LUNC is up a staggering 300%, can it reach the previous ATH market cap?
The price of Terra Classic (LUNC) has been on the rise lately, and over the past month, it has outperformed almost all cryptocurrencies on the market. Its price has increased by more than 300% in 30 days, which has given it a market capitalization of over $1.5 billion again. As the coin continues to outperform the market, it becomes more likely that it will return to its previous all-time high market cap.
After the collapse of Terra in 2022, the price of LUNC (then known as LUNA) completely collapsed, falling from above $100 to below $0. This has continued over the last year, especially LUNC supply has surged to over 6.5 trillion. As the price plummeted, so did the market capitalization. But so far, it's no surprise that the market capitalization has jumped as prices have recovered. However, there is still a long way to go from the all-time high market capitalization of $45 billion reached in 2021.
Now, if LUNC were to return to its all-time high market cap again, that would be a significant increase from its current price. But it's still a long way from the $120 ATH price. At a market cap of $40 billion, the altcoin has a price of around $0.007.
This means that the price is more than 10 times higher than the current price. However, it is still very low compared to the previous price and the price of the new LUNA token launched in 2023, which is already trading above $1.
LUNC community has implemented a burn program to reduce the number of tokens in circulation. In less than a year, billions of tokens were taken out of circulation. Data shows that since the launch of the burn program in 2022, 83.77 billion tokens have been burned so far. But that's just a drop in the ocean of trillions of token supply.
Despite this, the community continues to burn tokens in order to drastically reduce the circulating supply. Over the past 7 days, more than 5.2 billion LUNC tokens have been sent to a burn address, with the supply gradually decreasing. The price of LUNC is far from returning to its former glory, but the coin still has a long way to go. If it continues to perform well in the bull market, there is a possibility of a return to the $0.01 level. As the cryptocurrency industry grows, the likelihood of a top-tier token market cap surpassing $100 billion becomes even greater, which bodes well for altcoins.
(Source: Best Owie)
