrency crisis that followed the crash of the twin currencies, Terra USD and Luna Classic, has negatively impacted the entire crypto market. In such conditions, LUNCs remain particularly vulnerable.
LUNC predictions for 2025
Before reading further, please understand that predictions by different cryptocurrency platforms and analysts vary widely as different analysts rely on different sets of metrics to reach their conclusions.
These predictions can go completely wrong a large number of times. Also, no one can predict events like the Chinese cryptocurrency ban or the Russia-Ukraine crisis. Now let’s take a look at what different analysts are saying about the future of LUNC 2025.
remote league prediction The minimum and maximum prices for LUNC 2025 will be $0.0089 and $0.028, respectively.
Other experts, after analyzing LUNC’s past performance, predict that its average price during the said year will be $0.015.
However, Coinpedia is not very optimistic about the future of Luna Classic. the prediction That LUNC will trade as high as $0.002846 and as low as $0.001094 in 2025. Its average price during said year will be $0.001776.
LUNC Outlook for 2030
Telegaon remains optimistic about the future of LUNC even in 2030 and 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 and expect That the price of LUNC will continue to fluctuate between $0.002603 and $0.002834 in 2030. Its average price during the said year will be $0.002719 as expected.
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 it was claimed by Professor Carol Alexander, a member of the Finder expert panel
“…as the name suggests, he could 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 impressive, but exactly what the impact will be on the LUNA token itself is unclear.”
So far we have given a brief summary of the LUNA Classic (LUNC) device. 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 the burning of the currency, which will increase the prices by reducing the oversupply in the market. This was tested back in September when Binance and other major CEXs started burning LUNC tokens, causing the price of LUNC to surge 60% in a matter of a few hours.
The cryptocurrency market is still very bearish and is likely to remain volatile for the next few months.
New Bloomberg a report He says upcoming legislation would ban algorithmic stablecoins like TerraUSD whose collapse triggered a global cryptocurrency meltdown. The said bill is currently being drafted in the US House of Representatives. The bill would make it illegal to develop or issue “internal guaranteed stable coins.”
New York times Interviewed Ethereum co-founder Vitalik Buterin last month claimed that the Terra Luna team attempted to manipulate the market to increase the value of the local cryptocurrency. He also states that many “clever people” have said that Tira is “fundamentally bad”.
In an interview with Laura Shin On “Unchained” podcast On October 28, Kwon claimed to have immigrated from South Korea to Singapore before Terra Eco’s disappearance. He also denied reports that he evaded the application of the law.
Kwon said, “Whatever problems there are in Terra’s design, it’s its weakness [in responding] For the cruelty of the market, this is my responsibility and mine alone.
On November 5, Tira rebelled chirp That first round of lotteries is finally over, the winner has won over 24 million Terra Luna Classic (LUNC). More than 10.5 million LUNCs have been sent to the burning wallet. As we can see, these efforts are continuing one way or another.
According to another Third party audit By JS Held, a New York-based consulting firm, Luna Foundation Guard (LFG), the entity behind the defunct Terra ecosystem, spent $2.8 billion in crypto to try to defend its link to the algorithmic stablecoin TerraUSD (UST) in May. The review also claims that Terraform Labs (TFL), the developer of the Terra blockchain, spent $613 million to defend the connection.
We must watch how the Terra ecosystem reacts to these developments and whether it can adapt to emerging trends. These changes will determine whether LUNC can win the trust of investors.
Luna Classic has announced that it will re-enable Inter Blockchain Communication (IBC), a protocol that allows messages to be shared and assets traded with other blockchains. Member of the Terra Classic development team confirm this on Twitter.