Terra Luna Classic Price Prediction as LUNC Spikes Up 4% – Is The Sell Off Over?
Terra Luna Classic (LUNC), the cryptocurrency that powers the original Terra blockchain that saw a spectacular blow-up in May 2022 after is UST algorithmic stablecoin lost its 1:1 peg to the US dollar, is rallying this week.
Last at around $0.000061 per token and a market cap of around $360 million, LUNC up around 5.8% in the last 24 hours, as crypto markets broadly rise on optimism that spot Bitcoin ETF application approvals are near.
However, LUNC is lagging the broader market and Bitcoin, which is up over 10% in the last 24 hours at $34,000.
Poor fundamentals suggest that LUNC is unlikely to be able to keep pace with the broader cryptocurrency market’s rally.
Price predictions are unlikely to shift substantially bullish any time soon.
Despite the best efforts of developers still invested in promoting Terra Luna Classic’s success – the L1 Task Force recently announced their plans to take the blockchain into “maintenance mode” for Q4 to handle blockchain and dApp issues – LUNC’s outlook is dire.
Hardly anyone in the crypto space trusts or takes any project with “Terra Luna” in its name seriously in wake of the 2022 collapse that cost investors billions.
As per DeFi Llama, Terra Luna Classic’s trade value locked (TVL), the dollar value of crypto locked in smart contracts on the blockchain, was last a paltry $1.46 million – virtually nothing.
At its peak, prior to the spectacular crash in May 2022, the blockchain was home to a TVL of close to $35 billion.
The blockchain’s lack of TVL emphasizes how it has essentially become a pariah blockchain that nobody is using, or wants to use.
Sadly, LUNC appears to have sadly fallen into the classification of being a “shitcoin”.
It makes sense then that price predictions for LUNC remain
Read more on cryptonews.com
