LUNC Stuns With 300% Gains, Can It Reach Its Previous ATH Market Cap?
December 04 2023 - 6:00PM
NEWSBTC
The Terra Classic (LUNC) price has been on a tear recently and over
the last month, it has managed to outperform almost every
cryptocurrency in the market. Its price has risen over 300% in a
30-day period, and this has brought its market cap back over $1.5
billion once more. As the coin continues to outperform, the
possibilities of it returning to its previous all-time high market
cap become greater. LUNC Price Breaks One-Year High Following the
Terra collapse in 2022, the LUNC (then known as LUNA) price crashed
completely, going from above $100 to less than $0. This has
continued through the last year especially as the LUNC supply has
swelled to over 6.5 trillion. Related Reading: AVAX Uprising:
Crypto Analyst Predicts Bullish Wave To Push Price To $30 As the
price has plunged, so has the market cap. But with the recovery in
price so far, the jump in market cap has come as no surprise.
However, it is still a long way from its all-time high market cap
of $45 billion which was reached back in 2021. Now, if LUNC were to
return to this all-time high market cap once more, it would be a
significant increase from its current price. But it will still be a
long way from its ATH price of $$120. At a market cap of $40
billion, the price of the altcoin would be just around $0.007. This
would mean a more than 10x increase from its current price.
However, it’ll still be very low compared to its previous price as
well as the price of the new LUNA token which was launched in 2023
and is already trading above $1. Token price breaks $0.0002 |
Source: LUNCUSDT on Tradingview.com Can Terra Classic Break
Previous ATH? The LUNC community has implemented a burn initiative
to reduce the amount of tokens in circulation. This has seen
billions of tokens taken out of circulation in less than a year.
Data from the LuncMetrics website shows that so far, 83.77 billion
tokens have been burned since the burn initiative was introduced in
2022. However, this is only a drop in the ocean of the total token
supply which numbers in the trillions. Related Reading: 3
Bitcoin-Like Proof Of Work Altcoins That Could Make You A
Millionaire In 2024 Nevertheless, the community continues to burn
tokens in a bid to drastically reduce the circulating supply. In
the last seven days, a little over 5.2 billion LUNC tokens have
been sent to the burn address, reducing the supply little by
little. The LUNC price is already far from returning to its past
glory, but there is still a lot ahead for the coin. If it continues
to perform well in the bull market, a return to the $0.01 level is
a possibility. As the crypto industry grows, the likelihood of top
coins crossing the $100 billion market cap becomes even more
likely, signaling a better future for the altcoin. Follow Best Owie
on X (formerly Twitter) for market insights, updates, and the
occasional funny tweet… Featured image from Analytics Insight,
chart from TradingView.com
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