Terra Luna Classic Price Prediction as Community Burns 700 Million LUNC – A Turnaround in Sight?
Terra Luna Classic (LUNC) price predictions remains bearish, despite attempts from the community to reduce the token’s supply via burns.
As per a tweet from @AlexCryptoBull, 700 million LUNC tokens were burnt this week, plus 230,000 UST tokens.
Great results this week with 700M $LUNC and 230k $USTC burned. More to come! #Lunc #USTC #TERRA #LuncBurn #LUNCARMY #LUNCcommunity #ustcburn #TerraClassic #terraburn #terraport pic.twitter.com/rRMsaZVqfO
— CryptoBull (@AlexCryptoBull) January 21, 2024
UST is the Terra Classic blockchain’s algorithmic stablecoin that lost its 1:1 peg to the US dollar in May 2022.
The depegging of UST at the time caused a cascade of outflows from the stablecoin, triggering LUNC hyperinflation.
LUNC was used within the Terra Classic ecosystem as the collateral that backed UST’s 1:1 peg to the US dollar.
The Terra Luna Classic price was last just under $0.000095, having dropped around 25% in 7-days.
The recent dip in the Terra Luna Classic price comes after it broke a key uptrend from last November.
It also shows that the Terra Luna Classic price remains in a downtrend from its early December highs above $0.00028.
Terra Luna Classic (LUNC) Price / Source: TradingView
LUNC has lost 66% of its value since these highs.
And the reason recent LUNC token burns haven’t bolstered sentiment is because 700 million tokens represent a tiny 0.00012% reduction in the token’s overall supply, which was last at just under 5.79 trillion as per CoinMarketCap.
In total, as per luncmetrics.com, 94.78 billion Terra Luna Classic tokens have been burnt since May 13 2022.
That was shortly after the original Terra blockchain’s spectacular implosion.
Around 52% of these tokens have been burnt by Binance, who have continued to support the network.
Terra Luna Classic Price Prediction – Is a LUNC Turnaround in Sight?
The Terra Luna Classic price is currently attempting to hold onto its 50DMA at $0.000092.
A break below here opens up the prospect of a move back to resistance-turned-support in the $0.00007 area.
Terra Luna Classic (LUNC) Price / Source: TradingView
Regarding whether a turnaround for the Terra Luna Classic price is in sight, things don’t look good.
Hardly anyone in the crypto space trusts or takes any project with “Terra Luna” in its name seriously in wake of the 2022 collapse that cost investors billions.
As per DeFi Llama, Terra Luna Classic’s trade value locked (TVL), the dollar value of crypto locked in smart contracts on the blockchain, was last a paltry $3.25 million – virtually nothing.
Prior to the spectacular crash in May 2022, the blockchain was home to a TVL of close to $35 billion.
The blockchain’s lack of TVL emphasizes how it has essentially become a pariah blockchain that nobody is using, or wants to use.
Sadly, LUNC appears to have sadly fallen into the classification of being a “shitcoin”.
Crypto Alternatives to Consider
With things looking bad for LUNC, investors should consider alternatives.
Those looking for a better probability of near-term gains ought to consider an alternative high-risk, high-reward investment strategy – crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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