Terra Classic, although still suffering the effects of the recent disaster, has managed to show some signs of recovery; rising in price by more than 40% this Monday.
In recent times, a lot of pessimism regarding the coin has disappeared. The coin and the respective blockchain underwent some major changes. Lately, it’s starting to look like the coin is on its way to make a recovery. Not so fast to reach its previous high, but definitely, one worth noting.
Today, we’ll take a look at how Terra Classic, LUNC, got to where it is today. And where does it plan to go from here?
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The Inception of Terra Classic
On May 7, USTC- the sister currency of LUNA, witnessed a massive crash. One of the biggest crashes to have ever happened to crypto. Resulting in the price of LUNC dropping from about $60 to a mere fraction of a dollar in a matter of days.
The crash managed to wipe out more than 40 billion dollars of investors’ wealth, springing to a wave of panic across the market, as not only did the token itself fall, but it also managed to pull other tokens down along with itself.
Bitcoin, for example, broke the $30,000 resistance level after staying above it for more than a year.
After the crash occurred, the Terra foundation was forced to make some drastic decisions for the coin to survive. As a result, after conducting a vote involving the investors of LUNC, the decision to create a new blockchain took effect.
The new coin, now referred to as the LUNA, was distributed among the then-current investors of the now-known LUNC coin. 30% of the total supply of the new LUNA was unlocked and distributed at the launch, while the rest is expected to be distributed over the course of two years.
The terra blockchain suspended block production as of 13 May, as suggested by many articles that broke the news. On 28 May, the new blockchain was officially launched. Although the initial plan for the launch was a day before.
Holders of USTC were then compensated with an equal amount of LUNA. The coin too has shown some upward movement recently. Whether or not it will return to its parity with the US dollar?- is still a question that needs to be answered.
So does LUNC, and USTC have any future? Well, before we get to the possible predictions, we will understand the price history. Which is, on most occasions, a decent indicator of a coin’s future price movement.
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Terra LUNC Price History
Launched at a price of around $1.3, the Terra LUNA token made its first appearance in July 2019. The initial price came out to be an overvaluation of the token, and consequently, the price fell below a dollar a few months after the launch.
For more than a year following that, the price of the token managed to stay below $1. It was only in the last week of January 2021 when the coin picked itself up, setting an all-time high as of then, at $21.98.
The price gradually fell over the course of the next few months, hovering at around $6 through June and July. August came out to be a brilliant month for the coin, as it scaled new heights, breaking off its previous high and continuing to increase until the end of the year. Where it came very close to touching the $100 mark. Although, a few price tracing websites mention the price to have crossed $100.
In January 2022, the coin saw a 50% drop. And managed to maintain that level, although rising a bit a while back but returning again following the news of Russia’s invasion of Ukraine. However, by the end of February, the coin made a recovery and settled at $78.34.
The coin had reached an all-time high of $119, beginning the month of April. And just a month after, withdrawals from Anchor Protocol caused UST to become depegged against the dollar, and led to the crisis we all know, that LUNC suffered.
LUNA 2.0 on Crypto.com Exchange
Over the course of a couple of weeks following that, the price reached a, previously unfathomable, level of $0.004089. The blockchain was consequently halted, and a new blockchain with a new token, LUNA, was launched.
The new token reached $19.53 soon as it came out, however, it managed to drop to a low of $3.63 in a matter of hours. The highs and lows, although less drastic, continued to stay for a few weeks and as of June 1, the coin was trading at $7.14.
By the near end of June, the coin was trading at $1.95.
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And then, the previous currency, LUNA- now referred to as LUNC, was trading at $0.0000588. Being the 216th largest cryptocurrency with a market cap of $385 million. The significance of this decline is easily apparent in the fact that the coin was ranked 7 by market cap in the month of March.
Should You Buy Terra- Where Does it Go From Here?
A common question most investors have is- will terra be able to reach the $1 level anytime soon? And as tempting as it might be to expect that, given the current condition of the coin, it looks far from possible.
However, that’s not to say that the price of LUNC is not bound to increase.
Terra LUNC – Price Chart on eToro
Following the current trend, the LUNC price is expected to reach $0.000215 by the end of the year. While one can expect the price to reach a low of $0.0000916 if things go south. In 2023, the price can reach a high of $0.000562, a more than 50% increase from its previous potential high. Assuming things go right.
On a longer scale, the price of LUNC can be expected to cross $0.2 by 2030. At the same time, potentially hovering around $0.093, if it decides to stick to the lows. And although multiple predictions estimating the price to cross $1 are available on the internet, given the time frame they’ve mentioned, they can be regarded as far-fetched.
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That’s no disappointing news though. So LUNC does not cross the dollar anytime soon. It still shows a lot of potentials, and given the current price, potential gains of more than 10x are possible just this year. Predictions remain speculative and we suggest conducting your analysis before investing in volatile cryptos such as LUNA or LUNC.
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