Evolution and Future of Luna Classic (LUNC) Post-Hard Fork

Luna Classic and Lunc News Today

Terra Luna Classic (LUNC) – the sister token of the erstwhile stablecoin that crashed in early May 2022). This token has been rebranded to pay tribute to the founder of Terra, Do Kwon, and the people who created the Terra ecosystem’s recovery blueprint. The implementation of this plan led to the hard fork, which created a division of the Terra network into two chains.

The primary network is now Terra Classic, while the tokens are Luna Classic or LUNC. However, there is a new ranking network known as Terra 2.0, and its token simply has the name Luna, though its symbol is LUNA. After below one for the split, there have been many fluctuations of the LUNC coin; However, the recent upsurge of over 200% from late November to early December 2023 has made investors anticipate the possibility of the recovery of Luna Classic.

Key points:

• Luna Classic (LUNC) is the native token for the original Terra network, which was rebranded as Terra Classic following the Luna hard fork on May 28, 2022.
• LUNC crypto utilizes a burning mechanism to decrease its inflated token supply, whereas LUNA lacks such a mechanism.
• You can acquire LUNC on Bybit through a spot pair or as a perpetual USDT contract.

What is Terra Luna Classic (LUNC)?

Luna Classic (LUNC), originally named LUNA, is the native coin of the old network, now rebranded as Terra Classic. It was launched on May 28, 2022, after the genesis block creation in the new network post-fork.

For TerraClassicUSD (USTC), the stabilization mechanism of LUNC, including minting and burning functions, has been disabled.

By December 2023, LUNC’s market capitalization was $1.07 billion, with a circulating supply nearing 5.8 trillion tokens. As of December 11, 2023, the price of the Luna Classic token was around $0.00018.

LUNA and LUNC: Why do two versions of this list exist?

Although LUNA and LUNC are different tokens, they are associated with the same project. They control the risk in their context, determining when it is high and when it is low. It has different operating models; both tokens are core to their respective networks. For instance, LUNC’s burning mechanism cut its original 7 trillion supply to 6.82 trillion.

This is part of the strategy that involves introducing a burning tax of 1.2 percent, which is paid on every transaction in the chain. On the other hand, LUNA does not use any mechanism. Thus, it is evident that LUNC and LUNA are two entities working in the Terra ecosystem, particularly in supply creation and “inflation” control.

Detailed comparison of LUNC and LUNA

The Luna Hard Fork

When Luna and the other assets were affected, the entire Terra ecosystem went down, and Do Kwon had to suggest a rescue plan combining various solutions. Hard forks are situations where two networks are divided away from the current one. The new and old versions are functional but serve different operations without influencing each other.

Ethereum Classic inspired the name change to Terra Classic due to the Ethereum DAO hack that led to the Ethereum blockchain splitting into two in 2016. Terra 2.0, the new network, does not accept algorithmic stablecoins into its environment to talk less about integrating them into its network. LUNA tokens were distributed through an airdrop for Lunatics, who were LUNC holders of Terra Luna Classic, stalkers, the last vestiges of UST users, and developers of apps on Terra Luna Classic.

Price Forecast for LUNC: How is the future of Luna Classic looking

Initially, Terra Luna Classic’s price stayed low at $0 after the rebranding, similar to the old Luna token. 0001 to express the bearishness both/towards the token and the overall crypto market.

Nevertheless, after passing and applying the burning tax proposal on September 21, 2022, LUNC registered mild upliftment. Aware of this reality, the government decided to introduce a 1. 2% burn tax on all transactions within the blockchain, including LUNC, aimed at reducing the LUNC amount in circulation and increasing its demand.

Binance’s announcement on September 26th, 2022, that all trading fees for LUNC spot and margin pairs would be burned added more fuel. This action led to LUNC rising by over 60% from $0. 00018 to $0. 0003 within hours.

However, LUNC regained some of those increases by August 2023 and became less active, its price floating around $0. 0005. The volumes increased towards the end of November, though this was preceded by a sharp rise in the cost of LUNC to $0. 0000778 to zero dollar on the 26th of November. 00027 on December 5 ranged between $0 to after the year’s end. 00018 by December 11.

The future of Luna Classic has been volatile over the years; however, the recent positive changes have persuaded many cryptocurrency experts.

From DigitalCoinPrice, the LUNC price is expected to rise gradually to around $0. 00067 by 2025 and may drop to $0. 0019 by 2039.

AM CRYPTO also offered a comparable analysis of the increased price of Luna Classic to $0. 00046 by 2025, and $0 001 by 2030.

What has caused the new unit price of the Luna Classic to go up?

Recently, there have been some positive indications concerning LUNC, surprisingly.

First, at the end of September 2023, the Terra Classic community will stop mining USTCs and suggest supporting burning Binance USTCs. Thus, another 43 billion LUNCs burnt during the current monthly process can be accumulated.

Mint Cash, an unbeatable place for making and receiving payments with Bitcoin and for saving, announced the plan to restore the Terra ecosystem in early October 2023. As a user cryptocurrency for paying for goods and services, this popular and well-integrated consumer digital currency originated as a subversive, rebellious political and monetary policy digital currency.

Following this, on November 22, Terraform Labs stated that it intended to allocate $15 million to two projects within the Terra ecosystem. The purpose of these projects would be to improve the availability of blue-chip fiat money, such as Bitcoin and Ethereum, to create DeFi applications.

Thus, LUNC’s current ascent may be attributed to these positives; nevertheless, the token’s return to the dip is improbable. The Terra ecosystem proposed and approved the recent decision to decrease the number of validators from 135 to 100. Critique has been expressed on the risks involved in this proposal’s security and centralization.

Short-term Price Forecast for Terra Luna Classic

Long-Term Price Outlook for Terra Luna Classic (2024 – 2034)