Will Luna Classic Reach $1, 1 Cent? LUNC continues to rise
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 very first challenge for the LUNC Community will be to push the price of Luna Classic to 1 cent.
Article Coverage: Luna Classic Price performance, Latest News Updates, Luna Classic $1 Analysis, Luna Classic 1 Cent Analysis, Triggers and Barriers, Latest Video, Risks and Concerns, FAQs
Price Performance of LUNC and Latest Luna Classic News, June 9th
- Last 5 Days: -9.5%, Outperformer*
- Last 30 Days: +19.3%, Outperformer
- 6 Months: -42.9%, Underperformer
- Last 12 Months: +33.9%, Underperformer
Investment Case: Weak, Trading Case: Weak
Luna Classic Price Chart and Other LUNC Resources
- How have Trading Volumes changed this year?
- Luna Classic: Jan: $144 M, Feb: $121M, Mar: $79M, Apr: $55M, May: $34 M
- Luna 2.0: Jan: $140 M, Feb: $86M, Mar: $56M, Apr: $64M, May: $26 M
- Shiba Inu: Jan: $323 M, Feb: $440M, Mar: $260M, Apr: $206M, May: $106 M
Luna Classic has begun to recover this month. The last time Luna Classic had an extended positive run was between Late December 2022 and early February 2023. The difference is, this time the positive run is in variation from a broader market that is bearish. Part of it is due to the Binance shorts and new upgrade proposals having been passed, there would be more clarity over the next few days.
Latest Luna Classic News, June 9th
- The Terra Classic blockchain has officially passed its biggest upgrade proposal, v2.1.0, known as the Parity upgrade. This will align Terra Classic with other blockchains like Terra 2.0 and Cosmos chains and is set to occur on June 14
- This upgrade includes features like a minimum 5% commission for validators and Cosmwasm v1.1.x, as well as two security updates. The blockchain will halt at block 13,219,970 on June 14, 2023, and all nodes and validators will need to install the upgrade to continue.
- Key components of the update include upgrades to Wasmvm and Wasmd, a new classic bindings library, and a minimum 5% commission on all validators. An infinite fee grant bug has also been fixed. The proposal also advises updating Go from version 1.17 to 1.18, and recommends smart contract owners to update their ‘sealed contracts’ prior to the upgrade. The 5% minimum commission testing ensured validators with a commission rate less than 5% are automatically set to 5%
- LUNC Rebels, a prominent social media account suggest that the recent increase in LUNC price is primarily driven by the closure of 20x leveraged shorts on Binance due to the platform’s future updates. LUNC Rebels also speculates that when these short positions are liquidated, it could lead to a bullish trend in the market.
- Proposal Updates
- Proposal (#11549) for Luna Classic ($LUNC) aimed at raising the burn tax on chain to 1.5%, and applying a 1.2% burn tax off-chain on purchases and sales has met resistance with just 21% supporting the proposal at the moment.
- Use Cases
- TerraPoker announced the launch of Terra Classic Poker where users can now use $LUNC to play poker. To play, users are instructed to visit the Terra Poker website and connect their wallets using the proper network (mainnet / Classic)
- Vinh Nguyen announced on Twitter that he has created the first cat image using block entropy, which is the first blockchain-powered AI generation engine. This generated cat image will be marked as the first of its kind in the history of the LUNC token. Nguyen also mentioned that he will open an NFT sale for this image at a later time
- Lunc Followers can mint a LUNC Legendaries NFT on the upcoming $LUNC platform, Luncsphere.
- Tech Updates
- The LUNC community is preparing for an upgrade to parity on June 14, during which the chain and dApps will be unavailable. The upgrade requires an update to the station extension, the approval of which depends on Google and may take several days. Consequently, there will be downtime for dApps using the Station extension until Google grants approval. The community is asked to be patient during this necessary step of the upgrade. Updates will continue to be provided during and following the upgrade.
- Holders Statistics
- March 1st: 12893
- April 1st: 13059
- May 1st: 13135
- June 1st: 13,141
- June 6th: 13,259
The Terra Classic $1 Dream: The massive Luna Classic community, as well as potential investors, are keen on knowing how high can Luna Classic price go 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.
So Will Luna Classic reach $1? Let us analyze
To reach $1, Luna Classic must rise 8000 times. At $1, the Market Cap of Luna Classic would be $5900 Billion which is more than twice the Market Cap of Apple. 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 8000 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 8000 times.
Is it possible for Luna Classic to reach twice Apple’s Market Cap?
With our information, 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 $ 5.9 Trillion.
Can we Forecast accurately for 39 years that a Token will grow at the rate of 50% 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 40 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 800 times. At $1, the Market Cap of Luna Classic would be $590 Billion. If LUNC’s price were to grow at the rate of 25% every year, it would take Luna Classic 30 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.
Luna Classic, Buy or Sell, Crowd Poll, June 9th
Overall sentiments are moderate and have remained steady despite a rise in the market. Is the market driven by whales?
Will Luna Classic Reach $1, 1 Cent: Triggers
Terra Luna Classic (LUNC) is a cryptocurrency governed by the Luna Classic community, led by Ed Kim, Zaradar, LUNC Dao, and other influencers. The crypto market, including LUNC, has been influenced by macroeconomic factors such as the Ukraine-Russia War and changes in the US Fed’s interest rates. The success of LUNC is dependent on the execution of its development plans, which include infrastructure and technology upgrades, and the demand for LUNC. To increase the price of LUNC, its supply must be reduced through the burn mechanism implemented by Binance. The LUNC community has been working to maintain the price of Luna Classic and bring in new developments to sustain its growth.
Will Luna Classic Reach 1 Cent? The Math
Let us straight away start with 90% burn. To reach 1 cent, Luna Classic must rise 8 times. At 1 cent, the Market Cap of Luna Classic would be $5.9 Billion. If LUNC’s price were to grow at the rate of 50% every year, it would take Luna Classic 6 years to reach 1 cent.
At 90% Burn, Luna Classic should reach 1 cent in the next 10 years. Anything less will make it very difficult
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 and the Luna Community and the team can deliver both on Development and a significant number of 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.
LUNC Burn Update
- Circulating Supply: 5,857,300,894,422
- Last 7 Days: 1,536,260,931
- Total LUNC Burn: 59,591,084,654.6
Can Luna Classic reach $1? Volume vs Price
The flurry of community activities between June and October has helped Luna Classic. These activities include appointing developers, validators, validator fees, and passing burn proposals. However post the rollout of the Burn, the community activities lost their momentum and Luna Classic fell from a peak of $0.00054 on September 9th to a bottom of $0.0001288 on December 21st. The recent bottom came after there was a major dispute with the Luna Classic Rebels on how $150k was to be spent. After a massive revolt from Community members, new leadership took over and the token is now implementing plans to make the blockchain more independent and more supportive of DApps.
Can Luna Classic reach $1? LUNC Concerns
There are numerous concerns around Terra Luna Classic
- Luna Classic has no definitive leadership structure. Though Bitcoin also lacks well-designed leadership architecture for LUNC it will be difficult to survive without leadership.
- Ed Kim and Co have been formulating and implementing plans of action for Luna Classic. But it is highly unclear which direction will Luna Classic take and which market segments will it look to dominate.
- So far 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: 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, significant burn in the number of circulating Tokens.
Will Luna Classic reach $10?
Given that it may take 37 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 38 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, 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, they are higher chances of LUNC reaching 1 cent in the near future. 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.