After the infamous twin collapse of TerraUSD and Terra LUNA in May 2022 that crumbled the entire cryptocurrency market, Terra LUNA Classic (LUNC) is trying hard to make up for all losses. But you might be wondering, can Terra Classic make a comeback? Well, it might be shocking, but Terra Classic is making an astonishing comeback, outperforming the best cryptocurrencies in September.
Terraform Labs Collapse and Launch of Terra LUNA Classic (LUNC)
In 2018, two entrepreneurs, Do Kwon and Daniel Shin started Terraform Labs venture in Seoul, South Korea. In 2019, the company launched the Terra blockchain and TerraUSD stablecoin (UST) backed by the LUNA currency with an aim to ensure decentralized anonymity, affordable and speedy transactions, and overall increased cryptocurrency adoption with price stability.
However, the journey of this platform has been full of ups and downs. LUNC was performing very well. It was among the top 10 cryptocurrencies by market value by the end of 2021. But in May 2022, Terra LUNA and UST collapsed immensely, losing $39.2 billion in the market cap. In addition, the venture and Do Kwon were surrounded by legal issues as they were fined $78.4 million in corporate and income tax by the Korean National Tax Service. Due to the corporate and income tax burden, UST suffered a de-peg, and LUNA, the coin that once was more than $100, dropped to $0.000001 within a week.
The graph of LUNA on May 18, 2022, is as follows.
Figure: Terra LUNA Price Chart (Source: CoinMarketCap)
To deal with this situation, the company implemented the Terra Ecosystem Revival Plan 2. The company handed over development and governance to the community. It launched a new version of Terra LUNA coin, and according to the plan, both versions of the LUNA tokens can exist. The old crypto is now called Terra Classic (LUNC), and the newer is Luna 2.0 (LUNA).
Terra Luna Classic (LUNC) is Making a Surprising Comeback
After the past colossal crash, investors lost hope in Terra LUNA. But the plan of Dow Kwon to revive the dead crypto through LUNC has taken effect. As a result, LUNC is making a surprising comeback.
Terra Classic surged more than 200% in September while the major cryptocurrency, Bitcoin, dropped by 4%. LUNC’s current market cap is $3.3 billion, which is nearly 12 times higher than Terra LUNA coin ($258 million).
LUNC is Providing an Average Annual Staking Reward of 37.8%
The company has implemented several initiatives to increase token demand and attract investors by staking opportunities.
On August 27, 2022, the company launched a new staking service on the Terra Classic chain. This staking service is considered the reason behind the surge of LUNC. So investors have shown great support towards LUNC that nearly 9% of the total LUNC supply has already been removed from circulation.
According to Staking Rewards, this latest staking service provides an average annual reward rate of 37.8%, among the highest staking rewards available in the crypto space.
Figure: LUNC Average Annual Staking Reward (Source: Staking Rewards)
These higher returns play a significant role in boosting LUNC demand, and its price has increased by 250% since the service’s launch.
Figure: LUNC/USD daily price chart (Source: TradingView)
3.8 billion Tokens are Already Burned in LUNC Burning Mechanism
Terraform developers are working to increase LUNC value through scarcity. They have introduced a token-burning mechanism. According to LUNC Burner, more than 3.8 billion LUNC tokens have already been removed from circulation to date. This operation will essentially help reduce the number of tokens already in circulation.
Crypto Analysts and Major Exchange Platforms are Supporting Terra Luna Classic
Investors, crypto analysts, and major exchange platforms favor LUNC and support its growth.
Miles Deutscher, a dedicated Australian crypto investor, and analyst, believes in LUNC and is promoting its staking service.
Moreover, major exchange platforms, including KuCoin, Gateio, MEXC Global, and Crypto.com, have announced support for the 1.2% tax burn proposal for LUNC, once implemented on Terra mainnet. All excess LUNC tokens will be burned that were minted in a futile attempt to save UST. A tax of 1.2% will be imposed on all on-chain transactions.
It indicates an overall positive sentiment toward LUNC.
Terra Classic (LUNC) Price Prediction: $LUNC Can Go to Moon
The latest price surge of Terra Luna Classic placed it among the top 30 cryptos by market capitalization beating many cryptocurrencies. Its demand increased so sharply than other best cryptocurrencies that the it went from number 206 to 26 in terms of market cap.
Moreover, implementing a 1.2% tax burn will also provide LUNC with a possibility of dropping another zero in the coming weeks. Edward Kim, a LUNC community member, has recently offered a comprehensive plan on the Terra Classic forum that includes information on how the tax burn will work.
Social media is buzzing with posts and tweets regarding this proposal, and people are hoping for the bright future of the LUNC token.
LUNC Will be Accepted as Payment in StarShip Metaverse with a 1.2% Tax Burn
Metaverse is one of the hottest topics in the crypto industry, with tons of opportunities for its users. StarShip is one such flourishing ecosystem that aims to be the largest metaverse to date. The platform has recently released in-game footage. This metaverse is built on the latest powerful Unreal 5 engine with a 32,000 square kilometer buildable space. It will provide long-term unparalleled growth opportunities for users.
Terraform Lab is working to the right the path of the token’s activity and use case. To forge a new way forward, LUNC and StarShip have collaborated to use LUNC as a form of payment in the StarShip Metaverse, burning 1.2% of all LUNC received for these payments.
This partnership will benefit both platforms. LUNC holders will be able to enjoy the amazing experience of the metaverse.
Should I buy Terra Classic (LUNC)?
LUNC though crashed a few months ago affecting the entire cryptocurrency market but showing continuous recovery signs. It is making one of the most impressive comebacks of the year. Many investors are hopeful and showing great interest in the currency. The company is also working hard to make LUNC achieve heights. Considering this surge, LUNC can be among the best cryptocurrency investment choices.
So, now if you have also decided to invest in the LUNC, you must know how to buy Terra Classic.
The next portion of the article will discuss how you can buy and securely store your Terra Classic tokens.
How to Buy Terra Classic (LUNC) cryptocurrency?
You can easily buy Terra Classic (LUNC) in merely four easy steps, which are as follows. You only need a smartphone or PC, an internet connection, photo identification, and a payment method to complete the process.
1-Choose a cryptocurrency exchange
To purchase LUNC, you need to find an exchange platform that allows buying, selling, and trading LUNC. For example, Crypto.com is one of the leading platforms that supports the sale and purchase of almost every best cryptocurrency with affordable fees, ease of use, and 24-hour customer support.
2-Create an account on an exchange platform
Your next step will be creating an account on the exchange platform. First, it will require you to confirm your email address and identity. Once your account is verified, you can move to the next step.
3-Make a deposit
You will have to deposit funds on your verified account using one of the available payment methods. Crypto exchange platforms support payment methods such as bank transfers, cryptocurrencies, and wire transfers.
4-Buy Terra Classic (LUNC)
Once funds are deposited, you can exchange your funds for LUNC. Enter the amount of LUNC you want to purchase and click “BUY.”
Store your LUNC tokens
You can store your tokens on the exchange platform you purchased from or transfer them to your personal wallets. However, most people prefer to use their own crypto wallet to ensure total ownership of their cryptos.
It is crucial to choose the right crypto wallet. The best crypto wallet is the one that is easy to use, provides robust security features, supports multiple coins, keeps a record of transactions, provides complete control over assets and keys, charges a low fee, provides excellent customer service, etc.
Crypto.com wallet is one such crypto wallet that comes will all features of the best crypto wallet. It is a DeFi wallet that was created by one of the most trusted exchanges in the crypto space; Crypto.com. It supports over 250 different coins and is available in more than 83 countries. Users can make speedy transactions with reasonable fees. Furthermore, this wallet supports staking that users can earn 8.5% to 14.5% interest on cryptocurrencies and stablecoins, respectively, per year.
Terra Classic is trying hard to make up for all chaos Terra LUNA created. As a result, its demand is increasing, and the price is also moving upwards. So, we can expect that LUNC will have a better future.
However, the cryptocurrency market is highly volatile, and investment in this industry comes with risks. Therefore, it is highly advisable to do in-depth research before making any decision.