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The price of the Terra Luna Classic has increased by 5% in the past two days, from $0.0001574 on November 21 to $0.0001659 on November 25.
The difficulties in the cryptocurrency market that began in May of this year are to blame for the LUNC token.It was one of the worst-hit coins once more during the second crypto crash of the year.Even though LUNC has been putting up some resistance lately, it will be interesting to see how the market reacts to the coin over the next few weeks.How the industry responds to the changing status of national regulations is another factor that affects its price.
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The FTX scandal, which has had a negative impact on the cryptocurrency industry as a whole, is to blame for this week’s decline in LUNC prices.No token has been able to escape the market’s fervor, and LUNC has lost 15%.
Nearly 40 decentralized applications use Luna Classic, and the number is growing.Analysts anticipate that the asset will soon surpass Dogecoin and Shiba Inu following the announcement of a higher frequency of LUNC burn by the world’s largest exchange by volume.
It’s possible that investors are still concerned about whether the price of LUNC will rise because the coin is currently losing value.
Ethereum, the most popular cryptocurrency, has also switched from a proof-of-work system to a proof-of-stake one.The PoS blockchains’ competition has only intensified as a result.
What’s the point of these projections?
The purpose of a stablecoin is to shield holders from the volatility of other cryptocurrencies.It is linked to either a supporting cryptocurrency or a fiat currency like the US dollar.The Terra USD (UST) was tied to the Luna Classic (LUNC—at the time, just LUNA).
The issue began in this location.A digital money is not the slightest bit comparable to gold stores.As UNA costs got undermined, it antagonistically impacted UST costs as well, and the whole stablecoin framework imploded in May 2022.
LUNC continued to perform well for a few of the initial years.By the end of 2021, it was even among the top ten cryptocurrencies by market value.
However, in May 2022, the Terra system gave way, resulting in a fork.It basically brought out a new Luna version.In accordance with Terra Ecosystem Revival Plan 2, both versions of the Luna token can exist.
Clearly, this cryptocurrency’s future is crucial in determining whether a failed cryptocurrency can recover and expand.
After the disaster in May 2022, its performance has not been very good so far.
However, for many other cryptocurrencies as well as this one, it will be a cause for celebration if LUNC trades well in the future.
Until April 2021, LUNC’s price remained between $0.2 and $1.3 since its launch in 2019.The price of cryptocurrencies began to rise in mid-2021 as the market exploded.And by the end of the year, it was almost at $100.
It fluctuated between $50 and $100 beginning in 2022, reaching an all-time high (ATH) of $119.18 on April 5, 2022.The Terra system collapsed in the middle of May after its price began to fall the following month.
In May 2022, Bloomberg reported that the market had lost approximately $45 billion within a week of Terra’s collapse.The Korean National Tax Service assessed Terraform Labs and its co-founder, Do Kwon, a corporate and income tax fine of $78.4 million.
Bloomberg reported that the network introduced LUNA, a new cryptocurrency, on May 25, 2022.Luna Classic (LUNC) is the newer cryptocurrency, while Luna 2.0 (LUNA) is the older one.
However LUNC, the more established digital currency, has not been completely supplanted, a great deal of clients are moving to LUNA.It is important to note that LUNC has not performed well thus far.The sentiment of the market regarding cryptocurrencies is also reflected in LUNC’s market capitalization.It did not even reach $500 million in 2019-20, but it began to rise in 2021.
It reached $1 billion now, around the beginning of February.And it was over $36 billion by the end of 2022.
LUNC’s growth continued the following year, reaching $41 billion in April 2022.However, it has fluctuated between $300 million and $1.5 billion since the crash in May 2022.
Kwon may be forced to return to South Korea as a result of the current effort by South Korea to revoke his passport.According to Bloomberg, the nation’s Foreign Ministry has received a request to eliminate the .