Luna Classic (LUNC) is a cryptocurrency that had everyone’s hopes high back in 2021. This cryptocurrency project was based on its own blockchain and had one main goal – creating a decentralized financial system. While there are several cryptocurrency projects that have this goal, the infrastructure of Terra promised an accessible, stable, and secure system. The project was founded in 2018 by a team of developers and entrepreneurs who wanted to fix issues with the current global financial system. While the project had huge potential, everything fell apart when the Luna blockchain collapsed.
After Luna collapsed, the community decided to fork the blockchain and move on to another blockchain. The old blockchain was named Terra Classic and the LUNA token was rebranded to LUNC. Since the day of the crash, however, none of the forks of Terra have been performing well. The community is still concerned about the credibility of the project and the trust just isn’t there anymore.
What is Terra Classic (LUNC)?
At its core, Terra is an ecosystem designed to foster stablecoins. The Terra ecosystem uses a unique algorithmic design to maintain price stability for its stablecoins. These stablecoins are pegged to various fiat currencies, such as the US dollar, Korean won, and Mongolian tugrik, among others. For context, stablecoins allow for fast, cheap transactions between cryptocurrencies. Since BitUSD, the first-ever stablecoin, made its debut back in 2014, this type of token is used as a safe place for crypto investors. So, stablecoins are a necessity when it comes to this industry because cryptocurrencies like Bitcoin and Ethereum are volatile most of the time.
The Terra ecosystem also included a range of decentralized financial applications, including decentralized exchanges, lending platforms, borrowing platforms, and NFT marketplaces. These applications leveraged the stability and speed of the Terra ecosystem. Because this ecosystem used to be very scalable, many projects offered a range of financial services. These services were usually cheaper and more accessible than those of other crypto ecosystems as well as traditional finance.
What Happened to Terra (LUNA)?
Two of the key innovations of the Terra project were its use of a governance token called LUNA and its main stablecoin USD Terra (UST). Because it is a governance token, LUNA token holders have a say in changes in the ecosystem. To add to that, holders can stake their tokens to earn staking rewards, incentivizing users to hold onto their tokens. On the other hand, we used to have the USD Terra stablecoin. At Terra’s peak, UST was one of the biggest stablecoins in the market. However, everything collapsed after a series of events that occurred in the May of 2022. Some major corporations exploited some errors in the infrastructure of Terra’s ecosystem. According to a tweet by Freddie Raynolds, anyone could exploit the Terra blockchain using only $1 billion.
While the founder and CEO of Terra, Do Kwon, was not aware, it was because of his actions that everything went as it did. Kwon is still having issues with Korean authorities, nevertheless, he will be regarded as innocent until proven guilty. This collapse was anticipated by many experts, however, and Do Kwon was not serious about this since the beginning.
The Terra project has gained significant traction since its inception, with partnerships with major companies such as Binance, Coinbase, and Huobi. Its stablecoin system has been adopted by a range of merchants and payment processors, making it easier for consumers to use digital currencies in their everyday lives. At one point in time, Terra was one of the biggest cryptocurrencies in the market. At its all-time high, LUNA had a market capitalization of ~$41 billion. After the crash, the blockchain was forked and LUNA was rebranded. What was left of the old blockchain is now known as Terra Classic.
Terra Classic (LUNC) Price Prediction 2023, 2025, 2030
Terra Classic is one of the most volatile cryptocurrencies at the moment. There are times when this cryptocurrency goes +-30% in a span of a few hours. While this is a sign of an unhealthy project, it can lead to considerable profit for those who maneuver around the market well enough. Terra lost 99% of its value in just a few days. On the 6th of May 2022, Terra had a price of $68.10. Just two days after, LUNA was trading at a price of $31.50. On 12 May, LUNA crashed to $1, and two days after, it reached a price of $0.00013. Ever since that day, this token was extremely volatile. At the time of writing, LUNA is trading at a price of $0.00016 per piece. Throughout this article, we will let you know our Terra Classic price prediction for 2023, 2025, and 2030.
Terra Classic (LUNC) Price Prediction 2023
The cryptocurrency market had a good start to the year 2023, and we hope this positive trend continues. However, though, the chances that 2023 continues to be fruitful for the market are thin. Countries around the world are struggling with their economies more as each day passes by. There are tensions arising throughout the world and the United States is preparing for a potential recession. This could lead to another crash in the cryptocurrency market in 2023. That being said, we believe that Terra Classic might continue to follow its current price patterns but might ultimately crash during the summer of 2023. The highest LUNC may go this year could be $0.00027 with the lowest being $0.000093.
Terra Classic (LUNC) Price Prediction 2025
As the world’s economy potentially begins its recovery in 2024, financial markets including the cryptocurrency market are likely to recover as well. This is likely to have a major effect on the price performance of Terra Classic during 2025. Another very important factor is the Bitcoin Halving that is set to happen sometime in March 2024. Since the debut of Bitcoin, this event has had a positive effect on the prices of cryptocurrencies and tokens. For your information, the previous Bitcoin halving took place back in 2020 which played a major role in the 2021 bull run. During the first months of 2025, LUNC may experience considerable rises in price, leading to a potential price of $0.00038. By the end of the year, we expect to see Luna Classic trading at a price between $0.00070 – $0.00100.
Terra Classic (LUNC) Price Prediction 2030
By the time we reach the year 2030, we will have experienced two Bitcoin halvings – one in 2024 and one in 2028. Understanding that each Bitcoin halving heavily affects the market, we see Terra Classic trading at a new all-time high by 2030. However, we understand that the year 2030 is not likely going to be characterized by a bullish nature. If the market follows the usual narrative, we may the year 2030 could look a lot like 2022 when it comes to the crypto market. Of course, there are several other factors that play a role in how the market will behave. Taking everything into consideration, we believe that Terra Classic could have hit a price between $0.0015 – $0.0021 by 2030. Because the supply of this token is so high, we highly doubt that it could skyrocket to $1 or even $0.01.
To keep this prediction as realistic as possible, Terra Classic is at risk of collapse as a project as a whole. This is because the team’s focus has shifted to the rebranded Terra. So, please do your own research before investing and only invest what you can afford to lose.
Frequently Asked Questions (FAQs)
Why Did Terra (LUNA) and UST Crash?
Per reports, Terra (LUNA) and UST crashed because of their weak infrastructure. Freddie Raynolds, a Twitter user, tweeted something on November 2021 that would predict the downfall of Terra. According to the Twitter thread we embedded above in the article, anyone could exploit and break Terra’s UST algorithm with $1 billion. While $1 billion is a huge amount of money, there are hundreds of corporations and individuals who have tens of billions of dollars. So, it all broke down just as Raynolds predicted. In just a matter of days, nearly $100 billion was wiped off the market because of Terra and UST. Today, Terra is known as Terra Classic while UST goes by the name of TerraClassicUSD. The now-rebranded Terra is still struggling to accumulate even a fraction of what it used to have in market capitalization.
Can you still buy Terra Classic?
Yes. You can purchase Terra Classic (LUNC) in Binance, KuCoin, Kraken, Bitfinex, Gemini, Gate.io, OKX, ByBit, Huobi, and Poloniex. As for decentralized exchanges, you can use PancakeSwap or Uniswap to purchase and trade this token. Despite all of the chaos, Terra Classic has a market capitalization of ~$995 million and an average 24-hour trading volume of $55 million. Its circulating supply, however, is huge, sitting at a number of 5.9 trillion tokens.
Is Terra Classic worth anything?
Yes. At the time of writing, Luna Classic is worth around $0.0001654 according to data from CoinMarketCap. As mentioned above, Terra Classic has a market capitalization of nearly $1 billion. When compared with the forked Terra, however, Terra Classic is performing much better. While Terra Classic is ranked as the 54th biggest cryptocurrency in the market, Terra falls in the 102nd place with a market cap of only ~$340 million. This information is brought to the public by CoinMarketCap. Similar to Terra Classic, the rebranded Terra is also available on Binance and KuCoin.
Is Terra Classic same as Luna?
No. LUNA is the name of the native token belonging to the fork of Terra Classic’s blockchain, Terra. While these two used to be the same thing, the blockchain was forked back in 2022 after an incident that led to the exploitation of Terra’s blockchain. So, to paint a better picture, the old blockchain goes by the name of Terra Classic and its native token is LUNC, while the forked blockchain is known as Terra and its native token is LUNA.
Takeaways
- Terra was a blockchain project that was committed to building a decentralized financial system using algorithmic stablecoins.
- The native token of Terra’s ecosystem was LUNA, a governance token that offered incentives to its holders.
- The first stablecoin of Terra’s ecosystem was UST. This stablecoin was one of the biggest stablecoins in the market, competing with USDT and BUSD.
- Because of the exploitation of its network, LUNA and UST crashed, leading to Terra getting rebranded.
- Terra Classic is what was left of Terra while the team created another blockchain with the same name to move on with their plans.
- The main token on the Terra ecosystem is LUNC, with TerraClassicUSD following right after.
- Terra Classic is currently trading at a price of around $0.00016.
- By the end of 2023, LUNC could hit a high of $0.00027. However, if the market crashes, we might see LUNC trading at a potential price of $0.000098.
- Terra Classic could set a new all-time high in 2025 by potentially reaching a trading value of $0.00085. By 2030, we might see this cryptocurrency trading above $0.002.
- All in all, Terra Classic is often regarded as a good investment. However, considering all the chaos that this project went through in recent years, DYOR before investing.