The crypto ecosystem is facing a hard time after the collapse of one of its major crypto coins, Luna(renamed – Luna Classic).
The project on terra luna was the second largest project in the De-Fi ecosystem. People have invested in this project(some have staked their whole life savings), but they never knew it would crash this badly.
You must be familiar with the concept of resetting the crypto coin with the advent of luna 2.0 by burning the older version, which is Luna Classic.
Are you here to know about the Luna Classic’s price bottom? You are in the right place. We will discuss the terra luna classics price, and will it reach one dollar or not and will also examine some of the factors on which its prices depend. Well, let’s get started.
Can Luna Classic (Terra Classic) Reach $1 ?
There are fewer chances for Luna Classic to reach $1. The rapid decrease in the supply of luna classic coins will surely bring its price down.
During writing of this article, the price of luna classic is approximately $ 0.0001072(in CoinMarketCap). With each passing day, the prices of luna are fluctuating. There is no increase in the value. The prices are just decreasing.
This may sound impossible, but the way the luna classic coins are being burned is at an unbelievable pace. People are buying luna classic coins at a massive amount, excluding the conservative investors and traders.
The crypto world is seeing a rush and thrill after the downfall of terra luna. Some are buying luna classic so later on, they can get luna 2.0, and some are still sceptical about luna classic’s worth and potential.
You never know. Thousands of people may become very rich after luna classic is completely burned, or they may also lose all their money if the Terra ecosystem takes another decision which shakes the luna(luna classic) UST to have a bad image.
For everything to happen, be it some people becoming rich, the launch of luna 2.0, a stable coin of Terra will be back, luna classic has to reach a bottom price level.
What Are The Factors That Determine Luna Classic Reach $1?
You must be wondering how people are making predictions about the Luna classic reaching one dollar.
There are several reasons why prominent people have been making predictions. It is on these bases that some of the major factors which determine if the price of Luna classic can reach $1 are as follows:
Launch Of Luna 2.0 Airdrop
The giveaway of luna 2.0 airdrop started on the 28th of May, 2022. Crypto fans have been trying their best to get an airdrop. It has somewhat taken as a gamble game.
This is decreasing the value of Luna Classic(as it was planned by Do Kwon). Crypto users who are afraid to make any investment directly on luna classic are somehow showed their interest in the airdrop. Be it anything, it will have a direct impact on the price of Luna Classic, losing its value.
Decreasing Supply Of Luna Classic
At the pace how luna classic is being burned is tremendous, Every day its supply is decreasing by some billions, and it’s crazy to see its burning rate.
Most of us are familiar with the demand and supply concept of economics. As the supply decreases, the demand will increase, and this will immediately have an impact on luna classic’s price, which may come down with time.
Estimated Decrease In Value
People with experience and who have facts in the crypto market are estimating the decreasing value of luna classic. This motivates some people to invest or buy the luna classic coins.
If there is a decrease in value, there are quite a number of people who will be most likely interested in buying luna classic. This is again connected with the above point, the demand will increase, and the supply will decrease. During this leap of time, the prices of Luna classic can take a dip to one cent.
Increasing Burns Of Luna Classic
No one can deny the pace of how terra luna is being burned by almost eighty per cent of traders, investors and even naive.
The trends, support tweets, and thousands of comments are all creating a base for terra luna’s classic coin price drop. A point to be noted is on Tuesday(the 31st of May, 2022), Binance will open terra luna again on its exchange platform; you will get to see more burns.
As we have mentioned earlier, the price of luna classic as of 30th May, 2022 was $0.00088. This coin was nearly ninety dollars($90). In a month, it has seen such a fall in its value. If the burns keep on increasing, the price of Terra Luna will may go to $1. But there are less chances for this.
On the other hand, there are financial advisors and prominent crypto users and conservative investors who are not very sure about luna classic. They have been giving statements on luna classic that it is not safe to invest or buy the luna classic coins, which have manipulated the moves of other traders and investors.
This can turn the tables for the buyers/investors who have taken a keen interest in luna classic’s coin and the newly launched airdrop. This may not help to burn down the luna classic coins, and if it does not burn, then there will be no decrease in value.
However, there is another side of the coin – if Luna classic reaches the value of one dollar. This means there will be an INCREASE in its value of around 800,000%, but this will be for luna 2.0.
‘We can not give a hundred per cent surety about lunc’s one dollar as a stable price’. It may decrease more, or it may stop close to one dollar. Market is unpredictable
By now, you must know there are slight chances that terra luna’s price will come to one dollar as we know the supply of terra luna classic is more than 5 trillion still circulating within the crypto market.
We can not give an assurance about its stable price as everything that is being done by the Terra Ecosystem is to reset the crypto coin.
Reviving the crypto collapse is seeing a massive movement. You can observe the demand and supply of terra luna before deciding if you should invest in luna classics or sell them off.
Also, no one can give an accurate date when Luna classic will reach one dollar. It is a milestone that needs to be taken and not a mere step.