The price of Terra Classic (LUNC) has been falling lately and over the past month it has managed to beat almost every cryptocurrency on the market. The price has risen by more than 300% in a 30-day period, pushing the market capitalization back above $1.5 billion. As the coin continues to outperform, the possibilities of returning to the previous all-time high market cap increase.
LUNC price breaks one-year high
After Terra’s collapse in 2022, the LUNC price (then known as LUNA) collapsed completely, from above $100 to below $0. This has continued over the past year, especially as the LUNC supply has increased to over 6.5 trillion.
As the price fell, so did the market capitalization. But with the price recovery so far, the jump in market cap is no surprise. However, it is still far from the highest ever market cap of $45 billion reached in 2021.
Now, if LUNC were to return to this all-time highest market cap again, it would be a significant increase from its current price. But it will still be a long way from the ATH price of $$120. At a market cap of $40 billion, the price of the altcoin would only be around $0.007.
This would represent an increase of more than 10x from the current price. However, it will still be very low compared to the previous price and the price of the new LUNA token that was launched in 2023 and is already trading above $1.
Token price breaks $0.0002 | Source: LUNCUSDT on Tradingview.com
Can Terra Classic break the previous ATH?
The LUNC community has implemented a burn initiative to reduce the number of tokens in circulation. As a result, billions of tokens have been removed from circulation in less than a year. Facts The LuncMetrics website shows that 83.77 billion tokens have been burned to date since the burn initiative was introduced in 2022. However, this is just a drop in the ocean of the total token supply that runs into the trillions.
Nevertheless, the community continues to burn tokens in an attempt to drastically reduce the circulating supply. In the last seven days, just over 5.2 billion LUNC tokens have been sent to the fire address, reducing the supply little by little.
The LUNC price is still far from returning to its former glory, but there is still a lot ahead for the coin. If the price continues to perform well in the bull market, a return to the $0.01 level is possible. As the crypto industry grows, the likelihood of top coins surpassing the $100 billion market cap becomes even more likely, signaling a brighter future for the altcoin.
