Terra Luna Classic (LUNC) bulls are fighting back against building sell pressure on Monday, with the cryptocurrency last up around 1.5% on the day in the $0.000089 area and up close to 15% from the fresh yearly lows printed over the weekend in the $0.000077 area.
LUNC may continue to face elevated sell pressure in wake of 1) poor sentiment in the broader crypto market in wake of the SEC’s recent action against Binance and Coinbase and 2) LUNC’s recent strong rejection of key long-term resistance in the $0.0001150 area.
But recent positive fundamental developments relating to the project could help stem some of this sell pressure in the weeks and months ahead.
The Terra Luna Classic community just passed a proposal designed to bring the blockchain’s failed stablecoin USTC, which depegged to the US dollar last May, back to its 1:1 dollar peg.
The Joint L1 Task Force, who are the core development team behind the maintenance and improvement of the Terra Classic blockchain, are now preparing for the upgrade and will be simulating possible USTC repeg and depeg events.
If the team can successfully bring USTC sustainably back to $1 and command the broader crypto community’s trust that, this time, there won’t be another depeg, then that could substantially boost demand for LUNC.
Can $100 in LUNC Make You a Millionaire if This Burn Forecast Happens?
As the Joint L1 Task Force takes steps to bring USTC back to $1, the Terra Classic community also continues to burn LUNC tokens in a bid to reduce the excessively high token supply.
As per LUNCmetrics.com, a total of 63.25 billion LUNC tokens have now been burnt, with Binance accounting for over half of this.
That’s about 1% of the total LUNC circulating supply of currently around 5.84 trillion.
But many members of the LUNC army are holding out hope that LUNC can one day reach $1 again.
Given the current market cap of around $520 million, the LUNC token supply would need to be reduced to around 520 million to achieve $1, assuming no expansion in the market cap – if the market cap goes up, then less LUNC tokens would need to be burnt to achieve $1.
Getting the supply down to 520 million would require about 99.99% of the LUNC supply to be burnt, an unrealistic burn forecast to make.
Still, if it were to happen, $100 of LUNC at the current price of $0.000089 would mean over 1.12 million LUNC tokens.
If LUNC hit $1 per token amid massive token burns and you managed to prevent your tokens from being burnt, then that $100 worth of LUNC tokens would now be worth $1.12 million.
Buy LUNC Here
Terra Luna Classic (LUNC) Alternatives to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies Here
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com
Read the full article here
