Terra Luna Classic News Live Updates:
Tera Luna Classic (LUNC), launched in May 2022, retains all the properties of the original Terra Luna coin. Terra is an open-source blockchain payment platform for algorithmic stablecoins, which are cryptocurrencies that automatically track the price of currencies or other assets. The Terra blockchain allows users to spend, store, trade, or redeem Terra stablecoins instantly.
The Terra protocol creates stablecoins designed to consistently track the price of fiat currency (a government-backed currency such as the US dollar or euro). It consists of two cryptocurrency tokens: Terra and Luna.
Terra Classic has gone down drastically since Terra’s collapse. Selling pressure has pushed prices down.
Terra Luna Classic Price Update: Will LUNC Hit $3 in Next Bull Market?
At the time of writing, the Terra Classic price is $0.0001579 for each token. It has taken a 1.99% dip in the last 24 hours. The market capitalization is $945.11 billion. Volume is up 54.50% and stands at $110.07. The circulating supply is $5990.44 billion LUNC.
The LUNC appears to be bearish as it crossed the $0.00016 support level yesterday.
According to a forecast from WalletInvestor, the price of LUNC will reach $0.000570 USD in the next 1 year, but the price will rise to $0.00222 USD in the next 5 years.
Still, LUNC won’t be able to hit $3. The $0.00016 cross triggers buying until it reaches $0.00027 or $0.00036.
Terra Luna Classic News: Terra’s failure and its aftermath on HodInaut
HodInaut is under investigation by Singaporean authorities, as reported by Bloomberg. In August of this year, the platform ceased operations in Singapore due to challenging market conditions.
HodInaut was hit hard by the crash of Terra and lost about $190 million. The cryptocurrency lending platform may have used information from its customers. The company’s vulnerability could have been exposed, but the employees burned thousands of documents pointing to it.
It is alleged that after the Terra crash, many people had multi-million dollar losses, leading them to commit suicide.
Terra Luna Classic Updates: LUNC, the Collapse and the FTX Crash
The LUNC token was the cause of the turmoil in the crypto market in May this year. When the market reached a new low, with the collapse of the leading exchange FTX, the coin was most negatively affected. The LUNC witnessed a 15% drop as the FTX crash pulled it down.
If LUNC continues to burn at a high frequency, it could soon surpass the meme coins, Dogecoin and Shiba Inu. The resistance to the collapse of the FTX will be evident in the coming weeks.
Will Terra Classic drop this week?
Terra Classic is down 2.07% in the last 24 hours. The currency rose on Sunday and thus traded in the green. However, experts are skeptical about how long the rise will last. The coin has always fallen after a huge rise.
Terra Classic (LUNC) has been under extreme pressure to sell the coins since the Terra crash. The pressure has led to a dip in selling prices. Selling prices have dropped drastically. The pressure has definitely eased but still exists. This could lead to a further drop in the currency by the end of this week. Nevertheless, it has been a bearish coin in the market for the past few weeks.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Shourya is a crypto enthusiast who has developed an interest in corporate journalism in recent years. Shourya currently works as a writer at Coingape and is also an avid reader. Besides writing, you can see her at poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first dog rescue was at age 7! She has continuously spoken out in favor of mental health and rainbow pride.
This post Terra Luna Classic (LUNC) could drop again
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