Many currencies in the crypto industry have seen ups and downs, typical of a new market that’s just beginning to see the vast opportunities that they have. There are stories everywhere all about how currencies just come and go, some of them leaving behind a trail of investors backing out by the droves. One currency is looking to write a different story, a comeback story, and that’s Luna Classic.

The nature of Cryptocurrency and the whole market makes it an alluring industry for anyone to invest in. Celebrities, working people, and business-minded individuals can now make their money for less time and capital spent. Big names such as Bitcoin and Ethereum have now branched out to other projects like smart-contract systems and other utilities. LUNA Classic aimed to be a native staking token, allowing users to collect rewards from their transactions.

Doing a price prediction of Luna classic or LUNC coin may not be easy, especially for a coin that has seen glorious days and rock bottom in a very short span of time.

Let’s explore what the news is about LUNA Classic, its fall from grace, and the remarkable comeback that some analysts and investors say is bound to happen any day now. We’ll also look into how LUNA Classic became such a big name and what it means for the cryptocurrency market in India!

Luna Coin: Its Rise And Fall Through 2021 and 2022

Luna Coin’s story begins as a blockchain system developed by Terraform Labs, a Korean Firm that spearheaded the development of DeFi applications and systems. After raising an initial fund of $32 million from various international crypto exchanges, the founding team set out to create a stablecoin that could also be used in day-to-day transactions.

LUNA’s Speedy Start To Greatness

From the start, Terra and LUNA coin had around 15 e-commerce services that were collaborating with them, bringing in an initial customer count of around 40 million users. It then started its journey to become one of the most successful finance coins on the decentralized market. Some sites even listed it as one of the largest cryptocurrencies during the time.

The LUNA coin token allowed its users to become validators and eventually get rewards for staking the token. They also had the option to mint TerraUSD tokens by burning these LUNA coins. This enabled users of the Terra blockchain to effectively invest in the current prices of these coins and the currencies they were linked to without having to go through Forex options.

LUNA’s Fall From Grace

However, certain changes to the system and the crypto market’s stability had toppled this power player to the bottom rungs of the market. A fall from $119.20/coin isn’t anything to scoff at. Looking into its history, it was reasonable to believe that the coin was looking at a bullish season during 2021. However, it proceeded to go the other way and crash down to below a single US dollar or around ₹80 as of writing.

One mistake that the developers made during the whole Terra and LUNA coin debacle were the way that it focused itself as an algorithmic stablecoin. To put it bluntly, the coin was not backed by fiat stocks or physical currencies that would retain its value. When investors came to sell their LUNA and Terra in droves, the system could not handle the immense sell pressure and started to go under. This even led to larger cryptocurrency exchanges dropping the coin altogether from their marketplaces.

LUNA Classic’s Road To Recovery – A New Team Behind The Wheel

However, the story still goes on for the Terra Blockchain and the future of LUNA. Currently, the developers are now working on an upgrade to the system named LUNA 2.0 that aims to bring about sweeping changes to how transactions and supply work. Even then, the classic LUNA coin remains an option for many as positive changes are starting to show up.

The Changes Behind The Scenes With LUNA Classic

First, there’s a new development team dubbed the “LUNA Rebels” in charge of the whole operation Their members are composed of community members aiming to create a road to recovery for the cryptocurrency. To appease the complaints of investors, the developers have taken to a 1.2 percent burn tax for any transactions done through the LUNA network. Current hopes for this are that LUNA Classic’s growth will remain steady as around 3 trillion LUNA Classic tokens have already been burned.

Another positive for the future of LUNA Coin is the vibrant community that still sees the coin as a valuable staking option for their crypto transactions. Already we’re seeing some community validators offering their services for free. The whole of the situation is that those in the LUNA Classic community, along with some investors and influencers, are still hopeful that LUNA will be able to beat the odds and come back as a community-driven token.

Roadblocks and Challenges Ahead of LUNC’s $1 Growth Target

However, others say that the current growth trends and rise during the last weeks are just spikes that won’t go anywhere. One finding that seems to point towards this is the Virtually Unlimited Supply of these coins, making the 1.2 percent burning tax not as viable as many think it is. Other problems come in the form of former investors not coming back to the currency and instead focusing on Luna 2.0 and its offerings.

This move was considered unprecedented by some in the community, but they remain hopeful that the coin will continue onward. As of now, LUNA Classic still carries much of the original burden of the past yet sees potential as its value rockets upwards. It may not have reached the same levels as before, but this revival staged by LUNA’s dedicated community may be worth looking into.

According to CoinGecko’s 7-day price history of LUNA Classic to Indian Rupee, the coin is now sitting at around ₹0.019 with a weekly change of around 99.1%. The recent growth trends are drumming up optimism in some investors while others prefer to sit out and wait for more information. Whatever your choice is, we implore you to do your research and see for yourself the financial status and data of whatever cryptocurrency you choose to place your bets on.

Final Verdict

LUNC community is trying to achieve what no other community has achieved yet. Despite the darkest of the winters, TerraRebels (a rebel group that decided to stick with the old chain), is on its foot to revive this coin.

There are many challenges for the LUNC coin like exorbitant supply, many top investors of LUNA coin are now part of LUNA 2.0 and not LUNC, and pessimism of earlier investors (many of whom have decided to quit both the coins). Many people have invested in the coin at a very very low level. So they will try to sell and make a profit as soon as the prices are up. There can be a huge selling pressure after every peak.

However, there is certainly a ray of hope. LUNA had one of the most vibrant communities and many members are now backing LUNC. The 1.2 percent burn rate with support from exchanges like Binance is fueling investor sentiments. Many validators are working at no or a very low fee. Apparently, there is an army of people on the mission to reclaim the glory days of the coin.

If not $1 (Rs. 80), the LUNC coin can reach Rs. 1 in the next few months looking at the last few days of excitement.

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