Terra LUNA Classic continues astonishing come back with 2,400% gains over last 7 days
Terra LUNA Classic continues astonishing come back with 2,400% gains over last 7 days Samuel Wan · 3 weeks ago · 2 min read
The price of LUNC keeps climbing higher amid the rollout of new features, including a token burn mechanism on swaps.
2 min read
Updated: September 2, 2022 at 10:58 am
Cover art/illustration via CryptoSlate
Terra LUNA Classic (LUNC) continues climbing higher amid plans to revive the chain and tempt investors back. Since August 26, LUNC spiked as high as $0.00031131, equating to more than 2,400% gains.
However, bull exhaustion has now set in, with LUNC giving up all of today’s gains and reverting back below the previous day’s close.
Nonetheless, since LUNC’s all-time low of $0.000000999967, on May 13, the previously “dead” token is up an astonishing 27,000%.
The Terra ecosystem collapsed in May following the UST de-peg. The stablecoin dropped as low as $0.006 during the panic. Despite attempts to re-establish its peg price, UST remains significantly below $1, currently trading at $0.03458.
UST worked in conjunction with the native LUNA token in an algorithmic process to ensure its price stability. Since losing its peg, the entire Terra ecosystem has been marred in controversy, with allegations that the project was a scam from the start, orchestrated by founder Do Kwon.
With billions lost and regulators circling, the development and governance were handed over to the community and rebranded as LUNA Classic. But given the controversies, many investors remain wary, especially those previously stung by the scandal.
Despite that, the roll-out of new features appears to be winning over investors, as evidenced by the LUNA Classic’s phenomenal rise since mid-August. Crypto Analysts Miles Deutscher pointed out that LUNA Classic proves that huge returns are possible during a bear market.
What’s in store next?
At the center of this revival is a generous staking mechanism, which went live on August 27. The staking ratio was at 2.6% of the total supply on launch. However, the staking ratio continues to grow. According to @LuncStaking_Bot, the current ratio has almost tripled in less than two weeks, at 7.5%.
Current staking rewards are around 37% per year, which is significantly more than Cardano’s approximate 5% rate. However, unsustainable yields were a factor in the original Terra ecosystem’s demise.
As well as the existing burn mechanism, which has taken out more than 3 billion tokens from circulation, Deutscher tweeted about an additional burning mechanism applied to token swaps at the rate of 1.2% of transaction volume.
He added that major exchanges, including Binance and Kucoin, are rumored to support the token swap burn, which will go live on September 12.
What will happen with wrapped Luna?
Wrapped Luna Token (WLUNA) Price Forecast in 2022 and Beyond According to WalletInvestor’s historical study of the stock’s price movement, WLUNA shares could hit an average price of $35 by the year 2022. The average Wrapped LUNA token price forecast for 2025 was $211.55
Is Wrapped LUNA the same as LUNA Classic?
Wrapped LUNA: Origins Launched in August 2021, the Wrapped LUNA cryptocurrency is a version of the LUNA Classic token outside its native blockchain. The LUNA Classic token is the native cryptocurrency of the Terra Classic blockchain. The token is used for staking and for governance purposes on the network.
How many Wrapped LUNA Classic coins are there?
LUNC Price Today Wrapped Terra Classic price today is $0.000310720835 with a 24-hour trading volume of $560,710. LUNC price is down -25.9% in the last 24 hours. It has a circulating supply of 0 LUNC coins and a total supply of 335 Billion.
Can you still sell wrapped Luna on Coinbase?
In light of recent volatility involving Terra ecosystem assets UST and LUNA, Coinbase suspended trading in UST and WLUNA on May 27, 2022 around 12PM ET on Coinbase, Coinbase Pro, and Coinbase Exchange. You can still use these products to store, send, and receive UST and WLUNA.