Terra Price Prediction 2024: What Does Do Kwon Extradition U-turn Mean for LUNA?
Can Terra recover from a hack?
Key Takeaways
- Terra’s LUNA has made a recovery after trading at an all-time low in September.
- The platform has been on a downward spiral since it was relaunched in May last year.
- With the blockchain’s founder Do Kwon’s extradition overturned, can it continue to recover?
- One Terra price prediction says the coin will become worthless by 2030.
Hopes that Terra’s LUNA could enjoy the billion-dollar market cap and a place in the top 10 cryptos its predecessor had were rekindled when it performed well in the second half of 2023.
The positive performance will have come as a relief after it was hacked in August 2023 and dropped to an all-time low the following month.
The Terra (LUNA) cryptocurrency came into being in the middle of 2022. It was formed after the original version of Terra collapsed in May of that year.
Terra was originally created to support the TerraUSD (UST) stablecoin. When UST became depegged in May 2022, it sent a shockwave through the market that crypto has not yet recovered from.
The old version of Terra became the Terra Classic (LUNC) blockchain, while the new version took the LUNA ticker handle.
Terra’s founder Do Kwon’s was arrested in March last year. The disgraced crypto entrepreneur has since been charged with eight offenses by American authorities. He was also jailed by a Montenegro court for forging official documents. However, his extradition to the United States has been put on hold.
Meanwhile, Kwon’s Terraform Labs company filed for bankruptcy in January.
On March 7, 2024, LUNA was worth about $1.10.
Terra did not immediately respond to a request for comment
But what is Terra (LUNA)? How does Terra work? Let’s see what we can find out, and also take a look at some of the Terra price predictions that were being made as of March 7, 2024.
Terra Coin Price Prediction
Let’s examine some of the Terra price predictions being made on March 7, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term Terra price prediction that said it would drop to $1.03 by March 12 but recover to $1.23 by April 6. The site’s technical analysis was bullish, with 25 indicators sending signals and just two making bearish ones.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $2.19 | $2.66 | $4.61 |
| Prediction #2 | $0.9485 | $1.81 | $0 |
| Prediction #3 | $1.16 | $1.74 | $9.89 |
Terra Price Prediction for 2024
DigitalCoinPrice said LUNA could reach $2.19 this year, while CaptainAltCoin had it dropping to $0.9485 in December. PricePrediction.net thought Terra would trade at $1.16 in 2024.
Terra Price Prediction for 2025
Moving forward, CaptainAltCoin said that Terra would be worth $1.81 in 2025. DigitalCoinPrice said it would trade at $2.66. PricePrediction.net thought LUNA would reach $1.74 next year.
Terra Price Prediction for 2030
Looking at a more long-term Terra price prediction, PricePrediction.net had Terra trade at $10.85 in 2030. DigitalCoinPrice said it would reach $2.66 that year. CaptainAltCoin, on the other hand, did not have an encouraging LUNA price prediction. The site said that Terra would become a worthless de facto dead coin by the start of the next decade.
Google BardAI Price Prediction for Terra (as of March 7)
Google’s BardAI platform gave the following price prediction for Terra on March 7. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short-term (next few months):
- Possible increase: LUNA has experienced significant growth in the past week. Some analysts predict this momentum could continue, potentially reaching $1.12 by the end of the month, fueled by increased user adoption and ecosystem development efforts.
- Possible decrease: The broader cryptocurrency market remains uncertain, and a downturn could drag LUNA down. Regulatory scrutiny or negative news related to the Terra ecosystem could also lead to a price drop.
Medium-term (next 1-2 years):
- Gradual growth: If Terra’s projects gain traction and its stablecoin UST maintains its peg to the US dollar, LUNA could see a gradual rise in price, potentially reaching $3-$4 by the end of 2025.
- Stagnation or correction: If user adoption stagnates or the market experiences a correction, LUNA’s price could remain stable or even decrease in the medium term.
Long-term (beyond 5 years):
- High potential: If Terra successfully establishes itself as a major player in the decentralized finance (DeFi) space, LUNA’s price could significantly increase, with some estimates reaching $10 or even higher by 2030. This would depend on wider DeFi adoption, successful integration with other blockchains, and the overall performance of the cryptocurrency market.
- Uncertain future: The long-term future of any cryptocurrency is highly uncertain. Technological advancements, regulatory changes, and unforeseen events could significantly impact LUNA’s price in unforeseen ways.
It added: “It’s crucial to remember that these are just potential scenarios, and the actual price of LUNA could deviate significantly. Before making any investment decisions, it’s vital to conduct your own thorough research, consider your risk tolerance, and never invest more than you can afford to lose.”
Recent Updates from Terra
Do Kwon’s extradition from Montenegro to the United States was put on hold in March 2024. However, Kwon still faces charges in his native South Korea.
LUNA Price History
Now, let’s examine the Terra price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Terra price prediction.
For the purpose of clarity, we will be talking about the new LUNA coin, which was founded in May 2022.
LUNA split from what is now Terra Classic on May 28, 2022. The coin started as it was pretty much meant to go on, hitting what is still its all-time high of $19.54 before closing the day at $4.94. The coin then spent the rest of the year in a pattern of minor recoveries followed by major declines and it closed 2021 at $1.26.
Terra in 2023 and 2024
The 2023 then started well for Terra. A buoyant market saw it reach a high of $2.52 on January 21. Since then, though, it has fallen down. It fell below the dollar in May, and things got worse in June. It collapsed from $0.9367 to $0.7209 in the wake of the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchange on June 5.
Things went downhill even further on June 10, when Crypto.com’s announcement that it was suspending its American institutional activities saw it sink to $0.5669.
There was a small recovery to $0.7331 on July 17, but that was that. It sank to a low of $0.3801 on August 17 before trading at around $0.4265 on August 23.
The following month saw it reach an all-time low of $0.3783 on September 23.
In November, there was a recovery. LUNA, along with LUNC and UST – now known as USTC – was able to climb, with Terra reaching $1.25 on December 5. It then started 2024 with a value of $0.8592, before falling to $0.6096 on January 22, 2024.
In March, the latest news about Do Kwon caused Terra to shoot up and, on March 7 2024, it was worth about $1.10.
At that time, there were 678.6 million LUNA in circulation out of a total supply of just over one billion. This gave the coin a market cap of around $755 million, making it the 119th largest crypto by that metric.
Terra Price Analysis
LUNA started a recovery after reaching a low in September 2023. At first, it reached a high of nearly $1.30 on December 5, after which it traded at its first higher low of $0.56 on January 23.
Since then, LUNA has been on an uptrend, reaching a higher high than in December and peaking at $1.55 on March 5. There is still more upside potential as this is likely wave three of a five-wave pattern.
The first target is just below $2, but if this is a larger uptrend another high of $2.50 could happen before its completion.
Is Terra a Good Investment?
It is hard to say. While it has performed well lately, it is in a downturn. Whether or not that is just a short-term thing remains unclear.
It will also be worth seeing whether investors decide they can trust LUNA. After all, it is a spin-off from a crypto whose crash devastated the market. There may well be trust issues after people were let down by Terra’s previous incarnation.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in LUNA.
Will Terra go up or down?
No one can really tell right now. While the Terra crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Terra?
Before you decide whether or not to invest in Terra, you will have to do your own research, not only on LUNA, but on other, related, coins and tokens such as Frax Share (FXS). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Who are the Founders of Terra?
Entrepreneurs Daniel Shin and Do Kwon founded the Terra blockchain in 2019.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 1,004,262,701 |
| Circulating supply (as of March 7, 2024) | 678,600,134 (67.57% of total supply) |
From the Whitepaper
In its technical documentation, or whitepaper , Terra says it is a new thing, separate from Terra Classic.
It says: “Terra is an open-source blockchain hosting a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools.
“Using proof-of-stake consensus and ground-breaking technologies like Mantlemint, Terrain, and Station, the Terra blockchain is one of the fastest chains in existence, giving users an unparalleled DeFi experience. As a permissionless, borderless economy, Terra enables next-generation financial products accessible to anyone with an Internet connection.”
Terra (LUNA) Explained
As we have said, Terra initially supported the UST stablecoin. When the original LUNA collapsed, the Terra blockchain split.
Terra Classic took on control of UST, only to break the link in September this year, while the new Terra hosted decentralized applications (dApps).
Terra is supported by the LUNA cryptocurrency.
How Terra Works
Terra uses a Proof-of-Stake consensus mechanism. This means that people need to verify transactions and add blocks to the blockchain based on how much LUNA they hold.
LUNA pays for transactions on the blockchain. People can also buy, sell, and trade LUNA on exchanges.
LUNA Attention Tracker
Here is a chart for Terra LUNA Google search volume for the past 90 days. This represents how many times the terms “Terra LUNA” have been Googled over the previous 90 days.
FAQs
It might do, but not for some time. PricePrediction.net thinks it will reach that figure by 2030 and DigitalCoinPrice says it can get there by 2031. Keep in mind that the new version of LUNA only traded at more than $10 on 28 May 2022. LUNA pays for transactions on the Terra blockchain. People can also buy, sell, and trade LUNA on exchanges.Will Terra reach $10?
What is Terra used for?
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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