Both the hard forked LUNA and old Terra (now Terra Classic, LUNC) have been in a downtrend since their late May 2022 launch – are they dead?
Is Terra Dead?
The LUNA 2.0 price today is $1.78 – crashing from its day one high of $25 on Binance, which was May 31st. On its launch day on Bybit, LUNA wicked to $30 – that was slightly earlier on May 28th.
So after multiple 99% corrections of the old LUNA coin from $119 to $0.00000112, the new LUNA has also lost 93 – 95% of its value.
LUNC, the original LUNA coin, is today priced at $0.000093, and still has a hyper inflated circulating supply of 6.5 trillion LUNA tokens. Although it has rallied more than LUNA 2.
LUNC price today
That hyper inflation was the main reason why LUNA crashed more violently than a normal altcoin crash, with much less hope of being able to recover.
The supply of LUNA coins would need to be burnt for its price to go up significantly – based on the current LUNA supply, it would flip Bitcoin in market cap before it even reached a price of $0.09.
The old TerraUSD (UST) – now TerraClassicUSD (USTC) is also still depegged from the dollar – far from trading back at $1, its price today is $0.038. After a brief upward move over $0.08 just before the start of July, the project’s stable coin has again sold off.
USTC price chart
LUNA Market Cap
The current market capitalization of each is:
- LUNC market cap – $615 million
- LUNA market cap – $226 million
- USTC market cap – $383 million
Terraform Labs have gone quiet, and the latest LUNA news mostly centres around Do Kwon being under investigation in both South Korea and the US for fraud and other financial crimes.
Sadly it does look like the once top 10 crypto asset and its algorithmic stablecoin are dead. Even a market cap in the hundreds of millions is still high for crypto projects whose reputation is in pieces, in the middle of a bear market – ‘crypto winter’ as media headlines are calling it.
Even if the market turns around now in July after CPI and Bitcoin retests the $30,000 area, there’s no guarantee any project with Terra in the name will attact much investor interest and also rise in value. They may rise in USD terms but still underperform Bitcoin and other cryptos that are now more popular. Google search trend volumes for LUNA have also declined.
In the current market conditions and with little positive Terra news emerging, investing early in a new crypto presale could be a better option. We recently reviewed the upcoming launch of IBAT coin which is now on presale until October, the native token of upcoming metaverse game Battle Infinity.
The latest DappRadar crypto market report found that blockchain games outperformed other crypto assets during the 2022 bear market, so they could be more bullish once the market does show signs of a reversal.
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