Terra Classic (LUNC): An Introduction
The enormous volatility of crypto assets is a challenging factor for traders and consumers. The frequency and momentum of the movements carried out in a limited time can be terrifying for short-term and new investors. Longing for a comparatively steady crypto that imitates the price stability witnessed in the fiat market while maintaining speed, security, and privacy of crypto assets such as Bitcoin paved the way for Terra Classic’s development.
Terra Classic (LUNC) was released back in 2018. Its deployment on the blockchain was witnessed in the next year 2019. The stablecoin technology company combines the fiat currency’s price stability with Bitcoin’s (BTC) privacy strength. Apart from that, it would offer affordable and rapid transfers via the UST stable currency. The stablecoin currencies developed on the Terra chain are pegged into Mongolian Tugrik, The South Korean Won, the US dollar, as well as the rest of the recognized currencies.
Do Kwon and Daniel Shin are responsible for developing the Terra chain. They proposed that the price usability and stability could alleviate fears of instant losses and enhance a huge adoption as well as the utilization of blockchain technology and cryptocurrencies. The prominent crypto exchanges on which the Terra Classic (LUNC) can be purchased taking into account Binance, Pionex, Kraken, and OKX among others.
Terra Classic is known as an open decentralized blockchain forum. It is responsible for running the UST (the algorithmic stablecoin of Terra). Unfortunately, the respective stablecoin got depegged and slumped to what appears to be its demise because of the extremely volatile conditions within the market. The respective situation was exaggerated by 2022’s crypto recession.
In May last year, the crash of Terra Classic took place. This event resulted in the forking of Terra Classic. Hence, a couple of separate chains were formed including the Terra Classic chain and Terra chain. CertiK, a blockchain security company, certified back in 2019 that the mathematical reasoning and modeling of the Terra network were sound. This was witnessed soon after the mainnet launch of Terra Classic.
Nonetheless, since the demise of the UST stablecoin, the Terra ecosystem has been struggling to achieve the objectives set by it. The exclusive Terra chain has been developed to concentrate on the development of the most cutting-edge UX-UI designs that Terra Classic began via the support provided by the Terra community. Terra Classic (LUNC) will keep on advancing its ecosystem to support the decentralized applications’ development.
The LUNC Token
Terra is powered by the proof-of-stake (PoS) consensus. The respective algorithm is built on Tendermint technology. This permits the holders to stake the LUNC assets in the form of collateral to get an opportunity for the validation of the transfers on Terra and get rewards. LUNC is the local token of Terra Classic. It is utilized for mining and system governance. Validators additionally collateralize the respective token with an opportunity to participate in the transfer validation procedures on the network.
Terra Classic offers seamless virtual payments by developing crypto-related payment gateways to facilitate the institutions. It collaborated with a Korean payment solution provider that is mobile-based. The purpose of the collaboration was to offer payment facilities to e-commerce entities. The collaboration lets Terra have a minor fraction of the transfers in the form of transaction fees.
For the initial years following its launch in 2019, the LUNC token has been showing a great performance. Moving on, at 2021’s end, it approximately reached the $100 mark. After that, it secured a significant position among the top ten crypto tokens in terms of market capitalization. However, the token which once traded at around triple digits is presently trading at a spot where there are 3 zeros in front of the decimal point.
Such a sudden collapse shocked the whole crypto industry. Several investors are still apprehensive about if the LUNC token’s price will increase again because the future of the respective token is certainly crucial in defining if an unsuccessful crypto token can carry out a comeback. Following the collapse of Terra in 2022’s May, Do Kwon released a revival strategy for Terra. In this respect, an exclusive version of the Terra token was introduced.
The existing original Terra token is now named Terra Classic (LUNC). Nevertheless, the latest token is named Terra 2.0 (LUNA). Both these versions are operating simultaneously. The term “classic” denotes the hard fork witnessed by Ethereum. As a result of that fork, Ethereum was divided into Ethereum as well as Ethereum Classic back in 2017. This incident took place following the breach of Ethereum’s decentralized autonomous organization (DAO).
New Developments for Recovery
Terra Classic (LUNC) has yet not recovered completely in terms of value. The market capitalization of the token has slumped from $1.5B to just $595M since its crash. Despite these things, the investors are providing significant attention to Terra Classic. Although many crypto projects and developers abandoned the Terra blockchain, a few community participants made attempts to make the network alive again. In this respect, the Luna Classic Token Burn project has been proposed.
By burning the LUNC tokens, the token holders hope that the scarcity of their tokens will increase. They are of the view that the price of the token will be pushed back to the $1 spot with the help of this burning program. Terra Classic’s enormous supply has been recognized as a prominent factor in the dull performance of the token. To deal with this, the community of Terra Classic has partnered with the top crypto exchange Binance.
A chief objective of the respective collaboration was to burn the transfer fees of LUNC. The crypto exchange utilized a mechanism to burn the same sum of tokens as the fees collected by it from the LUNC trading. The LUNC burn project is considered to be a recovery strategy for the collapsed ecosystem of Terra. Several investors are confident that this is the sole plan that can revive the coin.
LUNC Price Prediction: Price History
The historical data points out the extent of the price volatility and makes it easy to perform the financial analysis. Keeping in view the historical statistics, the overall sentiment analysis can also be done. Along with this, such data can also help in market forecasting. The price history offers an overall scenario of the crypto market along with disclosing the impact of the external factors influencing the industry.
Since the launch of Terra Classic (LUNC) in 2019, the price of the token kept fluctuating from $0.2 to $1.3 till 2021’s April. After that, in the mid of the year, the price of LUNC started increasing. It nearly reached $100 by 2021’s denouement. Following that, the price of the LUNC token kept oscillating from $50 to $100 at the beginning of 2022. A few months later, on the 5th of April, the token reached an all-time high (ATH) price level of up to $119.18.
Moving on, the price of the token started to decline. In addition to this, the entire Terra ecosystem abruptly crashed in May’s mid. The LUNC token slumped to approximately zero. The whole crypto industry was hardly disturbed and lost up to $45B within just 1 week after the collapse of Terra, as reported by Bloomberg.
In the recent 30 days, the price of Terra Classic has witnessed a significant decline. On the 10th of April, the open price of the token stood at $0.001. Nonetheless, following 30 days, it further declined to the price level of nearly $0.0000954 on the 9th of May. This indicates a slump of almost 25.86% during the previous thirty days.
On the other hand, the traded volume of Terra Classic has seen significant growth. On the 10th of the last month, $38,138,443 was the value of LUNC’s traded volume. However, the next 30 days increased the respective figure to $50,653,472. This change in value brings to the front that the token witnessed a huge 32.81% increase in its traded volume.
LUNC Price Prediction: Price Analysis
With the help of predictive analytics, the market analysis is done. This takes into account the fundamental analysis and the technical analysis of the crypto assets. In the quantitative analysis, a significant role is played by the economic indicators, market trends, and asset pricing. In the case of Terra Classic, the token is going through a difficult phase. Nonetheless, the developments made by the platform indicate that the project has the potential to have positive results in the long run.
The fundamental indicators regarding the LUNC token point out that its current price is standing at $0.0000939. The current market capitalization of LUNC is $552,477,689. The token is placed at 74th position among the crypto assets in terms of market capitalization. $61,386,849 is the trading volume that LUNC witnessed in the recent 24 hours. The token reached its all-time high of $119.18 on the 5th of April, 2022.
The technical indicators dealing with the recent price performance of LUNC specify that the token’s price has jumped by up to 13.26% in the recent 24 hours. This is a positive factor pointing toward potential price growth in the future. However, the sentiment analysis says that the Terra Classic’s overall sentiment is bearish at this time. Price volatility analysis discloses that the LUNC token’s volatility is very high at 10.14%.
The crypto token’s market dominance is currently placed at 0.05%. The fear and greed index is now standing at 52, showing a neutral position in the case of LUNC. In addition to this, the risk analysis says that the last year saw an extreme price slump of nearly -100%. As a result of this, the top hundred crypto tokens outperformed Terra Classic by 100% over the last year.
At the moment, the LUNC token is trading below its 200-day simple moving average (SMA). Moreover, it has seen just 14 days of positive development in the recent 30 days. This shows a 47% positive development in the recent month. The annual inflation rate of the LUNC token is approximately 1,639,260.31% at present.
LUNC Price Prediction
Predictive analytics play a crucial role in crypto price prediction. Artificial intelligence and machine learning techniques are utilized to point out the likely position of crypto assets in the future. Although the price projection cannot be done accurately, the investors get a general idea about the potential direction in which a crypto asset is going. Terra Classic’s (LUNC) trading algorithms are expected to get advanced in the future.
LUNC Price Prediction 2023
Predictive modeling techniques assert that LUNC can get back to its previous position. It is anticipated that Terra Classic can reach an average price of up to $0.000141 during the current year. However, in line with the trend analysis, the token can also touch a maximum price level of nearly $0.00017 if the macroeconomic factors support its further growth.
LUNC Price Prediction 2025
In line with the predictive models, the next years will see a considerable jump in LUNC’s price. In this respect, the token is expected to trade at around $0.00033 by 2025 on average. Nonetheless, the favorable market conditions can add to its positive price growth. Hence, the maximum price of LUNC can reach $0.000358 by 2025.
LUNC Price Prediction 2030
As mentioned by financial modeling, the internal and external conditions of the crypto market will become quite favorable due to many optimistic developments. Additionally, the increased mainstream crypto adoption will also be helpful in all this. These factors will increase the value of the crypto assets. Therefore, LUNC is anticipated to reach an average price of nearly $0.000802 by the year 2030. The token can touch the maximum price of up to $0.00083 in the same year.
Conclusion
As mentioned above, the Terra Classic token has the potential to restore its former position. The supportive market conditions could let it again reach the $1 spot. Long-term investment in LUNC can be profitable. However, the high price volatility of the token could be dangerous for short-term investors.
Along with that, investors should be aware of the pros and cons of algorithmic trading. Investors need adequate investment strategies and portfolio management for likely positive results. They should keep an eye on investment prediction and market research. On the other hand, people who are not ready for risky investment decisions should not invest in LUNC.
MORE:
