Why Terra LUNA crash , Future Price pridiction
What is Terra Blockchain
Terra is a blockchain protocol and payment platform used for algorithmic stablecoins. The project was created in 2018 by Terraform Labs, a start-up co-founded by Do Kwon and Daniel Shin. It is most known for its Terra stablecoin and the associated Luna reserve asset cryptocurrency. In May 2022, the Terra blockchain was temporarily halted after the collapse of the stablecoin TerraUSD (UST) and Luna, in an event that wiped out almost $45 billion in market capitalisation within a week
Crash of Luna
Beginning on 9 May 2022, the tokens made headlines after UST began to break its peg to the US dollar. Over the next week, the price of UST plunged to 10 cents, while Luna fell to "virtually zero", down from an all-time high of $119.51. The collapse wiped out almost $45 billion of market capitalisation over the course of a week.
The current debacle has highlighted the problems with algorithmic based stable coins.
“Terra’s fall could be attributed to large scale selloffs of the LUNA tokens owing to the reported “de-peg” of the algorithmic stable coin. This sellof must have also got exacerbated with the market already being in a laregly bearish mode,” Anshul Dhir, COO and Co-founder of EasyFi Network told FE Online.
Luna Classic Burn
Luna classic is the original crypto coin of the Terra ecosystem. Over the years, it has been seeing a drift in its trades in the crypto market.
Luna Classic token of the terra ecosystem is also known as LUNC. The luna classic burn has been trending on Twitter for the last few days. The crypto users want it to end completely so that the new version of the LUNA coin can be introduced in the market.
The luna coin’s airdrop was launched a couple of days back on the 28 May, 2022. After the terra ecosystem has seen its crash and fall in the market, crypto users have a trend to burn(remove the existence ) of Luna Classic.
There are also groups and people who are supporting the Luna coin to not be cut off from the market.
Crypto users have been making predictions if the luna 2.0 will be rolled out in the market. However, luna 2.0 can be launched only when the luna classic(lunc) has been burned.
Why Is Luna Classic Burn Trending?
There are several reasons why luna classic burn is trending on Twitter. Some of the major reasons are as follows:
Crash of Luna
The first and foremost reason why it is trending is because of the crash that terra blockchain had to encounter.
To recover the old version of Luna, terra decided to introduce Luna 2.0, and some people are against it.
Hard Fork Idea
The hard fork is a circumstance where the newer crypto token/coin makes the older crypto(of the same blockchain) invalid.
When the CEO of Terra talked about forking, quite a number of people and elite people showed their grief against it. This hence sprouted the seed among people to go for burning luna classic tokens.
Can We Still Buy LUNA?
Yes, people can still buy and invest in Luna. This act will support Luna to stay longer in the crypto market.
Recently, the Luna airdrop was launched to generate more investors for Luna and to renew its value and worth to its old recognition. In addition, this will also increase its interest rate, which can give a support ground for Luna to stand back.
Where Can You Get Luna?
You can get Luna on Binance & Okx ( if not registered visit affiliate page link : Buy Luna )
If you don’t know where you can buy Luna, here’s a list:- Click on Image
Price Predictions and Live price
To get complete update just click : COINMARKETCAP
By now, you must know that Do Kwon has been trying his best to bring back the Luna Classic. He has proposed the introduction of luna 2.0, which is the newer version of Luna, which has then fueled the fire of burning the older version of luna(luna classic) on Twitter.
Many crypto traders have given their opinions. Among the thousands of comments, Changpeng Zhao(CEO of Binance) has shown great support for burning Luna Classic.
However, no one can make a solid prediction on Luna classic’s burn; we never know if it can be back to its old honor. You can still get to buy Luna from the above-listed platforms.