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LUNC’s price dropped following recent news that Terraform Labs failed to register both LUNA and MIR as securities. Is a reversal to the upside possible soon?
Many new investors are attracted to the possibility of making big profits, remembering the high points Terra Classic (LUNC) experienced before.
However, it’s crucial to assess its current situation and the dynamics of the market to make well-informed investment choices.
LUNC price analysis
In this analysis, we explore a big question in the crypto community: Can Terra Classic (LUNC) reach $1? Right now, Terra Classic is ranked 81th in the crypto rankings. Many investors, especially those new to the space, often focus on the token’s price instead of looking at things like market capitalization.
People are speculating about LUNC possibly hitting $1 based on its past peak at $120. To figure out if LUNC can reach $1, we need to understand the relationship between price, circulating supply, and market capitalization.
Currently, LUNC has a circulating supply of 5.8 trillion LUNC. For the token to be worth $1, the market cap would need to be a whopping $5.8 trillion. Comparing this to established cryptocurrencies like Bitcoin, with a market cap below $1 trillion, raises doubts about the feasibility of LUNC’s $1 goal.
Reaching such a market cap seems unlikely unless drastic measures, like a significant burning mechanism (e.g., a 95% burn), are put in place. Terra 2.0 is at $0.88, making it seem more plausible to reach $1 considering its proximity to the target.
A $1 valuation for Terra 2.0 would mean substantial returns for investors, showing the potential for gains in the crypto space. It’s important to approach Terra Classic with a realistic view. The current circulating supply, market trends, and recent performance suggest that reaching $1 might be an ambitious goal.
The token’s use case has changed, and some now see it as a meme coin, affecting investor sentiment. Analyzing recent trends, Terra Classic has seen both highs and lows. Despite a significant surge in the past 90 days, it’s crucial to note the overall downtrend in the past 14 and 30 days.
LUNC price prediction
Experts have different views on where Terra Classic (LUNC) is headed. On the positive side, some analysts believe in an optimistic scenario, suggesting that LUNC might increase to $0.000453 by 2024 and could go up even more to $0.00255 by 2030.
This positive outlook indicates a possibility of the token’s value growing in the coming years. On the flip side, a more careful group of analysts takes a cautious approach, expecting a slower rise to $0.0003 by 2025 and even considering the chance of a complete decline by 2027.
Even when some analysts talk about a potential increase to $0.000206 by 2030, they do so cautiously, recognizing recent price drops that need careful thought. The acknowledgement of market changes adds an uncertain element to their predictions.
Essentially, the future of LUNC seems uncertain, showing various potential paths influenced by several important factors. Investors are advised to move carefully in this situation, paying attention to market changes, regulatory updates, and other significant factors that could affect the course of LUNC in the ever-changing cryptocurrency scene.
Terra Classic (LUNC) faces price decline as US Court sides with SEC in Terraform Labs Case
The price of Terra Classic (LUNC) fell by 5% in the last 24 hours. This happened after a U.S. District Court made a decision supporting the SEC and going against Terraform Labs, the startup behind Terra, where LUNC is based.
In February, the SEC accused Terraform Labs of selling what was once LUNA, stating it was a security. According to the legal documents, Do Kwon, the co-founder facing challenges, was also accused of managing the sale of these securities.
The recent ruling reveals that the judge in charge of the case sided with the SEC. Judge Jed Rakoff concluded that Terraform Labs didn’t register both LUNA and MIR as securities, leading to the summary judgment.
Even though the LUNC team distanced itself from Do Kwon, it’s been challenging to separate the token from events related to the May 2022 LUNA-UST collapse. Currently, LUNC is down to -0.414.
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