Will Luna Classic Reach $1 in 2024 or in The Future?

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Eliman Dambell

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Eliman Dambell

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Eliman Dambell was a news writer and editor at Bitcoin.com, FXStreet and Investing.com. He commentates on various markets, including Crypto, Stocks and FX.

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September 2, 2024 07:46 EDT

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At its peak, Luna Classic was expected to be one of the biggest cryptocurrencies in the ecosystem, with its price at nearly $120. The price now sits nearly 100% below this point, however many “lunatics” (the name given to believers of the project) still envisage a future rally.

In this guide, we analyze all possibilities to determine will Luna Classic reach $1 in the near future, and find out once and for all if Luna Classic is dead. We will use both fundamentals of the project, as well as a wider look at the current climate of the crypto market.

Is it Possible for Luna Classic (LUNC) to Hit $1?

Before we look at whether Luna Classic can reach $1, let’s get a brief background on the token. Luna Classic (sometimes called Terra Classic) is the name of the cryptocurrency that was replaced by Luna 2.0 after the crash of Terra Luna and a hard fork of the Terra blockchain. At its core this project was powered by the Terra blockchain, which was used to support its native coin, and its algorithmic stablecoin, UST. While Terra Luna crashed, many still trade and use Luna Classic.

In a nutshell, LUNC was born when Terra (LUNA) crashed after the company’s former CEO Do Kwon was embroiled in a fraud scandal. The crash of Terra came in 2022, and at the time, it was one of the most significant events in the crypto space. This collapse impacted confidence in the industry as a whole and was one of the catalysts of the most recent crypto winter.

To hit $1, several monumental events need to occur within the project. Firstly, there will need to be a shift in how the market currently views Luna Classic, which will likely be the most difficult thing to achieve. Secondly, a potential reduction in the token’s supply could boost the coin’s rarity, with a potential for this to increase demand. Finally, a sense of FOMO (Fear of Missing Out) will need to be present as investors may only begin to believe in LUNC if it looks like a price recovery could be on the cards.

To give you some more context, let’s give you a summary of LUNC’s current position in the market.

A more realistic approach will be to maybe hope Terra Luna Classic reaches 1 cent, and then based on this achievement start to wish for a more meteoric rise to $1.00. If you don’t believe LUNC will recover, here is a list of some other cryptos that might hit $1 soon.

Can Luna Classic Hit $1 in 2030?

So, will Luna Classic reach $1 in 2030? As it stands, we predict LUNC will climb to a price of $0.00015 by 2030. It is highly unlikely that in six years time, both the market and the mainstream perception of LUNC would have shifted to the point where it would be trading at or above $1.00. As briefly mentioned above, a more realistic question will be will Luna Classic reach 1 cent?

For this target, here are some things that could bring you hope. Firstly, it is expected that interest rates will begin to fall in the coming months and years, with the Federal Reserve expected to begin cutting rates in September. This will generally boost demand for riskier crypto assets that have an upside, with LUNC potentially one such token.

Additionally, we alluded to this above, LUNC currently has a circulating supply of 5,718,224,954,643 tokens and a market cap of $506.44M. A significant burn in supply may lower the short-term valuation of the token, but in the long-term could help create the type of FOMO needed to attract a new wave of crypto degens.

Can Luna Classic Hit $1 in 2050?

By 2050, many of you may want to know will Luna Classic reach $10. Based on the current climate, even a price of $1.00 could still be out of the cards, However, as we’ve seen in the past, the market could move quickly, with new traders possibly viewing LUNC differently to the current batch of investors. As such, it is hard to fully rule out a twist of fate, that could bring new energy into the project.

We envisage that in 25 years’ time, the crypto market will likely be intertwined with mainstream society. This adoption could help revive projects like Luna Classic, which at one stage had what looked like a fundamentally sound project. As such, we see LUNC potentially rising significantly. Here is what we predict over the next ten years.

What Could Make The Luna Classic Price Explode?

Since the collapse of Terra, a small, but cult following of LUNC still exists, who believe a potential rebound could occur. So what exactly would it take for Luna Classic to see a rally in its price? Let’s take a look at the main factors.

Revival of the Terra Ecosystem

The driving force behind LUNA was the Terra ecosystem, which was a launch pad for algorithmic stablecoins. The reason why the initial price collapse occurred was a loss in confidence in this ecosystem, which was unable to sustain its peg with the USD. It was then discovered that Do Kwon had misled investors into believing that blockchain was stable, and used to power multiple projects, like a Korean payment app.

Should the Terra Classic ecosystem somehow rebuild this damaged reputation, and potentially separate the project from the sins of its founder, this could be a major step in regaining its lost value.

Huge Token Burn Events

As mentioned earlier, one of the main ways we believe Luna Classic reach $1 again will be through a significant burning of its token supply. Currently, there are over 5.44 trillion tokens in circulation. By reducing this supply through large-scale token burns there is a good chance that this will rapidly increase the token’s scarcity. Deflationary tokenomics could potentially lead to a price explosion.

Regaining Investor Trust

This will be one of the more difficult aspects to pull off, as the general perception of Terra has been badly damaged by the mainstream media. There is a passionate Terra Classic community but it is a very small subset of the wider crypto community.

However, more positive news cycles, like new project launches, partnerships, and new feature developments could help restore faith in LUNC and boost LUNC’s price. In addition to this, there will also need be to full transparency on what occurred in the past, and communications on potential safeguards to prevent such an event from reoccurring in the future.

The Road to $1: What Obstacles Does Luna Classic Face?

So, we now have a better idea of what could help resurrect Luna’s legacy, but what exactly are the obstacles that it will face on its way to racing $1? The token supply is one of the major factors, in addition to its damaged reputation, let’s lay these out in more detail.

Huge Supply: 5.44 Trillion Circulating Tokens

With a supply of over 5.44 trillion tokens, creating a sense of FOMO will be difficult to achieve for Luna Classic. Rising to $1 with this amount of supply will make it even more valuable than BTC, which is impossible to imagine. As a result, burning this supply, to reduce it to a more realistic level will be required in the long term.

Failed Terra Ecosystem

Another major obstacle is the current state of the Terra ecosystem, which many consider to be a failure. Being a stablecoin, which was unable to maintain its stability created a whirlwind of negative publicity, which the company may never recover from. As such, there would need to be a major overhaul of the project from a technical point of view, to help remedy this.

Low Investor Confidence

Following the collapse of the Terra ecosystem, and subsequent fraud and imprisonment by its founder Do Kwon, investors fled the cryptocurrency. Besides a small set of cult believers in the Luna Classic community, the general sentiment around investors is extremely bearish on Luna. Should this level of low confidence persist, it is unlikely that LUNC will ever reach $1.

Will Luna Classic Reach 1 Cent Instead?

Okay, as this guide has shown, it is highly unlikely that LUNC will reach $1, however, does it have a better chance of hitting 1 cent instead? To achieve this, LUNC would still require substantial token burns, the revival of the Terra ecosystem, and a surge in demand. Our Terra Classic price prediction below is where we believe the price of LUNC will reach in the coming years.

Overall, we consider it highly unlikely that Luna Classic will reach a price of even $0.01.

Conclusion

Overall, it is apparent that Luna Classic faces an uphill struggle as it hopes to regain its former glory. As we’ve outlined throughout this analysis, there are significant obstacles in place such as its oversupply, the reputation of the Terra ecosystem, and market confidence. Although it is theoretically possible for LUNC to reach $1, a more realistic target at this stage might be the 1 cent mark. Both would require a grand upscaling and new product developments in the Terra ecosystem.

Although you might still be a firm believer in the future of LUNC, below we have listed some alternatives, which are some of the best cryptocurrencies to invest in right now.

Best Crypto Presales in [cur_month] 2024

FAQs

Is it possible for Luna Classic to hit $1?

The current market conditions and the vast supply of LUNC make this highly unlikely, especially without significant changes to the Terra ecosystem.

Could Luna Classic hit 1 cent?

Reaching 1 cent is a more realistic, but still a highly ambitious target. Achieving this would require a substantial reduction in the supply of LUNC and major changes in public perception.

What’s the highest Luna Classic can realistically go?

Given the current challenges, we believe LUNC can hit $0.00020 by 2030.

Is Luna Classic a good investment?

Frankly, this will be an extremely high-risk investment, with little to no chance of return. However, anything is possible in theory.

Will Luna Classic ever recover?

Recovery is possible but would require a combination of factors, However, this remains unlikely to its current reputation.

References

1. What Terra’s crash means for crypto? (TIME)
2. Fed Powell signals upcoming rate cut (New York Times)
3. Terra Labs agree to settle SEC lawsuit (Reuters)