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2021 was the best year. Earth’s moon When LUNA coin can reach incredible highs. But the euphoria (for developers and investors) was short-lived as a crash risked nearly 100% of the market cap by May 2022. Popularly known as the Luna crash, it was one of the worst incidents ever seen in the crypto market. LUNA’s collapse caused people to lose confidence in other assets, leading to a sharp drop in the market.
But the team behind LUNA was quick to avoid this setback. A Management proposal 1623 It was passed on by community members, who collectively created a new chain and named it Terra. The old chain was left and running and converted as a Terra Luna Classic. LUNA is the newly developed starting coin of the Terra chain.
The new LUNA coin has been launched for owners of UST, USTC and LUNC coins, making everyone from the previous blockchain a member of this chain. The new Terra platform does not have a stable coin like the previous version.
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Terra is a decentralized payment system that allows users to make transactions in stablecoins tied to fiat currency. Pegging refers to pegging one currency (here LUNA) to another currency (any fiat currency).
The biggest benefit of Statcoins is that they have helped solve the price volatility problem that has plagued the crypto industry. Terra’s founders have devised a way for investors to get the most out of both fiat currency and cryptocurrency.
Stablecoins are named according to the Fiat Currency where it is named to like the UST (versus the US Dollar).
Terra licensed DeFi solutions to its investors, of which it was one. Pinching. Investors can pay their LUNA tokens in exchange for rewards to validators (blockchain miners) who register and verify them on the blockchain.
Why is LUNA increasing?
Terra Luna (LUNA) became the 58th largest cryptocurrency by market capitalization, and the old Terra Luna Classic managed to become the 28th largest cryptocurrency in the same category. The coins are among the top ten best performers of the week and as Bitcoin And Ethereum when it comes to performers.
Terra Luna has seen triple-digit growth this week, nearing the $8 level (the price at the time of filing). The same is true for Terra Luna Classic (LUNC), which has been on a massive run for the past two weeks and has also managed to break through the $0.0005 resistance level.
While the overall crypto market is on a bearish run, the reason behind this growth could be the recent movements regarding burnout signals. Terra LUNA Classic plans to burn the token on every transaction (1.2%). This platform will continue until there are only 10 billion LUNC left (currently there are 6 trillion). The team roped in various exchanges like Huobi, KuCoin, etc. to implement this move. This results in the automatic burning of 1.2% LUNC tokens every time someone buys.
Token burning helps reduce the additional supply of Token and increase its price due to increased demand. This is a major stabilization step taken by the team. This news has managed to bring back investors’ attention to the LUNA platform, which had been lost since the crash.
The big question for the investor now is whether this LUNA price increase is a one-time thing, will it return to its previous price bracket, or is this the start of a new bull run for LUNA? Help the great heights to move forward.
Will LUNA rise further and reach $10?
Looking at the highs and lows, LUNA investors should be worried about their investment, and the fear of the coin falling to the ground again should be addressed. LUNA (old version) managed to reach a price of $119 in April 2022, which shows that the coin has potential. But the May disaster has severely damaged this capacity.
The new coin also managed to reach a high of $19, but the short-lived bullish run again left the price down 99% (that is, in one day).
The fact that LUNA has entered what appears to be a bearish market is positive news for investors. The team’s efforts in a positive direction can help the coin reach new highs. Also, the picture is likely to get better after the crypto market gets back on track and helps LUNA travel to new all-time highs.
Having said all this, LUNA coin is still not the best investment option. This is very clear from the series of spikes and increases in the price (sometimes none of them last even for a day). This makes LUNA a very risky investment that could end up either way.
Investors looking for good long-term investment options should, in the long run, consider new startups. I’m used to it (TAMA), Battle Infinity (IBAT), Lucky Block (LBLOCK), etc. All of these properties have strong use cases that keep the coin stable even in the underground market. This fact is well understood by the new age investors, as seen in their extremely successful pre-sales.
Terra LUNA has seen an increase in price over the past week and is currently trading at $4.28. The main reason behind this surge is the news of burning 1.2% of LUNC tokens on every transaction to control the price volatility of the token.
Although burning tokens are accepted by many exchanges such as KuCoin, Huobi, etc., they are rejected by Binance, the world’s largest crypto exchange, as a daily trading platform. The news about Binance may affect the price of LUNA and end its bull run.
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