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© 2023 - Ideal Invision. All Rights Reserved.
EMAIL : [email protected]
© 2023 - Ideal Invision. All Rights Reserved.
It’s terrible news for market bulls since recent price movement signals Luna Classic (LUNC) is about to make a fresh southward drive. On the cryptocurrency charts, a bearish triangle that looks to be forming might break to the south, opening the door for a push to prices below $0.00010. The fact that the cryptocurrency recently ran into resistance and was trading below all of its main moving averages supports this bearish view.
In March, other significant cryptocurrencies rallied, while Luna Classic (LUNC) did not. The cryptocurrency’s value dropped by almost 26% in the last month. Its price at the time of publication was $0.00012398.
Nearly the entire Terra blockchain development community fled after the tragedies of 2022. Additionally, the majority of experts see a gloomy future for the blockchain ecosystem.
The crypto-community learned about Terra co-founder Do Kwon’s arrest on March 23. during fleeing during the Terra Luna Classic (LUNC) controversy, Terra co-founder Do Kwon was ultimately apprehended in Montenegro.
In May 2022, Luna Classic (LUNC) was in the epicenter of the Terra ecosystem’s collapse. The failure of the cryptocurrency exchange FTX in November of last year has also had a significant negative impact on the coin. Since then, the company’s market valuation has decreased from $1.5 billion to $735 million.
On the Terra 2.0 blockchain, transactions are verified using the proof-of-stake (PoS) consensus algorithm.
Ethereum (ETH), the most popular cryptocurrency, has likewise switched from a proof-of-work to a proof-of-stake system. This has only heightened rivalry among PoS blockchains.
130 validators are active at any one moment in the network. It is regarded as being a particularly eco-friendly token since it is a PoS platform.
A stablecoin is designed to protect coin owners from the erratic behavior of competing cryptocurrencies. It is linked to a supported cryptocurrency or to a fiat money like the US dollar. Luna Classic (LUNC) Classic was the basis for Terra USD (UST). (LUNC- then, only LUNA).
This is where the issue started. Cryptocurrencies cannot be compared to gold holdings in any manner. In May 2022, the whole stablecoin system failed as a result of the destabilization of Luna Classic (LUNC) pricing, which also had a negative impact on UST prices.
For the first several years, Luna Classic (LUNC) maintained its performance. By the end of 2021, it was even in the top 10 cryptocurrencies in terms of market value.
But in May 2022, the Terra system broke down, creating a fork. It essentially introduced a fresh iteration of Luna. Both iterations of the Luna token are permitted under the second iteration of the Terra Ecosystem Revival Plan.
Without a doubt, this coin’s future is important in evaluating if a failing cryptocurrency can recover and expand.
Well, its performance since the May 2022 fiasco hasn’t exactly been cause for celebration.
However, if Luna Classic (LUNC) trades well in the future, it will be a reason for celebration for many other cryptocurrencies in addition to this one.
Luna Classic (LUNC) price fluctuated between $0.2 and $1.3 from the time of its 2019 debut until April 2021. By the end of the year, the price of bitcoin had reached $100 after the crypto market exploded in the middle of 2021.
It began fluctuating between $50 and $100 in 2022 and hit an all-time high (ATH) of $119.18 on April 5, 2022. The Terra system failed in mid-May when its price started to decline the following month.
At the time of publication, the coin’s market cap was $735 million and it was trading at $0.00012398.
According to a May 2022 Bloomberg story, the market lost almost $45 billion in the week that followed the Terra crash. The Korean National Tax Service penalized Terraform Labs and its co-founder Do Kwon $78.4 million in corporation and income tax.
According to Bloomberg, the network introduced Luna Classic (LUNC), a new cryptocurrency, on May 25, 2022. Now known as Luna Classic (LUNC), the older cryptocurrency is older than Luna 2.0. (LUNA).
Although the earlier cryptocurrency, Luna Classic (LUNC), has not fully been replaced, many users are switching to LUNA. It should be mentioned that LUNC has not been operating at all well up to this point.
Similar to other markets, Luna Classic (LUNC) market capitalisation shows how investors feel about cryptocurrencies. It didn’t even get to $500 million in 2019–20, but it started to rise in 2021.
It has passed the $1 billion threshold at the start of February. And it exceeded $36 billion by the end of 2022.
The next year, too, Luna Classic (LUNC) trajectory continued climbing until it finally reached the $41 billion mark in April 2022. However, after the May 2022 catastrophe, it fluctuated between $300 million and $1.5 billion.
Kwon may be compelled to return to South Korea if South Korea succeeds in having his passport revoked. According to Bloomberg, a request has been made to the country’s foreign ministry to revoke the travel permit. He and other members have previously been the subject of an arrest warrant.
Financial Times recently reported that Interpol has apparently been requested by South Korean authorities to issue a Red Notice on Kwon. Kwon, however, stated that the corporation is fully cooperating and has nothing to hide and that he is not evading any interested government body.
The collapse of the twin currencies Terra USD and Luna Classic was followed by a crypto crisis that had a negative impact on the whole crypto market. In such a situation, Luna Classic (LUNC) is still very fragile.
Before continuing, you should be aware that projections made by various cryptocurrency platforms and experts might differ greatly since different analysts base their assessments on various sets of parameters.
These forecasts may be drastically off by a fair amount of times. In addition, nobody can predict some things like the Russian-Ukrainian conflict or the Chinese crypto prohibition. Now let’s look at what various experts have to say regarding Luna Classic (LUNC) prospects in 2025.
According to Telegaon, the price of Luna Classic (LUNC) will range from $0.0089 to $0.028, respectively, in 2025.
Other analysts forecast that LUNC’s average price in the aforementioned year will be $0.015, based on an examination of the company’s past performance.
According to DigitalCoinPrice, the LUNC price will range between $0.000359 and $0.000444 in 2025. In 2025, it will cost on average $0.000430.
According to DigitalCoinPrice, LUNC will trade for $0.00118 and $0.00127 at its lowest and highest values respectively in 2030. In 2030, it will cost on average $0.00126.
In contrast, Bitcoin Wisdom forecast that in 2030, the price of LUNC would continue to fluctuate between $0.002603 and $0.002834. According to the forecast, it will cost $0.002719 on average throughout the specified year.
We have so far given a brief description of LUNA Classic. (LUNC). We would like to underline that cryptocurrency forecasts should not be completely depended upon for those of you who are thinking about investing in cryptocurrencies. Additionally, you need to do your own research before investing in LUNC.
Only token burning, which will increase prices by lowering market overstock, may preserve the currency. In September, it was already put to the test when Binance and other key CEXs began burning LUNC tokens, causing the price of LUNC to jump by 60% in a matter of hours.
The first round of Terra Rebels’ lottery game has finally concluded, and the winner received almost 24 million Terra Luna Classic, the company tweeted on November 5. (LUNC). To the burn wallet were transmitted more than 10.5 million LUNC. As we can see, several attempts are being made in this direction.
The cryptocurrency market is still quite pessimistic and is expected to stay so for the foreseeable future.
According to a recent Bloomberg story, regulation may soon outlaw algorithmic stablecoins like TerraUSD, the failure of which caused a worldwide crypto crisis. The U.S. House is presently drafting the aforementioned measure. The proposed legislation would outlaw the creation or issuance of new “endogenously collateralized stablecoins.”
In a recent interview with The New York Times, Ethereum co-founder Vitalik Buterin said that the Terra Luna team tried to manipulate the market to increase the value of the local cryptocurrency. Along with it, he remembered how many “smart people” had said Terra was “fundamentally bad.”
Kwon said that he moved from South Korea to Singapore prior to the extinction of the Terra environment in an interview with Laura Shin for the “Unchained” podcast on October 28. Additionally, he denied rumors that he is evading police enforcement.
In May, Luna Foundation Guard (LFG), the organization responsible for the defunct Terra ecosystem, reportedly spent $2.8 billion in cryptocurrency attempting to protect the peg of algorithmic stablecoin TerraUSD (UST), according to a new third-party audit by the New York-based consulting company JS Held. The creator of the Terra blockchain, Terraform Labs (TFL), is said to have spent $613 million defending the peg, according to the audit.
Inter Blockchain Communication (IBC), a protocol that enables message sharing and asset trade with other blockchains, will once again be enabled by Luna Classic, according to the company’s announcement. This was verified on Twitter by a member of the Terra Classic development team.
In terms of basics, work on putting into practice a suggestion that was recently approved by Terra Luna Classic validators may aid in the occurrence of such a break. In specifically, the community has decided to re-peg USTC, the stablecoin that is LUNC’s sibling.
LUNC supporters will be hoping the cryptocurrency will continue to find support above this level as the larger cryptocurrency market stabilizes ahead of a busy week of macro events, including a deluge of important US employment data and a speech from Fed Chair Jerome Powell before the US Congress.
Industry analysts are still unsure of whether the price of LUNC will ever reach $1 in a few years. The market is concerned that further information concerning the scheme might further hurt its performance when the most recent news of Kwon’s arrests emerges.