More investors continue to dump LUNA into the market as TerraForm Labs announces plans to make LUNA investors whole. 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. Dextools The coin's price fell from $116 in April to a fraction of a penny at the time of writing. . Terras native token, LUNA, is used to stabilize the price of the protocols stable coins. Luna Classic has burnt less than 1% of Tokens in Circulation. Price Prediction - Can LUNC Reach $1 by 2023? Terra Luna Classic reaching $1 still seems a very long way off and from its current price would mean growth of more than 300,000%. ._2FKpII1jz0h6xCAw1kQAvS{background-color:#fff;box-shadow:0 0 0 1px rgba(0,0,0,.1),0 2px 3px 0 rgba(0,0,0,.2);transition:left .15s linear;border-radius:57%;width:57%}._2FKpII1jz0h6xCAw1kQAvS:after{content:"";padding-top:100%;display:block}._2e2g485kpErHhJQUiyvvC2{-ms-flex-align:center;align-items:center;display:-ms-flexbox;display:flex;-ms-flex-pack:start;justify-content:flex-start;background-color:var(--newCommunityTheme-navIconFaded10);border:2px solid transparent;border-radius:100px;cursor:pointer;position:relative;width:35px;transition:border-color .15s linear,background-color .15s linear}._2e2g485kpErHhJQUiyvvC2._3kUvbpMbR21zJBboDdBH7D{background-color:var(--newRedditTheme-navIconFaded10)}._2e2g485kpErHhJQUiyvvC2._3kUvbpMbR21zJBboDdBH7D._1L5kUnhRYhUJ4TkMbOTKkI{background-color:var(--newRedditTheme-active)}._2e2g485kpErHhJQUiyvvC2._3kUvbpMbR21zJBboDdBH7D._1L5kUnhRYhUJ4TkMbOTKkI._3clF3xRMqSWmoBQpXv8U5z{background-color:var(--newRedditTheme-buttonAlpha10)}._2e2g485kpErHhJQUiyvvC2._1asGWL2_XadHoBuUlNArOq{border-width:2.25px;height:24px;width:37.5px}._2e2g485kpErHhJQUiyvvC2._1asGWL2_XadHoBuUlNArOq ._2FKpII1jz0h6xCAw1kQAvS{height:19.5px;width:19.5px}._2e2g485kpErHhJQUiyvvC2._1hku5xiXsbqzLmszstPyR3{border-width:3px;height:32px;width:50px}._2e2g485kpErHhJQUiyvvC2._1hku5xiXsbqzLmszstPyR3 ._2FKpII1jz0h6xCAw1kQAvS{height:26px;width:26px}._2e2g485kpErHhJQUiyvvC2._10hZCcuqkss2sf5UbBMCSD{border-width:3.75px;height:40px;width:62.5px}._2e2g485kpErHhJQUiyvvC2._10hZCcuqkss2sf5UbBMCSD ._2FKpII1jz0h6xCAw1kQAvS{height:32.5px;width:32.5px}._2e2g485kpErHhJQUiyvvC2._1fCdbQCDv6tiX242k80-LO{border-width:4.5px;height:48px;width:75px}._2e2g485kpErHhJQUiyvvC2._1fCdbQCDv6tiX242k80-LO ._2FKpII1jz0h6xCAw1kQAvS{height:39px;width:39px}._2e2g485kpErHhJQUiyvvC2._2Jp5Pv4tgpAsTcnUzTsXgO{border-width:5.25px;height:56px;width:87.5px}._2e2g485kpErHhJQUiyvvC2._2Jp5Pv4tgpAsTcnUzTsXgO ._2FKpII1jz0h6xCAw1kQAvS{height:45.5px;width:45.5px}._2e2g485kpErHhJQUiyvvC2._1L5kUnhRYhUJ4TkMbOTKkI{-ms-flex-pack:end;justify-content:flex-end;background-color:var(--newCommunityTheme-active)}._2e2g485kpErHhJQUiyvvC2._3clF3xRMqSWmoBQpXv8U5z{cursor:default}._2e2g485kpErHhJQUiyvvC2._3clF3xRMqSWmoBQpXv8U5z ._2FKpII1jz0h6xCAw1kQAvS{box-shadow:none}._2e2g485kpErHhJQUiyvvC2._1L5kUnhRYhUJ4TkMbOTKkI._3clF3xRMqSWmoBQpXv8U5z{background-color:var(--newCommunityTheme-buttonAlpha10)} .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} Your Australian news source for all things cryptocurrency. With the community-led effort, will Luna Classic reach $1 once again? There are a variety of burn programs but most eventually involve sending tokens to an address with no known private key. Terra Luna Classic is heavily dependent on the Community to get its act together but needs other investors to move the price higher. 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. The LUNC community is currently pushing another exchange, KuCoin, to adopt a burn mechanism and asking Coinbase to list the token, given its huge volume. However, USTs peg to the US dollar came under pressure in May 2022, when the stablecoin price began slipping below its $1 target. If there is like trillions of Luna coins who own them ? It utilizes a basket of fiat-pegged stablecoins, algorithmically stabilized by its reserve currency LUNA, to facilitate programmable payments and open financial infrastructure development, Press J to jump to the feed. Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing, Coinmonks (http://coinmonks.io/) is a non-profit Crypto Educational Publication. The old chain will be called Terra Classic (token: $LUNC), and the new chain will be called Terra (token: $LUNA). Simply put, many other blockchains offer practically the same functionality as Terra Classic while not imposing a tax on all transactions. Woodbois Stock Forecast: Is WBI a Worthy Penny Stock to Buy for Long Term? 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. DraftKings Stock Forecast 2023: Will DKNG Rise Above $30? . This is primarily due to individuals redeeming their staked UST for the digital asset, making its supply rise dramatically in a short period. 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. Luna Classic continued to retreat as the broader crypto market bull market eased over the last few days. Terra (LUNA) Circulating Supply Approaching 7 Trillion Puts Coin In Doubt of Reaching $1 Anytime Soon. . 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. The other part of the community decided to stay on the original platform, keeping the algorithmic stablecoins. The other issue is that many of these Burn programs are not linked to the minting of new tokens and therefore the purpose of reducing the Tokens themselves is not met. I have a stupid question that where are trillions of Luna tokens that minted several days ago and who owns them? LUNA to USD The coin - often referred to as Terra Luna Classic - is down 4% over 24hrs but remained in the top 10 by trading volume in the same time period with $440 million of LUNC traded. SNDL Stock Forecast 2023: Will SNDL Reach $3? Alphabet (GOOG) Stock Forecast 2023: Will Google Recover Again? Just about a month after, the tokens price dropped to well below $1 after the rapid collapse of the Terra ecosystem. Both of these could push LUNC price significantly higher in 2023. Many of these are not active on Terra Classic. "$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. Can someone explain this to me? US Congressman Proposes Bill to Block Federal Reserve from Creating American CBDC What's Going On? Top Twitter account The Moon with 1M followers asks a simple question, LUNA supply is so close to 7 trillion. 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. Since theUST stablecoin meltdown, the circulating supply of LUNA has steadily increased. 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). Lastly, LUNCs worth is also dependent on the number of coins burnt in the future. LUNC has outperformed ETH and even LUNA 2.0 since it was launched. Through a WLUNA partner, 1 LUNA can be exchanged for 1 WLUNA, and vice-versa. $LUNC v1.0.5 goes live. $LUNC was launched in May 2022 after the crash of Terra Foundations UST (Stable Coin). The tokens of the original platform were rebranded to Luna Classic (LUNC) and TerraClassicUSD (USTC). 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. CoinCodex is a cryptocurrency data website that tracks 23329 cryptocurrencies trading on 418 exchanges and provides live crypto prices. Critics see nothing but risk, while supporters see nothing but boundless promise. 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. In the case of Shiba Inu, we estimated that 99.9999% burns as a way to reach 1 dollar. They couldnt save UST, recovering luna is now a problem. So at the moment, we wont rule out Luna Classic and actually, go out and say that Luna Classic does have a future. 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. What will Terra Classic be worth in 2025? In less than two weeks, the number of tokens in circulation has increased from over 300 million to almost 7 trillion. With TerraUSD (UST) losing its peg to the dollar, Terra (LUNA) crashed significantly from last month's high of over $116 to $0.0000009. 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. Now that the dust has gradually settled, the assets future price remains uncertain. Source: TradingView. Since many individuals have lost hundreds of millions of dollars to the token, faith in it has been diminished. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. Following the crash of UST, LUNAs circulating supply has been on a rapid increase since the ugly incident occurred this month. The coin's value tumbled from around $6.75 to less than one cent. The legacy chain is still going on under the name Terra Classic, and the name of its token has been changed to LUNC. $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. Is it based on coin possession ? 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.. Luna 2.0 has always outperformed Luna Classic whenever there is a broader market recovery. The recent proposals passed and implementation gives investors hope that this Token could recover at some point in the future. Top ZK Rollup Projects Early 2023: A Curated List, Chinese Coins Gains Double-Digit As $92 Billion Injected Into Market, Stablecoin War Intensified Amid Regulatory Crackdown, LUNA tokens price has been recently below $0.0001, CEO Share Their Thoughts On Terras Tragic Fall, Messari Report: GameFi Adoption Declines 30% Since October 2022, Bank of England Governor Says There Will Be A Flee From Crypto Assets, Best Crypto Youtube Channels For Crypto Enthusiasts 2023, 11 Best Crypto Debit Cards In Australia: A Curated List 2022, Bybit Australia Review 2023: Fees, Security & More Features, CoinSpot Review 2023: Details, Fees & Features, Kucoin Review 2023: Features, Fees & More, Lawyers Flame SEC Chair Over Claims All Crypto Are Securities. 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. 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. Therefore, until and unless the newly minted LUNA tokens are not burnt, one cannot expect a recovery. PayPal Stock Forecast 2023: PYPL 12 Months Price Target Lowered to $100.6. 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. is around 6.53 trillion, thus prompting many to doubt that the digital currency would touch $1 anytime soon. One alternative project that offers a lot of real-world utility is IMPT, a new green project that wants to help solve the climate crisis by offsetting users' carbon footprints - $500,000 has been raised in the first 48 hours of the presale. However, the excessive focus on Burn and staking is unlikely to help Luna Classic. There is enormous potential for the Token to have real-life use cases. 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. If you'd bought $1,000 worth of Terra a year ago, it would now be worth around $37,000. They are on exchanges, currently being traded. Terra Classic is now a community-led coin with very little real-world utility. 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. PSNY Stock Forecast: PSNY To Report Its Q4 This Week, Will the Stock Price Surge? Bitcoin Price and Ethereum Prediction: Can BTC Continue to Soar Above $24,000 and What's Next for ETH? The LUNA token and UST are mutually dependent, as the success of the Terra ecosystem is a function of the adoption of UST as a stablecoin. We all know long-term growth doesn't happen in a day or a month. DApps are beginning to come on board but at a very slow pace. Final Word: Will Luna Classic Reach The $1 Mark? Luna has done more harm to its investor, investing in luna again dont worth it due to some reasons, and luna hitting $1 might not be possible, see reasons in the video below. The liquidity injection by the Peoples Bank of China caused the price increase of Chinese crypto projects. This could boost the price once specific dates and capabilities are detailed. LUNA reached its all-time high on April 6, 2022, at a price of just under $120. Major risks: Disintegration of the Community. Luna's price chart depicts a historic crash. 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. At its peak, LUNA had a market cap of $41 billion and UST had a market cap of just under $18.7 billion. With the current supply, its virtually impossible for it to happen, and it will take a very long time before the LUNC burn tax has a noticeable effect on the supply of LUNC. At that point why even try to revive it ? .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)} Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. Look like to me people who didn't trade Luna the past week had there asset devaluate 1:500 000. Now, the token will continue. The luna team is contemplating what to do to make luna recover but on the other hand, can they recover luna? Its currently difficult to imagine a scenario in which LUNC would significantly outperform the rest of the cryptocurrency market. WLUNA was created to allow LUNA holders to trade, hold, and participate in decentralized finance ("DeFi") apps on Ethereum. MULN Stock Forecast 2023: Can MULN Rise Above $0.30? Terra Classic V1.1.0 Upgrade Goes Live, Will Binance Resume LUNC Burns Today? LUNAs circulating supply has grown from 300 million tokens to nearly seven trillion within the space of fewer than two weeks. By January 15th, 2023, over 37.5 Billion Tokens were Burnt. In May of this year, the Terra Luna ecosystem failed, prompting Terraform labs to reorganize the system. 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. this is extremely difficult to do because it requires a lot of attention from the public and finance to power the project. Also Read; Luna Coin Crash Will Luna Coin Recover? 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. 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? 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. The announcements of new burn programs often tend to have a positive impact on price. The platform had a built-in arbitrage mechanism that could be used to burn stablecoins to mint LUNA, or vice versa. At the time of writing this line, LUNAs circulating supply is around 6.53 trillion, thus prompting many to doubt that the digital currency would touch $1 anytime soon. Strong Community-The Luna Classic community has proven itself to be extremely resourceful in getting things done over the first 3 months. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token. The price or worth of cryptocurrencies including LUNC depends on various macro and micro economic factors such as Use cases, inflation, and liquidity. 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. 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