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? The Terra blockchain platform was launched in April of 2019. ._3bX7W3J0lU78fp7cayvNxx{max-width:208px;text-align:center} Learn how your comment data is processed. Email addresses? 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. 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. Terra Classic V1.1.0 Upgrade Goes Live, Will Binance Resume LUNC Burns Today? Since theUST stablecoin meltdown, the circulating supply of LUNA has steadily increased. Your Australian news source for all things cryptocurrency. Many of these are not active on Terra Classic. Earlier this week, TerraUSD lost its peg and the stablecoin saw its price plunge to $0.30. One part of the community abandoned the concept of algorithmic stablecoins and launched the Terra 2.0 project. 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. Top Twitter account The Moon with 1M followers asks a simple question, LUNA supply is so close to 7 trillion. Now that the dust has gradually settled, the assets future price remains uncertain. Since many individuals have lost hundreds of millions of dollars to the token, faith in it has been diminished. CoinSpot Referral Code Earn $10 BTC Bonus For A Limited Time! And what about a burning option wich Burns 3% of every transaction? Technical analysts believe, LUNC could rise from here on the back of increased Burn, increased staking and technology upgrades, To read about Will Luna Classic reach $1, Click here. .Rd5g7JmL4Fdk-aZi1-U_V{transition:all .1s linear 0s}._2TMXtA984ePtHXMkOpHNQm{font-size:16px;font-weight:500;line-height:20px;margin-bottom:4px}.CneW1mCG4WJXxJbZl5tzH{border-top:1px solid var(--newRedditTheme-line);margin-top:16px;padding-top:16px}._11ARF4IQO4h3HeKPpPg0xb{transition:all .1s linear 0s;display:none;fill:var(--newCommunityTheme-button);height:16px;width:16px;vertical-align:middle;margin-bottom:2px;margin-left:4px;cursor:pointer}._1I3N-uBrbZH-ywcmCnwv_B:hover ._11ARF4IQO4h3HeKPpPg0xb{display:inline-block}._2IvhQwkgv_7K0Q3R0695Cs{border-radius:4px;border:1px solid var(--newCommunityTheme-line)}._2IvhQwkgv_7K0Q3R0695Cs:focus{outline:none}._1I3N-uBrbZH-ywcmCnwv_B{transition:all .1s linear 0s;border-radius:4px;border:1px solid var(--newCommunityTheme-line)}._1I3N-uBrbZH-ywcmCnwv_B:focus{outline:none}._1I3N-uBrbZH-ywcmCnwv_B.IeceazVNz_gGZfKXub0ak,._1I3N-uBrbZH-ywcmCnwv_B:hover{border:1px solid var(--newCommunityTheme-button)}._35hmSCjPO8OEezK36eUXpk._35hmSCjPO8OEezK36eUXpk._35hmSCjPO8OEezK36eUXpk{margin-top:25px;left:-9px}._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP,._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP:focus-within,._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP:hover{transition:all .1s linear 0s;border:none;padding:8px 8px 0}._25yWxLGH4C6j26OKFx8kD5{display:inline}._2YsVWIEj0doZMxreeY6iDG{font-size:12px;font-weight:400;line-height:16px;color:var(--newCommunityTheme-metaText);display:-ms-flexbox;display:flex;padding:4px 6px}._1hFCAcL4_gkyWN0KM96zgg{color:var(--newCommunityTheme-button);margin-right:8px;margin-left:auto;color:var(--newCommunityTheme-errorText)}._1hFCAcL4_gkyWN0KM96zgg,._1dF0IdghIrnqkJiUxfswxd{font-size:12px;font-weight:700;line-height:16px;cursor:pointer;-ms-flex-item-align:end;align-self:flex-end;-webkit-user-select:none;-ms-user-select:none;user-select:none}._1dF0IdghIrnqkJiUxfswxd{color:var(--newCommunityTheme-button)}._3VGrhUu842I3acqBMCoSAq{font-weight:700;color:#ff4500;text-transform:uppercase;margin-right:4px}._3VGrhUu842I3acqBMCoSAq,.edyFgPHILhf5OLH2vk-tk{font-size:12px;line-height:16px}.edyFgPHILhf5OLH2vk-tk{font-weight:400;-ms-flex-preferred-size:100%;flex-basis:100%;margin-bottom:4px;color:var(--newCommunityTheme-metaText)}._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX{margin-top:6px}._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._3MAHaXXXXi9Xrmc_oMPTdP{margin-top:4px} 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. Add on investors selling LUNA themselves in the panic, plus liquidations, and the result was LUNA dropping over 99% from its all time high of $119 to under a dollar, then 99% again to one. This is meant to gradually reduce the LUNC token supply. Luna's price chart depicts a historic crash. 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. [{"url":"https:\/\/cryptonews.com\/news\/best-crypto-to-buy.htm","name":"Best cryptocurrency to buy\/invest in","children":[]}]. ._3oeM4kc-2-4z-A0RTQLg0I{display:-ms-flexbox;display:flex;-ms-flex-pack:justify;justify-content:space-between} LUNAs price might potentially rise to $0.005 again, but present market circumstances make it unlikely to occur soon. The platform revolved around algorithmic stablecoins pegged to various fiat currencies. LUNA is trending low at $0.00018. Terra Luna Classic is the rebranded name of the erstwhile LUNA token. 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. The bottom line: So, will Luna Classic Reach $1? After the Terra crash in May 2022, the Terra Foundation launched a new version of Luna called Luna 2.0 $LUNA. This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. Terra Classic is likely to rise to $0.00050 by 2025. .FIYolDqalszTnjjNfThfT{max-width:256px;white-space:normal;text-align:center} Terras native token, LUNA, is used to stabilize the price of the protocols stable coins. That would be about 6.1493 trillion out of the 6.1510 trillion tokens, and would leave about 1.7 billion remaining. Still, LUNC could rise significantly higher by 2030. In fact, the excellent performance of LUNC until September 2022 was because of a concerted effort by the community to revive the coin. Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. Both of these could push LUNC price significantly higher in 2023. 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. 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. More investors continue to dump LUNA into the market as TerraForm Labs announces plans to make LUNA investors whole. 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. 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. There are a variety of burn programs but most eventually involve sending tokens to an address with no known private key. The old chain will be called Terra Classic (token: $LUNC), and the new chain will be called Terra (token: $LUNA). Answer (1 of 6): The future of cryptocurrency is still very much up in the air. This site uses Akismet to reduce spam. Retailers. To regain its position, it needs to give tough competition to these cryptos this year. Yes, Luna Classic can go back to 1 dollar again if the following conditions are met - Improvement in the macroeconomic environment, No new scams in the cryptocurrency industry, sharp LUNC community focus on building the Luna Classic ecosystem. The news about Terra Classic (LUNC), the new crypto from LUNA, does not stop. The LUNA price has now lost the lowermost support at $0.29 and continues to plunge below $0.25. Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market. Major risks: Significant increase in regulation. This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. Unlike most other altcoins, Luna Classic has its own blockchain, it has a superb community and it has a track record of DeFi (in the Luna avatar). US Congressman Proposes Bill to Block Federal Reserve from Creating American CBDC What's Going On? If you are interested in investing in LUNC but dont know where to start, give our how to invest in crypto guide a read. Create an account to follow your favorite communities and start taking part in conversations. Even though the tax is much lower now, having a 0.2% tax on all on-chain transactions could be a significant headwind for the actual adoption of the Terra Classic blockchain. The team needs the community to trust them again and give them a second chance but the community is tired of the project due to the huge loss of funds and loss of lives. It's put their token value at 20$ now ? If there is like trillions of Luna coins who own them ? 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. Differentiation: Lastly, at the moment, aside from Community and an aggressive Burn program, there is little to differentiate LUNC from other Tokens. More investors continue to dump LUNA into the market as TerraForm Labs announces plans to make LUNA investors whole. Your 750 bil market cap puts it around $0.11 value. However, this is the case, given that the. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()). Purpose: Burn programs are often launched to influence token prices to rise quickly or to prevent a rapid fall in Token prices. Announces plans to make LUNA investors whole week, TerraUSD lost its and. Rebranded name of the community abandoned the concept of algorithmic stablecoins pegged to fiat... 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