Home / Price Predictions / Terra Classic Price Prediction 2024: Will LUNC Climb After Do Kwon News?

Terra Classic Price Prediction 2024: Will LUNC Climb After Do Kwon News?

Last Updated March 8, 2024 10:56 AM
Peter Henn
Last Updated March 8, 2024 10:56 AM

  Key Takeaways

  • Terra Classic (LUNC) is the continuation of the old Terra (LUNA) coin, which collapsed in May 2022.
  • It aims to repeg the USTC stablecoin to the dollar.
  • Its founding company, Terraform Labs, filed for bankruptcy in January 2024. 
  • One Terra Classic price prediction says it will reach $0.000743 next year.

Rising from the ashes of the collapse of the Terra blockchain, Terra Classic (LUNC) has been perhaps more successful than some crypto experts may have thought. That does not mean everything has been plain sailing.

In September 2023, the crypto’s community voted  to end minting its USTC stablecoin in an attempt to repeg USTC to the dollar.

Along with USTC and LUNA, LUNC shot up in late November 2023 following the announcement that its founder Do Kwon was to be extradited.

However, The Appellate Court of Montenegro has overturned   Do Kwon’s extradition to the U.S., marking a pivotal moment in the Terra founder’s legal journey.

This comes after his arrest in March 2023, adding a new chapter to the ongoing saga of his extradition process. Will this boost LUNC’s price?

Terra Classic did not immediately respond to a request for comment.

On March 8, 2024, Terra Classic was worth about $0.0001025.

But what is Terra Classic (LUNC)? How does Terra Classic work? Let’s see if we can answer those questions, and also examine some of the Terra Classic price predictions being made as of March 8, 2024. 

Terra Classic Coin Price Prediction

Let’s examine some of the Terra Classic price predictions being made on March 8, 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.

2024 2025 2030
Prediction #1 $0.000432 $0.000493 $0.00143
Prediction #2 $0.000547 $0.000743 $0.001721
Prediction #3 $0.000327 $0.000504 $0.0034

First, CoinCodex  had a rather hopeful short-term Terra Classic price prediction. The site said it expected LUNC to reach $0.000207 by March 13 and to get to $0.000217 by April 7. The site’s technical analysis was neutral, with 18 indicators sending bearish signals and 13 making bullish ones. 

Terra Classic Price Prediction for 2024

DigitalCoinPrice  said that Terra Classic would reach $0.000432 this year. Bitnation  thought LUNC would trade at about $0.000547 then. PricePrediction.net  said it would reach $0.000327 in 2024. 

Terra Classic Price Prediction for 2025

DigitalCoinPrice said LUNC would reach $0.000493 next year. Bitnation said it would stand at $0.000743. PricePrediction.net’s Terra Classic price forecast had it reach $0.000504 in 2025. 

Terra Classic Price Prediction for 2030

Looking at a more long-term Terra Classic price prediction, DigitalCoinPrice said it would reach $0.00143 in 2030. Bitnation thought it would be worth $0.001721 that year. PricePrediction.net’s LUNC price prediction had it stand at $0.0034 at the start of the next decade.

Google BardAI Price Prediction for Terra Classic (as of March 8)

Google’s Gemini AI platform gave the following price prediction for Terra Classic on March 8. 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 3 months)

  • Expected price: $0.000212
  • Factors to Consider:
    • Overall market sentiment: If the general cryptocurrency market experiences a bullish trend, LUNC could rise alongside other coins.
    • Developments within the Terra Classic ecosystem: Any positive news or adoption of LUNC could increase its value.
    • Burning mechanisms: The ongoing burning of LUNC tokens could potentially reduce supply and drive up the price.

Medium Term (Next 6 months)

  • Expected price: $0.000173
  • Factors to Consider:
    • Terra Classic’s development: Will there be new projects or upgrades that boost its utility?
    • Community sentiment: Does the community remain active and engaged in Terra Classic’s future?
    • Market conditions: The overall cryptocurrency market can significantly impact individual token prices.

Long Term (Next 5 years)

  • Expected price: $0.000256
  • Factors to Consider:
    • Market sentiment: If the overall cryptocurrency market is bullish, LUNC is more likely to see price increases. Conversely, a bearish market could lead to price drops.
    • Developments on the Terra Classic network: If the Terra Classic network sees positive developments, such as increased adoption or new use cases for LUNC, it could boost the price.
    • Regulations: Government regulations on cryptocurrencies could also impact the price of LUNC.

Recent Updates from Terra Classic

In January 2024, Terraform Labs filed for bankruptcy. Although the company no longer runs LUNC, it had a knock on effect on the price of Terra Classic.

The news came as the coin’s community  had rejected a proposal to restore the number of validators to 130.

LUNC Price History

Let’s now look at the Terra Classic price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done since it came into existence can help give us some important context when it comes to either making or interpreting a Terra Classic price prediction. 

While we will be looking at Terra Classic as LUNC, rather than as LUNA, it is worth noting that, in its previous incarnation, it started trading at about $1.30 in 2019, reached an all-time high of $119.18 on 5 April 2022 and then fell to an all-time low of $0.00001675 on 13 May that year.

LUNC officially became Terra Classic on 28 May and, that day, it closed trading at $0.00009566. There were ups and downs, and LUNC’s highest price as Terra Classic came on 8 September, when the news that the platform would introduce a 1.2% tax on transactions saw it peak at $0.0005888. After that, though, things quickly went down, with the collapse of the FTX exchange a blow, and it closed the year at around $0.000145. 

Terra Classic in 2023 and 2024

LUNC price history
LUNC price in 2023 and 2024 | Credit: CoinMarketCap

2023 was pretty mediocre for Terra Classic, despite a late-year spike. While it managed to break past $0.0002 in early February, it has dropped back down. The announcement of the LUNC 2.0 in early June saw the price rally to $0.0001, but then bad news happened.

The United States Securities and Exchange Commission (SEC) announced it was suing the Binance and Coinbase exchanges and LUNC fell. A longer-term decline was made worse in the middle of August. The market fell following the news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC). By September 25, it was worth about $0.00006. In November, the price shot up. This market move pretty much coincided with the news that Kwon was to be extradited. On November 27, it was worth $0.0001256. On December 4, it peaked at $0.000275 before dropping back down to close the year at $0.0001386, an annual loss of more than 4%.

The new year saw more of a decline and, on January 22, it was worth about $0.0001025. It then decreased in February but had a notable rise in March, reaching $0.0001953 on March 8, 2024.

At that time, there were there were 5.81 trillion Terra Classic in circulation out of a total supply of 6.80 trillion. This gave the crypto a market cap of around $1.13 billion, making it the 94th largest crypto by that measurement. 

Terra Classic Price Analysis

Terra Classic Price Analysis
Terra Classic could be in an uptrend.

After its crash below $0.00005 in June 2022, LUNC made a recovery which ended with a parabolic rise above $0.0005 in September. Following that, it fell back down to where it started.

Terra Classic broke back up and the price rose slightly above $0.0003 in December, followed by a retracement to $0.00009 on January 24, 2024, its first higher low. Since then, it has been in another uptrend, but LUNC is still trading lower than its previous high, reaching $0.00025 on March 5. 

This could be a continuation of a much larger uptrend that started in October, in which case LUNC is set to reach a higher high above $0.0006.

But first, we need to see if it can surpass its December 5 peak. If it does, that would signal a larger recovery that could bring LUNC up to around $0.0015.

Is Terra Classic a Good Investment?

Terra Classic is a rather unusual crypto, in that it is what remains of the old LUNA currency before it was, in effect, abandoned by its creators in the wake of the collapse of the UST stablecoin. While its performance is a long way from its previous incarnation, it has still not been a total embarrassment and it has an active community behind it.

That said, it has the misfortune of being associated with one of the most destructive crashes in crypto history. It is unclear as to whether the community will be able to pull off what would count as a major public relations exercise in making potential investors think it is worth putting their money in. Perhaps more worryingly, Terraform Labs’ bankruptcy proceedings casts a rather large shadow over Terra Classic. As always, it is crucial to do your own research before investing in LUNC.

Will Terra Classic Go Up or Down?

No one can really say right now. While DigitalCoinPrice was upbeat in terms of what they thought might happen to the coin, other sites were not so bullish, with CaptainAltCoin  describing LUNA as a “shitcoin with no future”. Either way, remember price predictions very often turn out to be wrong and prices can, and do, go down as well as up. 

Should I Invest in Terra Classic?

Before you invest in LUNC, you will need to make sure you do your own research, not only on Terra Classic, but also on other, similar, cryptos, such as LUNA. At the end of the day, this is a decision you will have to make for yourself, but it is vital that you never invest more money than you can afford to lose. 

Who are the Founders of Terra Classic? 

Entrepreneurs Daniel Shin and Do Kwon founded the Terra blockchain in 2019.

 Fact Box

Supply and distribution Figures
Total supply 6,804,103,524,212
Circulating supply (as of March 8, 2024) 5,812,813,322,439 (85% of total supply)

From the Whitepaper

In its technical documentation, or whitepaper , Terra Classic claims to allow people to create and support their own stablecoins. 

It says: “The Terra protocol is the leading decentralized and open-source public blockchain protocol for algorithmic stablecoins. Using a combination of open market arbitrage incentives and decentralized Oracle voting, the Terra protocol creates stablecoins that consistently track the price of any fiat currency. 

“Users can spend, save, trade, or exchange Terra stablecoins instantly, all on the Terra blockchain. Luna provides its holders with staking rewards and governance power. The Terra ecosystem is a quickly expanding network of decentralized applications, creating a stable demand for Terra and increasing the price of Luna.”

Terra Classic (LUNC) Explained

The Terra Classic blockchain was originally created to support the TerraUSD (UST) crypto.

The idea was that Terra’s LUNA crypto kept UST pegged to the Dollar. When UST rose above its peg, LUNA was minted and when it fell below $1, LUNA got burned or destroyed.

This worked well enough at first, with LUNA having a market cap in the billions of dollars and a place in the bottom half of the top ten largest cryptos.

In May 2022, though, everything changed. UST was depegged and LUNA collapsed, sending the entire crypto market into a downward spiral. It could easily be argued that it has not yet recovered.

A new blockchain would be established with a new version of the LUNA cryptocurrency. This would take the LUNA handle, while the original blockchain, now called Terra Classic, would support the original cryptocurrency, now called LUNC , owned and operated by the Terra Classic community.

It is worth noting that Kwon has been arrested by United States authorities and charged with eight offences, including securities fraud, commodities fraud, wire fraud, and conspiracy. He has also been jailed  in Montenegro for forging official documents. At the time of writing, Kwon was facing extradition from Montenegro, but it is still unclear whether it will be to the United States or to South Korea. 

How Terra Classic Works

Terra Classic is a Proof-of-Stake (PoS) blockchain. This means that people are selected to verify transactions based on how much LUNC they hold. 

LUNC supports the USTC stablecoin, with any burning and minting approved by the Terra Classic community. People can also buy, sell, and trade it on exchanges.

Terra Classic Attention Tracker

Terra Classic Google search volume
Terra Classic Google search volume | Credit: Google

Here is a chart for Terra Classic Google search volume for the past 90 days. This represents how many times the term “Terra Classic” has been Googled over the previous 90 days.

FAQs

How many Terra Classic are there?

As of March 8, 2024, there were there were 5.81 trillion Terra Classic in circulation out of a total supply of 6.80 trillion.

Will Terra Classic reach $0.001?

It could do, but not for some time. PricePrediction.net says it should get there by 2029, while DigitalCoinPrice thinks it will reach that target by 2031.

Keep in mind that LUNC, in its current form, has never traded at $0.001.

What is Terra Classic used for?

Terra Classic supports the USTC stablecoin. People can also buy, sell, and trade it on exchanges.

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.