Lunc Price Prediction: Today’s Lunc Price, 8th Dec 2022

The Terra Luna Classic blockchain’s native cryptocurrency, LUNC, was barely over its 21-Day Moving Average at $0.0001675 and was last trading around $0.00017. The cryptocurrency has had a steep decline since earlier this month when it was close to $0.00019, even though it is still trading roughly 14% higher than its November lows of $0.00015.

Since LUNC struck a significant area of resistance, traders have attributed this decline to technical selling, and price projections are still pessimistic. Since June, LUNC had been heading upward, but in mid-November it broke below this upward movement.

Early in December, LUNC attempted to retest and break back above this uptrend but was unsuccessful; since then, the cryptocurrency has been falling. The recent lows under $0.00015 are the current target for bears, and many believe that a break below this level might lead to a slide down to the sub-$0.00010 level.

Today’s Lunc Price

Luna Classic’s price today is $0.0001656 USD

Terra Luna Classic Price Prediction

Crypto traders who are familiar with LUNC’s pre-Terra environment and pre-LUNC hyperinflation-induced crash frequently wonder if the cryptocurrency will ever return to its heyday. Can LUNC ever return to $1, some people wonder.

Well, considering the current price of LUNC, which is approximately $0.0000165, LUNC would need to provide a return of almost 600,000% to do so. If each token were worth $1 and there were 5.9912 trillion in the total supply, LUNC would have a $5.9912 trillion market cap.

Almost everyone who is rational would concur that LUNC’s market cap never will reach this level, especially within the month. Only about $320 billion is the market cap of bitcoin right now. Additionally, Bitcoin is the most well-known, widely used, and established cryptocurrency in the market, whereas LUNC is a relic of a long-since-defunct ecosystem that users and developers have mostly given up on.

What if the number of LUNC tokens is decreased? Given that a significant increase in LUNC’s market value is unlikely, the only realistic method to get the price of the token back up to $1 is to drastically reduce its supply. The LUNC token supply would have to be decreased from about 6 trillion to roughly 1 billion for each LUNC token to be worth $1, assuming that LUNC’s market cap, which was recently just under $1 billion, stays the same. That represents a decrease in token supply of more than 99.98%.

Such a drop in supply seems improbable given that the Luna Community has opted to impose a burn tax on transactions of just 0.2%. Although there is still a movement in the Luna Classic community to raise the burn tax to 1.2%, it is unlikely that this will ever be enough to drive LUNC to $1.

It’s impossible to rule anything out in the realm of cryptocurrencies, so it’s still unclear how the community will deal with the coin’s abundant supply. It’s a region worth monitoring as always.

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