Luna, LUNC, or USDTC: three tokens that are struggling to take off despite some flashes that will delight the most avid traders of speculation.
Luna, LUNC, and USDTC are three tokens that are struggling to take off despite some flashes that will delight the most avid traders of speculation. In fact, although LUNC and USDTC tokens sometimes manage to gain several hundred percent in a short period of time, the truth is that these tokens go back down just as quickly.
Since the Luna hard fork, both the first and second tests of the token are trending negatively, just like the rest of the cryptocurrency market.
Has Luna 2.0 Stopped?
At the time of its launch, the token was able to reach “highs” on Binance at $25, it has been in gradual decline ever since. Now, the asset is trading at $1.73, a drop of almost 93% for this new token.
This is quite an impressive drop for a month and a half when most altcoins have not lost that much, or at least for several months.
Analyzing the massive correction of the first version of the Luna token (now LUNC or Luna Classic) and its +99% drop, it seems that the second token follows a similar trajectory and seems destined for doom.
LUNC Continues to Suffer from Hyperinflation
Currently, the first version of the LUNA token (LUNC) still has several 0s in its price, and surely its owners have dreamed about erasing one after another. The token is trading at $0.000091.
Despite a few blowouts and the recent temporary removal of a zero, the token has steadily declined over the past month after seeing its price “explode” in late June.
Hyperinflation is the main reason for the token meltdown, and it remains an issue as the community looks to organize and get to work on achieving the “wild dream” of a $1 Luna Classic token in the coming months or even in the next few months.
According to the LUNCDAO Twitter account, the token burn seems like a no-brainer and a strategy for the token to find a decent exchange price. According to the words of this validator, millions of tokens have already been burned, acting as authentic arsonists.
USTC Regaining Its Parity: Rational or Irrational Design?
Even if it is clear that the USTC is no longer a stablecoin, is it rational to imagine it reaching parity? In fact, with an increase of several hundred percent in a few days, for some, the USTC makes it possible to obtain very expensive profits in a short time.
Interestingly, some price predictions for the next few years estimate that the Terra USD Classic could reach “highs” by 2030, with a price of $1.61 by 2027. An estimate that seems unrealistic, given that the usefulness of this token is now zero even. if the big shot could charter “pump and dump” sets or price gouging to make a profit on a dead project.
In short, the only ray of hope for LUNC and USTC token holders may come from the fact that the TerraForm Labs teams have moved away from these tokens and now only the community and validators are looking to solve this hyperinflation. However, the actual current burn capacity remains to be seen.
By Audy Castaneda
