Terra Luna Classic Price Prediction as LUNC Lags Broader Crypto Rally – Here’s Why the Shitcoin Will Drop Another 20%
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 lagging the broader market on Thursday.
Last at around $0.000055 per token and a market cap of around $380 million, LUNC is down around 0.7% in the last 24 hours, versus gains of around 1.5% for Bitcoin (BTC) over the same time period.
Bitcoin has been grinding higher this week amid optimism about expected upcoming spot Bitcoin ETF approvals in the US, which has helped shield the BTC price from rising macro headwinds in the form of rising US bond yields and falling stock prices in wake of more strong US data.
LUNC hasn’t been able to shrug off these macro headwinds, however.
Indeed, it remains locked within a downtrend that has been in play now for 12 months and was last down around 12% on the month, versus monthly gains of nearly 7% for Bitcoin.
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 emphasises how it has essentially
Read more on cryptonews.com
