Article Coverage: Luna Classic Price Performance, Latest News Updates, Will Luna Classic reach $1 Analysis, Will Luna Classic reach 1 Cent Analysis, Triggers and Barriers, Risks and Concerns, FAQs
In May 2022, when Terra Foundation’s stablecoin UST lost its peg, Terra Luna crashed from close to $100 to below $1. Since then Terra Luna has been rebranded as Luna Classic and LUNC Community is running it. The Lunc community has been working together to push the price above $1, but the first challenge for the LUNC Community will be to push the price of Luna Classic to 1 cent.
| Metric | Value | Trend |
|---|---|---|
| Current Price | $0.000131 | Higher |
| Trading Volume | $72.9 M | Steady |
LUNC Price Performance so far
- Last 7 Days: +6.7%
- Last 1 Month: -30.1%
- Last 12 Months: -22.1%
Traders have other opportunities like JTO, Bonk and 1000SATS which is making it difficult for LUNC-like Tokens to pump at the moment unless there is positive news flow.
Luna Classic Burn Statistics and News
Luna Classic’s price has encountered resistance around $0.00013, yet signals point towards an ongoing uptrend. The trading volume has surged by over 25% in the last 24 hours, reflecting increased market activity. Additionally, there’s a marginal uptick of 1.2% in favorable social media buzz, indicating growing interest. Technical analysis maintains a positive recommendation, aligning with the observed uptrend
Terra Classic’s LUNC derivatives data reveals a 30.89% decline in the long-short trade volume, now resting at $44.22 million. Simultaneously, the open interest has decreased by 6.79%, reaching $6.78 million. This data snapshot indicates a notable reduction in trading activity for LUNC derivatives, marked by a substantial drop in both trade volume and open interest within the observed period.
Luna Classic’s 24-hour Long/Short ratio registers at 0.9689, signaling a balanced sentiment. Conversely, on OKX, the LUNC Long/Short Ratio for accounts stands notably higher at 1.65. These figures depict divergent trader sentiments between platforms, showcasing varied perspectives on Luna Classic’s long and short positions.
Latest News
The Terra Luna Classic community has recently dismissed three proposals suggesting the burn of USTC, with the latest proposal aiming to incinerate all USTC in the community pool failing to garner support.
- This decision arrives amidst discussions centered on the potential burn of 800 million USTC from the Risk Harbor Multisig Wallet, which currently remains inactive due to the loss of access keys. There’s a consensus to blacklist this wallet.
- Notably, the community’s focus seems to pivot towards developments post the approval of the new developer group, Genuine Labs, slated to contribute to the chain’s advancements. Specifically, Proposal 11958 titled “Burn 8 million USTC directly from CP” met an official rejection by the Terra Luna Classic community.
- The proposal sought to utilize a spend proposal directed towards a burn address to eliminate all USTC from the community pool.
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Luna Classic, Buy or Sell, Crowd Poll
Net Buy Rating = Buy% – Sell%
- July 1st: +35.0%
- Sep 1st: +37.8%
- Dec 1st: +47.0%
- Dec 31st: +33.0%
- Jan 1st: +32.0%
- Jan 10th: +30.0%
The Terra Classic $1 Dream: The massive Luna Classic community, as well as potential investors, are keen on knowing how high will Luna Classic price rise and specifically if Luna Classic could ever breach $1. Given the sentiments behind the Luna crash in May, this is also of some emotional value.
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So Will Luna Classic reach $1? Let us analyze
No, Luna Classic cannot reach $1 even if a larger portion of the Tokens are Burnt
To reach $1, Luna Classic must rise about 6700 times. At $1, the Market Cap of Luna Classic would be $5306 Billion which is nearly twice the Market Cap of Microsoft. If LUNC’s price were to grow at the rate of 25% every year, it would take Luna Classic 39 years to reach $1. Given that Luna Classic is a weak case for Investment, Let us analyze these in detail.
Is it possible to rise 6700 times?
Bitcoin rose 1400 times higher in 10 years Ethereum rose 166 times higher in 6 years.
Both BTC and ETH rose in very different conditions while Luna Classic is in an environment where there are more than 50 tokens with a Market Cap of a Billion. Therefore, one can say with a high degree of confidence that Luna Classic will not increase by 6700 times.
Is it possible for Luna Classic to reach twice Apple’s Market Cap?
Luna Classic is not an innovator of the Apple mold nor are their services consumed by billions of people worldwide. We can say with a high degree of confidence that Luna Classic will not reach a market cap of $ 5.3 Trillion.
Can we Forecast accurately for 39 years that a Token will grow at 25% every year?
No, no one can forecast the price of a Token 39 years from now. Further, no Token or stock can grow at the rate of 25% every year for 38 years.
Considering Growth, Market Cap, and Time factors, we can say confidently that Luna Classic will not reach $1. Now, let us consider a scenario where 90% of the coins are burnt. If 90% of the Tokens were burnt, To reach $1, Luna Classic must rise 400 times. At $1, the Market Cap of Luna Classic would be $530 Billion. If LUNC’s price were to grow at 25% every year, it would take Luna Classic 27 years to reach $1.
So, even in a 90% Burn scenario, Luna Classic will find it impossible to reach $1. The only hope for a healthy return on Luna Classic Investment is unique and differentiated use cases.
Will Luna Classic reach $1 in 2023
No, Luna Classic cannot reach $1 in 2023. Given the current price, the Market Cap at $1 ($5.9 Trillion), and the time left for the year to be over, there is no possibility at all for Luna Classic to reach $1.
Will Luna Classic Reach 1 Cent? The Math
Yes, Luna Classic can reach 1 cent if 90% of the Coins are burnt
For LUNC to reach 1 cent, it would need to increase by a factor of 67. At 1 cent, Luna Classic’s Market Cap will be $53.1 Billion. If LUNC were to grow at a rate of 25% each year, it would take about 19 years to reach 1 cent. Let us evaluate this data
- Quality of Investment- Moderate
- Growth required to reach 1 cent- Not Feasible
- Market Cap at 1 cent- Feasible
Considering the criteria Quality of Investment, growth required, and time required, LUNC has a moderate chance of reaching 1 cent.
However, with 90% of the Tokens burnt, the market cap requirement falls to $5.3 B which is quite feasible given that the current Market Cap is $1 B
Will Luna Classic reach 10 Cents?
Assume the LUNC price rises 25% a year. This growth is under the assumption that 50% of the coins are burnt during this period, the number of years to reach 10 cents – 28 Years
Can Luna Classic reach 50 Cents?
Yes, Luna Classic can reach 50 cents if more than 75% of the Tokens are Burnt. The Luna Community and the team can deliver both on Development and many Dapps in the Terra Classic Ecosystem by the end of the year.
Will Luna Classic reach $10?
Given the time it would take to reach even $1. Any forecast for $10 would be highly speculative. Still, we forecast that Luna Classic is unlikely to reach $10
Will Luna Classic reach $100?
Given the estimated Market Cap of Luna Classic when it rises to $100, Luna Classic can reach $100 only if 99% of the Tokens are Burnt. That is highly impractical and unreasonable. So Luna Classic can’t reach $100.
Can Luna Classic reach $1? Burn Plans
Proposal 11658 aims to redirect trapped funds in the Ozone Protocol to the community pool.Proposal 11660 aims to burn these funds entirely for re-pegging facilitation.Despite bypassing the usual 7-day discussion due to urgency, 82.54% of voters (representing 528,390,531,235.782 LUNC) supported burning the funds
Read:
- Luna Classic Price Prediction 2023, 2025 and 2030
- Will Luna Classic Recover or Will LUNC Go Up?
Will Luna Classic Reach $1, 1 Cent: Triggers
Terra Luna Classic (LUNC) is a cryptocurrency governed by the Luna Classic community. The success of LUNC is dependent on the execution of its development plans, which include infrastructure and technology upgrades. This in turn will drive up the demand for Luna Classic Tokens. Secondly, to increase the price of LUNC, its supply must be reduced through the burn mechanism implemented by Binance.
Can Luna Classic reach $1, 1 Cent? Barriers
There are numerous concerns around the Terra Luna Classic
- Luna Classic has no definitive leadership structure. Though Bitcoin also lacks a well-designed leadership architecture for LUNC it will be difficult to survive without leadership.
- A large number of volunteers have contributed over the year but internal politics and even attempts to defraud have been problematic
- As a consequence, it is unclear what is the vision around Terra Luna Classic. Will they remain DeFi-focused? Will they differentiate from other major players like ETH and XRP?
- Community efforts have completely focussed on the Luna Classic Burn tax rather than the direction of LUNC itself
Luna Classic $1: What is Terra Luna Classic?
Terra Luna Classic was relaunched in May 2022 as Luna Classic (LUNC) after Terra Foundation’s UST stablecoin collapsed. In response to the crisis, Terra Foundation introduced a new blockchain and token, Terra LUNA (2.0), and rebranded the original LUNA token as Luna Classic, giving greater control to its community. The value proposition of LUNC is currently limited, primarily sustained by its community and an aggressive token burn program. However, LUNC is undergoing technological improvements, which might improve its investment profile.
Factors influencing Luna Classic’s price include use cases, macroeconomic conditions, and competition from other cryptocurrencies. The expansion of use cases is slow, and the ecosystem is relatively thin compared to its previous stature in the DeFi space. Strong community support is a plus, but challenges include emerging tokens with better use cases, the limited impact of the burn program, community conflicts, and the need to attract top DApps and creators amidst stiff competition.
Ecosystem:
The Ecosystem is in its early days of development, a few examples –
Air Force Lunc, a PvE air combat game, is now live on Bigbangx, supporting the Luna Classic blockchain, where players can earn $GRDX tokens on Android and desktop. Additionally, “Lunc MEET,” a social feature on Luncsphere, is available exclusively for members and NFT holders, offering networking based on location and interests, real-time chats, event hosting, blog publishing, and creating professional profiles with work portfolios.
Fire Token outlined their strategy to burn $LUNC, involving using a percentage of Bitcoin mined, fees from $FIRE tokens, and hosting community events with $LUNC rewards for $FIRE holders. They aim to burn billions of $LUNC daily, contingent on the success of their presale, and are seeking widespread support from the $LUNC community.
TerraCasino actively supports the Terra Luna Classic (LUNC) community through a unique burn mechanism. This mechanism imposes a tax on deposits and withdrawals of LUNC tokens, contributing to the burn process of the Terra Luna Classic network.
Lunc MEET, a new social feature for the Lunc Community, is now live on Luncsphere. It offers various functionalities like finding and connecting with like-minded members, location-based connections, adding friends, creating or joining groups on specific topics, a seamless chat experience, hosting events, publishing blogs, and creating a professional profile with a work portfolio
Luna Classic $1: FAQs
Can Luna Classic reach 1 dollar
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. Most importantly, there is a significant burn in the number of circulating Tokens.
Will Luna Classic reach $10?
Given that it may take 38 years to reach $1, any forecasts for $10 would be premature and highly unreliable.
Can lunc reach $1? Conclusion
Yes, Luna Classic can reach $1 in 42 years if the community implements various proposals to secure LUNC and build an environment that encourages Dapps to return to Terra Luna Classic. Further, at least 50% of the coins will have to be burnt. At the moment one could say, that LUNC has made admirable progress but a lot of work is still pending.
Will Luna Classic Reach 1 Cent? Conclusion
With the current momentum, it is unlikely for Luna Classic to reach 1 cent in 2023. However, there are higher chances of LUNC reaching 1 cent in the next few years. LUNC may reach 1 cent even before Shib Inu. Considering the mathematical calculation, LUNC may reach 1 cent in the next 11 years provided the price rises 50% annually.
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. Please consult a registered investment advisor to guide you on your financial decisions.
