Terra Classic Price Prediction | Is Terra Classic a good investment?

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Will the terra classic be able to continue to climb? – Photo: Shutterstock

It’s the rebranded version of a cryptocurrency that helped cause all sorts of market trouble earlier this year, but what is it? classic earth (MON)? Let’s take a look and see what we can learn, and also take a look at some of the classic terra price predictions that were made as of September 8, 2022.

Classic Terra Explained

Terra Classic, known by its ticker name LUNC, is the native token of the Terra Classic blockchain. This is the same blockchain, formerly known as Terra (LUNA), that was created by crypto entrepreneurs Daniel Shin and Do Kwon in 2019 to help create a stablecoin, known as terraUSD ( UST). USTs were struck by burning LUNA and could also be exchanged for LUNA.

The idea was that if the UST value exceeded $1, the equivalent value of LUNA would be burned, which would hit more UST, making it less valuable. On the other hand, if the price of UST fell below $1, they were traded for LUNA, which made UST more valuable.

Everything was fine, until May 2022. At that time, its ecosystem saw capital flight, following the depegging of the UST and a fall in the price of what was LUNA.

Investors who were once lured by near 20% yields on UST deposits began withdrawing and selling their UST tokens in a frenzied outflow, as UST began to lose its peg to the dollar on May 9, 2022 As more UST holders sold their tokens, LUNA – which was designed to be a balancing token to help keep the UST dollar pegged – saw hyperinflation.

Between May 9 and May 12, LUNA lost almost all of its value as it fell 99.98% from around $64 to $0.0087. UST also took a dive, and with the collapse causing turmoil in the crypto market, something had to be done.

The Luna Foundation Guard announcement that there would be a hard fork, with the new blockchain kept as Terra, with a new coin form LUNA (LUNA2).

However, these plans were quickly amended and it was announced that there would be a new blockchain. It was also announced that the original form of the blockchain would be known as Terra Classic. Meanwhile, UST would be rebranded as USTC and was designed to transition from an algorithm-backed stablecoin to one backed by collateral.

The first block of the new Terra blockchain was minted on May 28, and since then what was once LUNA has become LUNC, a cryptocurrency managed and operated by its own community.

Classic Terra Price History

LUNC Price HistoryLUNC price history from launch to today – Credit: CoinMarketCap

Now let’s take a look at the LUNC price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done in the past can give us useful context when it comes to interpreting an already existing classic terra price prediction. or create one.

While we are going to focus on the LUNC coin as it has existed since May 2022, it is important to note the highlights of its previous incarnation.

When terra hit the open market in July 2019, it was worth around $1.30. This price quickly turned out to be something of an overvaluation, and it soon fell below $1, where it stayed until early 2021, when it broke above $1 in January and peaked. periodic $22.33 on March 21. There was a decline over the following months and a return to form later in the year, reaching a high of $103.33 on December 27.

What was then known as LUNA saw notable price action in the early months of 2022, hitting an all-time high of $119.18 on April 5. After that, however, things turned sour and it fell to an all-time high of $0.00001675 on May 13. On May 28 – the day the new LUNA emerged and the old became LUNC, the coin closed the day at $0.00009566.

Since then, there have been ups and downs. News that crypto lending platform Celsius (CEL) had canceled withdrawals confirmed the bear market, sending it down to a low of $0.0000517 on June 18. After that, however, there was some recovery, and on June 29, it reached an intraday high of $0.0001649. There was a pullback after that, but at the end of August the price shot up and it closed the month at $0.0002252. There were further gains after proposals to introduce a 1.2% tax on blockchain transactions were announced, and things got a boost again when the KuCoin (KCS) exchange said it supported the plans.

As of September 8, 2022, terra classic was worth approximately $0.00052. With 6.15 trillion LUNCs in circulation out of a total supply of just over 6.9 trillion, it had a market capitalization of around $3.2 billion, making it the 23rd largest crypto. according to this metric.

Classic Terra Price Predictions

With that said and done, let’s take a look at some of the classic terra price predictions that were made on September 8, 2022. It’s important to point out that price predictions, especially for something as potentially volatile as cryptocurrency, are very often bad. Additionally, long-term crypto price predictions are often made using an algorithm, which means they can change at any time.

First, DigitalCoinPrice had a LUNC crypto price prediction that saw the crypto potentially trading at around $0.000657 this year, before hitting $0.00112 next year and $0.00156 the following year. By 2025, the site said LUNC could be worth $0.00206, before falling to $0.00177 the following year. In 2027, predictions suggested the coin could be worth $0.00244, rising to $0.00349 by 2028 and potentially ending the decade at $0.00495. The site then made a classic terra price prediction for 2030 which indicated that it could trade at $0.00698, before claiming that it could potentially rise to $0.00947 in 2031.

Next, CoinArbitrageBot made a classic terra price prediction for 2022 that suggested the coin could hit $0.004 this year before potentially rising to $0.008 next year. In 2024, the site suggested that LUNC could be worth $0.015255, before arguing for a classic terra price of $0.021 in 2025. How much credence you give to this particular forecast will depend on your belief that LUNC can grow by something like 800% over the next few months.

Meanwhile, CaptainAltCoin was instead more optimistic in terms of LUNC price prediction, stating that the coin could fall to $0.0003 by the end of 2022 and recover only slightly to $0.0005 by September next year. The terra classic price prediction for 2025 said the coin could reach $0.0007, but that’s as positive as this prediction, saying that LUNC will lose all its value by September 2027. There is no sign of hope for its 2030 forecast or for its classic terra price prediction for 2040, confirming that it believes LUNC may remain a dead coin.

To finish, PortfolioInvestor was short term bearish but longer term bullish when it came to making a terra classic crypto price prediction. The site stated that the coin’s value may drop slightly to $0.000516 by September 2023, but could rise back to $0.00156 in five years.

When reviewing a LUNC coin price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict a coin’s price. or token in a few hours, and even more difficult to give long-term estimates. As such, algorithm-based analysts and forecasters can and do get it wrong in their predictions.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Read the latest market trends, news, technical and fundamental analysis and expert opinions before making any investment decisions. Keep in mind that past performance does not guarantee future returns. And never trade with money you can’t afford to lose.

FAQs

Is terra classic a good investment?

It’s hard to say. Much will depend on the outcome of the tax proposals and whether burning taxed coins can help drive up both the price and demand for LUNC.

Remember that you should always do your own thorough research before investing. Even high market cap cryptocurrencies have proven vulnerable to current bear markets. Investors should therefore be prepared to take losses and never buy more than they can afford to lose.

Will terra classic go up or down?

It’s hard to say. While sites such as DigitalCoinPrice are bullish, the likes of CaptainAltCoin strike a much more bearish note. It is very important to keep in mind that price predictions are very often wrong and prices can go down as well as up.

In volatile cryptocurrency markets, it’s important to do your own research on a coin or token to determine if it’s a good fit for your investment portfolio. Whether MX Token is the right investment for you depends on your risk tolerance and the amount you intend to invest, among other factors. Keep in mind that past performance does not guarantee future returns. And never invest money you can’t afford to lose.

Should I invest in terra classic?

This is a question you will have to answer for yourself. Before doing so, however, you should do your own research and never invest more money than you can afford to lose, as prices can go down as well as up.

Further reading

LUNA 2.0 Price Prediction: Will the New Token Rebound?
Crypto and blockchain (conceptual image)

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