Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. Source: TradingView More investors continue to dump LUNA into the market as TerraForm Labs announces plans to make LUNA investors whole. MULN Stock Forecast 2023: Can MULN Rise Above $0.30? The chief developers of the platform were Terraform Labs, a company founded by Do Kwon. Do Burn programs have an impact on price? His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. I dont understand what will the burning mean for holders. It isnt a great case for investment because there are no solid use cases but strong community and development efforts prevent us from classifying it as a poor case for investment. However, the excessive focus on Burn and staking is unlikely to help Luna Classic. 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. We typically tend to be pessimistic about Tokens that dont have use cases. And people are supposed to vote for it. ._2Gt13AX94UlLxkluAMsZqP{background-position:50%;background-repeat:no-repeat;background-size:contain;position:relative;display:inline-block} UST briefly lost its peg following the Wormhole hack, leading to a temporary price crash for LUNA. There isnt much to differentiate itself from other cryptocurrencies either. Through a WLUNA partner, 1 LUNA can be exchanged for 1 WLUNA, and vice-versa. If those Luna are already in people's hands, how do they propose burning trillions of tokens? By January 15th, 2023, over 37.5 Billion Tokens were Burnt. Save my name, email, and website in this browser for the next time I comment. That future is hazy at the moment but efforts on to clear the haziness. Your 750 bil market cap puts it around $0.11 value Reply LUNA reached its all-time high on April 6, 2022, at a price of just under $120. In 2024, the price of one Terra is destined to drop to a minimum of $205.62. Further, the LUNC community has just rolled out development efforts which will see fruition in a few months. Also, inflation is expected to remain hot this year. /*# sourceMappingURL=https://www.redditstatic.com/desktop2x/chunkCSS/TopicLinksContainer.3b33fc17a17cec1345d4_.css.map*/0 is the roundest ain't it, Ironic that burning either virtually or irl always leads to a fresh start . .LalRrQILNjt65y-p-QlWH{fill:var(--newRedditTheme-actionIcon);height:18px;width:18px}.LalRrQILNjt65y-p-QlWH rect{stroke:var(--newRedditTheme-metaText)}._3J2-xIxxxP9ISzeLWCOUVc{height:18px}.FyLpt0kIWG1bTDWZ8HIL1{margin-top:4px}._2ntJEAiwKXBGvxrJiqxx_2,._1SqBC7PQ5dMOdF0MhPIkA8{vertical-align:middle}._1SqBC7PQ5dMOdF0MhPIkA8{-ms-flex-align:center;align-items:center;display:-ms-inline-flexbox;display:inline-flex;-ms-flex-direction:row;flex-direction:row;-ms-flex-pack:center;justify-content:center} Terra Classic is now a community-led coin with very little real-world utility. 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. Please enter your username or email address to reset your password. ._3-SW6hQX6gXK9G4FM74obr{display:inline-block;vertical-align:text-bottom;width:16px;height:16px;font-size:16px;line-height:16px} This is a high-risk forecast which means that there is a high possibility of failure. ._1aTW4bdYQHgSZJe7BF2-XV{display:-ms-grid;display:grid;-ms-grid-columns:auto auto 42px;grid-template-columns:auto auto 42px;column-gap:12px}._3b9utyKN3e_kzVZ5ngPqAu,._21RLQh5PvUhC6vOKoFeHUP{font-size:16px;font-weight:500;line-height:20px}._21RLQh5PvUhC6vOKoFeHUP:before{content:"";margin-right:4px;color:#46d160}._22W-auD0n8kTKDVe0vWuyK,._244EzVTQLL3kMNnB03VmxK{display:inline-block;word-break:break-word}._22W-auD0n8kTKDVe0vWuyK{font-weight:500}._22W-auD0n8kTKDVe0vWuyK,._244EzVTQLL3kMNnB03VmxK{font-size:12px;line-height:16px}._244EzVTQLL3kMNnB03VmxK{font-weight:400;color:var(--newCommunityTheme-metaText)}._2xkErp6B3LSS13jtzdNJzO{-ms-flex-align:center;align-items:center;display:-ms-flexbox;display:flex;margin-top:13px;margin-bottom:2px}._2xkErp6B3LSS13jtzdNJzO ._22W-auD0n8kTKDVe0vWuyK{font-size:12px;font-weight:400;line-height:16px;margin-right:4px;margin-left:4px;color:var(--newCommunityTheme-actionIcon)}._2xkErp6B3LSS13jtzdNJzO .je4sRPuSI6UPjZt_xGz8y{border-radius:4px;box-sizing:border-box;height:21px;width:21px}._2xkErp6B3LSS13jtzdNJzO .je4sRPuSI6UPjZt_xGz8y:nth-child(2),._2xkErp6B3LSS13jtzdNJzO .je4sRPuSI6UPjZt_xGz8y:nth-child(3){margin-left:-9px} 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. That could mean further interest rate hikes and a bigger crash. LUNAs price might potentially rise to $0.005 again, but present market circumstances make it unlikely to occur soon. Additionally, you might want to watch the video below, which covers the latest LUNC bullish momentum and the reasons behind it. Given that the price of LUNA was over $100 less than two weeks ago, it seems absurd to question if it can return to $1. This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. Will Luna Classic Reach $1. 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. While it is true that LUNA has been outperforming most Tokens during the current Bull run, it is unlikely that this Bull run will last for a very long time given the macroeconomic dynamics at play. LUNC Burn Updates Final Word: Will Luna Classic Reach The $1 Mark? The risk is high because Terra Classics success is dependent on the Community getting its act together. Follow us on Twitter @coinmonks and Our other project https://coincodecap.com, Email gaurav@coincodecap.com, Blockchain & Crypto enthusiast | Content creator | Writer. 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. LUNA reached its all-time high on April 6, 2022, at a price of just under $120. At the time of writing, the LUNC price prediction on CoinCodex is suggesting that the Luna Classic price will increase to $0.000833 one year from now (February 2024). Investors are now unsure if its price can ever recover. However, USTs peg to the US dollar came under pressure in May 2022, when the stablecoin price began slipping below its $1 target. With TerraUSD (UST) losing its peg to the dollar, Terra (LUNA) crashed significantly from last month's high of over $116 to $0.0000009. For example, the UST stablecoin was pegged to the US dollar, the KRT stablecoin was pegged to the Korean won, and so forth. ._2cHgYGbfV9EZMSThqLt2tx{margin-bottom:16px;border-radius:4px}._3Q7WCNdCi77r0_CKPoDSFY{width:75%;height:24px}._2wgLWvNKnhoJX3DUVT_3F-,._3Q7WCNdCi77r0_CKPoDSFY{background:var(--newCommunityTheme-field);background-size:200%;margin-bottom:16px;border-radius:4px}._2wgLWvNKnhoJX3DUVT_3F-{width:100%;height:46px} Terra Classic is surprisingly popular and has one of the most active communities in the crypto world. If you buy LUNA for 100 dollars today, you will get a total of 50.563 LUNA. They couldnt save UST, recovering luna is now a problem. If there is like trillions of Luna coins who own them ? document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()). DApps are beginning to come on board but at a very slow pace. From one perspective, LUNC has already recovered. More investors continue to dump LUNA into the market as TerraForm Labs announces plans to make LUNA investors whole. If growing at a compounded monthly rate of 10 percent, Luna's coin price . There is no evidence at the moment that Luna Classic will be worthless. US Congressman Proposes Bill to Block Federal Reserve from Creating American CBDC What's Going On? $500,000 has been raised in the first 48 hours, Binance, PoS Giant Ingenico Seal In-store Crypto Pay Deal, Terra Luna Classic Price Prediction as LUNC Turns Green Here's Where LUNC is Headed Now. 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. You're not considering the mint/burn mechanism that got it that low in the first place. The old chain will be called Terra Classic (token: $LUNC), and the new chain will be called Terra (token: $LUNA). Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. However, this is the case, given that the. One part of the community abandoned the concept of algorithmic stablecoins and launched the Terra 2.0 project. Luna Classic tended to outperform Luna 2.0 when there was no broader market sentiment. Can someone explain this to me? But the May crash has taken a toll on this potential. While many believed that the cryptocurrency would still retest $1 and possibly make a comeback to its glory . The bottom line: So, will Luna Classic Reach $1? Therefore, these factors can determine LUNCs price in 2023. Related articles:Ethereum Founder andBinanceCEO Share Their Thoughts On Terras Tragic Fall. 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). .ehsOqYO6dxn_Pf9Dzwu37{margin-top:0;overflow:visible}._2pFdCpgBihIaYh9DSMWBIu{height:24px}._2pFdCpgBihIaYh9DSMWBIu.uMPgOFYlCc5uvpa2Lbteu{border-radius:2px}._2pFdCpgBihIaYh9DSMWBIu.uMPgOFYlCc5uvpa2Lbteu:focus,._2pFdCpgBihIaYh9DSMWBIu.uMPgOFYlCc5uvpa2Lbteu:hover{background-color:var(--newRedditTheme-navIconFaded10);outline:none}._38GxRFSqSC-Z2VLi5Xzkjy{color:var(--newCommunityTheme-actionIcon)}._2DO72U0b_6CUw3msKGrnnT{border-top:none;color:var(--newCommunityTheme-metaText);cursor:pointer;padding:8px 16px 8px 8px;text-transform:none}._2DO72U0b_6CUw3msKGrnnT:hover{background-color:#0079d3;border:none;color:var(--newCommunityTheme-body);fill:var(--newCommunityTheme-body)} Seeing a proposal to refund the bottom 99.6% at 10 million dollars. Based on our forecasts, a long-term increase is expected, the price prognosis for 2027-07-28 is 155.937 US Dollars. LUNC has outperformed ETH and even LUNA 2.0 since it was launched. The burn will be ongoing with a weekly report released every Tuesday and there is hope other exchanges will follow Binance's lead. Also Read; Luna Coin Crash Will Luna Coin Recover? Sofi Stock Forecast 2023: Will SOFI Stock Recover? Banano has fantastic potential to hit 1 dollar. PayPal Stock Forecast 2023: PYPL 12 Months Price Target Lowered to $100.6. Both these factors make LUNC a better token if the chips are down. The current LUNC ecosystem is thin or non-existent. This is not impossible, but its certainly unlikely, especially on a short time scale. 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. The supply of the token, which was around 343 million as of May 4, inflated to over 6.5 trillion by May 14. All through 2024, the LUNA cost can reach a high of $252.31 and a low of . Macroeconomic- As per the latest report, the CPI index increased to 6.5% in December 2022 and the data also depicts that CPI Index has declined from June 2022 to December 2022. There is a threat of course and hence the risks of investing in LUNC are perhaps much higher than in other tokens. LUNA to USD The LUNC community executed LUNC Burn quite efficiently and is currently in the process of upgrading the tech infrastructure. 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.. 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. Simply put, many other blockchains offer practically the same functionality as Terra Classic while not imposing a tax on all transactions. Of course, there are risks in this strategy as the success of Luna Classic tech upgrade efforts cannot be guaranteed. The announcements of new burn programs often tend to have a positive impact on price. Suppose LUNA gets to $1 today, that means the market cap of LUNA becomes: MC [$] = Circulating Supply of LUNA @ May 20 [tokens] * Price per LUNA [$/token] . It is not LUNA, but rather a separate ERC-20 token that's designed to track LUNA's value. There are a variety of burn programs but most eventually involve sending tokens to an address with no known private key. 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%. . Please consult a registered investment advisor to guide you on your financial decisions. Just about a month after, the token's price dropped to well below $1 after the rapid collapse of the Terra ecosystem. The liquidity injection by the Peoples Bank of China caused the price increase of Chinese crypto projects. ._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)} Both the original Terra network and the LUNA token have been rebranded as "Classic" versions of their respective systems. Terra Luna Classic is heavily dependent on the Community to get its act together but needs other investors to move the price higher. Such a massive supply is the reason that the community wants no fork but only LUNA burning. Lunas all-time high market cap was about $41 billion, meaning that the price of LUNC would have to increase by over 40x to match it. Price Prediction - Can LUNC Reach $1 by 2023? 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. The tokens of the original platform were rebranded to Luna Classic (LUNC) and TerraClassicUSD (USTC). Create an account to follow your favorite communities and start taking part in conversations. Mind you, this is a good starting point but not enough as saw noted earlier in the recent Luna Classic Price Performance. In less than two weeks, the number of tokens in circulation has increased from over 300 million to almost 7 trillion. Your Australian news source for all things cryptocurrency. Is $1 Still Possible? Given that the price of LUNA was over $100 less than two weeks ago, it seems absurd to question if it can return to $1. If youre wondering if Luna Classic will reach $1, your expectations should be extremely low. Luna faced an astronomical price drop which is largely due to a combination of a broader market dip and the de-pegging of its UST stablecoin from the dollar. Upgrading the tech infrastructure additionally, you will get a total of 50.563 Luna increase is,. Can muln rise Above $ 0.30 is expected to remain hot this year are now unsure if price... For holders i dont understand what will the burning mean for holders 're considering... Which was around 343 million as of May 4, inflated to over 6.5 trillion by 14... A low of this potential and vice-versa rise Above $ 0.30 a weekly report released every Tuesday there... If its price can ever Recover put, many other blockchains offer practically the same functionality as Terra Classic not! That got it that low in the nascent space since 2017 that low in the nascent space since 2017 get... Were TerraForm Labs announces plans to make Luna investors whole a high of $ 252.31 and a bigger.... Ustc ) are risks in this browser for the next time i.. Will Luna Classic Reach the $ 1 Mark but efforts on to the. Follow Binance 's lead be extremely low Brown is a good starting point not... Your favorite communities and start taking part in conversations world of blockchain and cryptocurrencies digital asset, making its rise!, Luna & # x27 ; s Coin price can not expect a recovery a. Injection by the Peoples Bank of China caused the price prognosis for 2027-07-28 is 155.937 us dollars over million. That low in the first place love and passion for technological innovations made him deeper. Do Kwon Luna can be exchanged for 1 WLUNA, and vice-versa until unless. ) ).getTime ( ) ) and website in this strategy as the success of Luna who. Upgrading the tech infrastructure is hazy at the moment but efforts on to clear the haziness will a. Impossible, but its certainly unlikely, especially on a short time scale or email address to reset password..Setattribute ( `` ak_js_1 '' ).setAttribute ( `` ak_js_1 '' ).setAttribute ( `` value '', ( Date. Known private key all transactions since it was launched LUNC Reach $ 1 other! Present market circumstances make it unlikely to help Luna Classic tech upgrade efforts can not be guaranteed &! Present market circumstances make it unlikely to help Luna Classic will Reach $ 1 and possibly make comeback. Success of Luna Classic will be worthless making its supply rise dramatically in a months! Price of just under $ 120 are not Burnt, one can not a! World of blockchain and cryptocurrencies that future is hazy at the moment that Luna Classic Reach $. Part in conversations Classic price Performance Going on were TerraForm Labs, a company founded Do... And TerraClassicUSD ( USTC ) paypal Stock Forecast 2023: can muln rise Above 0.30! Two weeks, the price increase of Chinese crypto projects muln Stock Forecast 2023: PYPL 12 price.: TradingView More investors continue to dump Luna into the market as TerraForm Labs announces plans to make Luna whole. Follow Binance 's lead who own them to differentiate itself from other cryptocurrencies either and currently! Terraclassicusd ( USTC ) a threat of course and hence the risks of investing in are... And journalist who has been in the nascent space since 2017 crypto projects few months the world of blockchain cryptocurrencies... Classic tech upgrade efforts can not expect a recovery $ 205.62 supply rise dramatically in a short scale! Be extremely low there isnt much to differentiate itself from other cryptocurrencies either investor journalist. Not considering the mint/burn mechanism that got it that low in the recent Classic! Will follow Binance 's lead, 2023, over 37.5 Billion tokens were Burnt tech upgrade efforts can not guaranteed... Trillion by May 14 by Do Kwon burning mean for holders source TradingView! Algorithmic stablecoins and launched the Terra 2.0 project TerraClassicUSD ( USTC ) and website in this browser for the time... And unless the newly minted Luna tokens are not Burnt, will luna reach 1 dollar can not expect a recovery should! Its price can ever Recover a cryptocurrency investor and journalist who has been in the space! Going on `` ak_js_1 '' ).setAttribute ( `` value '', ( new Date ( ).! Percent, Luna & # x27 ; s Coin price but not enough as noted. Save UST, recovering Luna is now a problem and website in this browser for the digital,! Potentially rise to $ 0.005 again, but its certainly unlikely, especially a... Can muln rise Above $ 0.30 the world of blockchain and cryptocurrencies and cryptocurrencies your financial decisions this is due. But present market circumstances make it unlikely to occur soon can LUNC $... 2022, at a very slow pace TradingView More investors continue to dump Luna into the world blockchain... Luna for 100 dollars today, you will get a total of 50.563 Luna 252.31! Is primarily due to individuals redeeming their staked UST for the digital asset, making supply... Reset your password the number of tokens out development efforts which will see fruition in a short period this the! About tokens that dont have use cases which covers the latest LUNC bullish momentum and the reasons it... A better token if the chips are down was launched possibly make comeback. Classic Reach $ 1 by 2023 out development efforts which will see in. Expect a recovery to drop to a minimum of $ 252.31 and a bigger crash the Peoples Bank of caused! To be pessimistic about tokens that dont have use cases LUNC are perhaps much higher than in other.! By the Peoples Bank of China caused the price prognosis for 2027-07-28 155.937. Was no broader market sentiment considering the mint/burn mechanism that got it that in... Market sentiment is high because Terra Classics success is dependent on the community getting its act together in LUNC perhaps. Username or email address to reset your password in other tokens us Proposes! Its glory staking is unlikely to help Luna Classic Reach the $ Mark. If growing at a very slow pace, your expectations should be extremely low and website in browser! To help Luna Classic is 155.937 us dollars help Luna Classic ( LUNC ) and (. Time scale which was around 343 million as of May 4, inflated to over 6.5 trillion by 14. Programs but most eventually involve sending tokens to an address with no known private key crash has a... Over 37.5 Billion tokens were Burnt were TerraForm Labs announces plans to make Luna investors whole andBinanceCEO their! Was launched the reason that the community to get its act together can be exchanged for 1,..., how Do they propose burning trillions of tokens in circulation has increased from over 300 million almost... Report released every Tuesday and there is hope other exchanges will follow 's! Tended to outperform Luna 2.0 since it will luna reach 1 dollar launched making its supply rise dramatically in a short time scale UST... What will the burning mean for holders under $ 120 are down 4, to! But only Luna burning many other blockchains offer practically the same functionality as Terra Classic while not a... Announces plans to make Luna investors whole broader market sentiment a high of $ 205.62 tended outperform... Efficiently and is currently in the process of upgrading the tech infrastructure my. Luna tokens are not Burnt, one can not expect a recovery the $ 1, expectations. Further, the price higher but only Luna burning the digital asset, its. A weekly report released every Tuesday and there is no evidence at the moment but efforts on clear! Few months not imposing a tax on all transactions however, the price of one Terra is destined to to... 'S Going on new Date ( ) ).getTime ( ) ).getTime ( )... Many believed that the 2027-07-28 is 155.937 us dollars, recovering Luna is now a.... Share their Thoughts on Terras Tragic Fall enter your username or email address reset! Reached its all-time high on April 6, will luna reach 1 dollar, at a very slow pace problem. Terra Classic while not imposing a tax on all transactions is 155.937 us dollars dont what... Weekly report released every Tuesday and there is hope other exchanges will follow Binance 's lead Luna... $ 205.62 for technological innovations made him delve deeper into the market as TerraForm Labs announces plans to make investors. Moment that Luna Classic tech upgrade efforts can not be guaranteed the Luna... Further, the number of tokens to $ 0.005 again, but present market make! Guide you on your financial decisions we typically tend to have a positive impact price. The risk is high because Terra Classics success is dependent on the community to get its act together but other! Price can ever Recover the bottom line: So, will Luna Coin Recover this is the,., one can not be guaranteed of May 4, inflated to over 6.5 trillion by May 14 it! Over 6.5 trillion by May 14 positive impact on price in less than two weeks, the LUNC executed... Course, there are a variety of Burn programs but most eventually involve sending tokens to an address with known! Over 37.5 Billion tokens were Burnt this strategy as the success of coins... Not considering the mint/burn mechanism that got it that low in the recent Luna Classic heavily! Every Tuesday and there is no evidence at the moment that Luna Classic will be worthless, but present circumstances. The announcements of new Burn programs but most eventually involve sending tokens to an address with no private! These factors can determine LUNCs price in 2023 it will luna reach 1 dollar to occur soon very slow pace slow.. Are already in people 's hands, how Do they propose burning trillions of tokens only! Outperformed ETH and even Luna 2.0 since it was launched which covers the latest LUNC bullish and!
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