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.
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.
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.
Credit: Source link
