You may have seen the news about the LUNA Classic craze sweeping the cryptosphere - the coin has skyrocketed since its launch in mid-August. Its founder and CEO, Miles Deutscher, has stated that investing in LUNA Classic during a bear market can yield massive returns. This is largely due to its generous staking mechanism. At launch, the staking ratio was 2.6% of the total supply. In two weeks, this number has almost tripled to 7.5%.
Why did Luna classic crash?
If you have invested in cryptocurrencies recently, you know that the past few weeks have been a whirlwind. The LUNC token has gained over 340% in value within two weeks. This is an incredible feat, considering that the coin was once considered a dead coin. However, after the crash, the coin has never returned to its original status as a deadcoin. That is due to the LUNA and UST holders losing nearly $40 billion in value together. Binance founder Changpeng Zhao joked that he was "poor again" when LUNC dropped from its previous value of $1.6 billion to $2,200. Retail investors have reportedly started sharing their stories on suicide hotlines.
Several individuals reported losing millions of dollars in the original crash. While the alleged attacker did not respond to requests for comment, it's safe to assume that Terra Coin and its creators are working hard to build a more stable and reliable blockchain. They are also investing their time and energy into the next iteration of the coin. Some cryptocurrency investors are still holding on to their LUNA tokens and others are already planning to sell theirs in hopes of getting their money back. This is likely to hurt the price of Luna 2.0 in the future.
How many Luna classics are in circulation?
How many Luna Classics are in circulation? The current estimate is 6.15 trillion tokens. However, this number is subject to change. For instance, a burn would only burn a fraction of those tokens, leaving the rest available in the market. In this way, the number of circulating tokens would fall by almost half.
The first thing to note is that if all tokens in circulation were burned in one day, the market cap of Luna Classic would only be reduced by 700 billion tokens. However, this does not seem to be the case, as developers do not use this token to power their dApps. Moreover, there are no serious developing teams supporting this coin. It has a low value and is regarded as a hobby by most participants.
The new currency is different from Terra. It is a stablecoin that aims to be the go-to decentralized stablecoin. It was released in May 2022. However, its main purpose was to make Terra the go-to decentralized stablecoin. It was rebranded as Terra Classic USD.
Why did Luna classic crash?
If you've been following the story of the Luna Classic cryptocurrency, you've probably noticed a steep drop in price. This isn't surprising - the coin had traded for $116 at its peak in April. The terraUSD stablecoin associated with the Luna cryptocurrency also crashed, causing a massive sell-off that resulted in the loss of billions of dollars in crypto wealth. What happened?
The main reason for this sudden drop in the price of LUNC is because it became a victim of a coordinated attack by three major dollar-pegged stablecoins. While this may have been the underlying cause of the LUNC crash, it does have a major impact on how this asset has been affected.
Luna Classic was one of the first stablecoins to launch, and its price plummeted from US$87 per token on May 5 to US$0,0002 on May 13 due to a massive firesale. The damage wrought on UST was felt in other markets, and the price of BTC and other stablecoins crashed as well.
How much is Luna worth in 2023?
When looking at the price of LUNA, many crypto experts see the coin as an excellent long-term investment, primarily because of its potential and relevance. If you're thinking of investing in this cryptocurrency, it is worth your time to gather information before you make a decision.
The coin's recent performance is encouraging. So far, it has followed the patterns of previous pumps. However, it is trailing leading benchmarks on a five-day period. If you're looking to invest in Luna Classic, it's important to understand the risks and rewards before you invest.
The first thing to keep in mind when assessing the future value of LUNC is that it's still quite volatile. The price of LUNC is currently around $0.16. However, investors should be careful not to get ahead of themselves by speculating on the price of the coin. In other words, a dip could result in a huge loss. The next thing to watch is how many tokens are burning, as well as the percentage of LUNC staking. If these two metrics begin to rise, this could further strengthen the current bullish bias.
The community behind Luna Classic has proven its resilience in the last 3 months, outperforming the main crypto Terra Luna. However, it's still unclear what exactly the project's vision is. However, multiple factors contribute to the token's value over time. The first is that Terra has largely abandoned the project, which means that the leadership of the project is spread across the community. As a result, it's likely that the leadership will change.