Can Luna Classic Hit The $1 Mark Amid Market Uncertainty?
The cryptocurrency market is volatile by nature,
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with prices and sentiments shifting like twists and turns of a roller coaster. Terra Classic has been one of the increasingly popular digital assets that has recently caught the attention of traders and fans in the Terra ecosystem. The current Terra Luna news, including big price rises and burn programs, has already made people anticipate whether Luna Classic can reach the $1 milestone if the uncertain market will not let the token skyrocket.
Luna's Journey and the Economic Trends that it Causes
Luna's journey has been undulating with more or less similar trajectory of Terra's ecosystem. In April 2022, Luna (LUNA) touched the peak of $120, which was a turning point for the project. Despite this, in only a month, the price of the token fell again to a value of $1 because of the chaos caused by Terra, the ecosystem shut down.
This was the result of UST stablecoin's peg to the USD, which caused LUNA's hyperinflation, bringing about the wave of UST stablecoin sales to cascade into the collapse. As a result of this period of turmoil, Terra Luna emerged, while Luna Classic (LUNC) continued as one of the main contributors to the ecosystem.
To deal with LUNC's difficulties, actions were taken to create price stability and to keep the confidence of investors. Binance started it all by implementing the burn program which allowed a massive number of LUNC tokens to be eliminated. Community actions, such as the implementation of burn taxes, were also done to fight the hyperinflation and aid in the recovery of Luna Classic.
