Nearly five months after the Terra Luna Coin disrupted the whole crypto market with its massive collapse in May 2022, the Terra Luna Classic (LUNC) seems to be making an exciting comeback.
Some experts think one of the most spectacular comebacks of the year is developing with LUNC, as the coin has grown by around 80% since it reached its all-time low. The exponential growth has been primarily helped by the 1.2% token burn tax imposed on all the transactions.
While LUNC continues taking the crypto market by surprise, a meme coin called Tamadoge (TAMA) seems to be going on the best bullish era this year.
Terra Luna Classic (LUNC) Rising From Ashes
The native coin of the Terra Classic blockchain is known as LUNC. It was the same blockchain that was once known as Terra (LUNA) developed in 2019 to support the development of TerraUSD stablecoin by Daniel Shin and Do Kwon (UST). USTs could be exchanged for LUNA and were developed by burning LUNA.
The theory behind it was that if the price of UST increased above $1, the same amount of LUNA would be burned, which would result in the production of more UST and reduce its value accordingly. On the flip side, in case the price of UST plunged below $1, they were exchanged for LUNA, growing the value of UST.
All was well until May 2022, when the global crypto network experienced extensive investor panic and flight. This scenario resulted in the total de-pegging of UST and a downside trend in the LUNA price because of hyperinflation.
The Luna Foundation Guard stated weeks later that there would be a new blockchain network called LUNA2. They also said that the original blockchain would be renamed Terra Classic. UST was then renamed USTC and was then remodeled to become a stablecoin backed by collateral instead of an algorithm.
To put it simply, what was once LUNA is now called LUNC and is operated by its network.
Tamadoge (TAMA) Price Update
Tamadoge announced its listing date on LBANK. Based on the project’s official website and social media accounts, TAMA will list on LBANK on October 5. The update came several days after the token got listed on OKX DEX and CEX.
For anyone unfamiliar with this project, Tamadoge is the first meme coin with real token usage. Moreover, it has a deflationary token design, meaning that at the end of every month, 5% of all TAMA tokens spent will get burned.
The Tamadoge gamers who accumulate the most Dogepoints will get a share of the prize pool, which will get 65% of the tokens used within a month. This game focuses on raising, breeding, and battling virtual NFT pets. Tamadoge is one of the most eagerly awaited high-growth crypto releases in 2022 due to the whole design and nature of the game, which has the possibility of attracting millions of players.
At the time of writing, the coin is trading at $0.08417, down from a high of $0.08518, and has found major support at $0.072 on strong trading volume. Over 224 million of the 1 billion Tamadoge tokens in circulation have been traded.
Based on information from most traders, the TAMA price may rebound up to 83 times present levels, which makes the current price an attractive and relatively low-risk starting point.
LUNC Gained 80% Since May To Today
Knowing how the coin has already functioned and operated in the past may give us some helpful background when it comes to evaluating a current Terra Classic price prediction or making our own. Nonetheless, historical performance should not be considered a predictor of future results.
In July 2019, Terra first came to the open market at about $1.30. The price speedily turned out to be somehow overpriced, plunging below $1. It remained there until the start of 2021, when it broke over $1 in January and went on to reach highs of $22.33 on March 21.
After its drop during the ensuing months, it recovered later in the year to reach highs of $103.33 on December 27. In the first several months of 2022, the token that was then known as LUNA recorded some strange price movement, reaching an all-time high of $119.18 on 5 April. Sadly, it crashed extensively to bottom at an all-time low of $0.00001675 on May 13.
The coin’s closing price on May 28 – which is the day the old LUNA changed into the LUNC – was $0.00009566. Since then, there have been many ups and downs. The announcement confirmed the bear market. In that context, the crypto-lending platform Celsius (CEL) stopped all withdrawals, which sent LUNC to lows of $0.0000517 on June 18.
Buy Crypto NowNevertheless, later on, there was some rebound. On June 29, it recorded an intraday high of $0.0001649 per share. After that, there was a drop, but in late August, there was a sharp increase, and the price ended that month at $0.0002252.
More increases came after the disclosure of plans to impose a 1.2% tax on blockchain transactions, and things got better when the KuCoin (KCS) exchange said that it agreed with these measures. The ideas were accepted on September 21.
Terra Classic surged to a record of $0.0005888 on September 8, 2022. But after all that, its value dropped, falling to around $0.000185 early on September 26, 2022.
After hearing about the Interpol, the South Korean government, Kwon, and, perhaps most considerably, Binance (BNB) saying that it would implement a 1.2% burn on LUNC trades, the price of the crypto soared up a few hours later, trading at around $0.00031.
The Takeaway
Terra Classic developers have said that the updated initiative aims to turn LUNC into a deflationary currency as the nation’s economy recovers from inflation. If you are doubtful about the LUNC tokens, you can buy the best alternative – Tamadoge – at affordable prices on OKX DEX and CEX before it surges further.
