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We are ready to stake Luna classic to 2030 because we see the future in it. Stake your Terra classic #flexible earn in #Binance #TrendingTopic #TerraClassicRising #TerraNetwork #TerraClassic #TrendingTopic

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While Terra is down, it’s certainly not out—whether Luna Classic can recover will depend on the success of the burn program, support from the community, and the pace of protocol development. LUNA reached its all-time high on April 6, 2022, at a price of just under $120. Just about a month later, the token’s price dropped to well below $1 after the rapid collapse of the Terra ecosystem. The legacy chain is still going on under the name Terra Classic, and the name of its token has been changed to LUNC. Terra Classic is surprisingly popular and has one of the most active communities in the crypto world. With the community-led effort, will Luna Classic reach $1 once again? In this article, we’ll examine the reasons behind Terra’s collapse, examine Luna Classic’s $1 potential, and use technical data to determine whether Luna Classic will recover. KEY TAKEAWAYS: Terra Classic (LUNC) was a $60 billion ecosystem before the issues with UST stablecoin's peg to the US dollar in May 2022 caused hyperinflation of LUNA. Terra relied on an algorithmic design involving its native token, LUNA, with an arbitrage mechanism for stablecoin conversion. After the arbitrage mechanism failed and people began selling their USTC stablecoin en masse, the price of LUNC plummeted by over 99.99%. After the collapse, the Terra project split into Terra 2.0 and Terra Classic. Luna Classic retained algorithmic stablecoins with a community-led effort. Reaching $1 for LUNC is very unlikely with the current supply, requiring a market cap of $5.80 trillion. Terra Classic implements a 0.5% tax on LUNC transactions to reduce supply and reduce the hyperinflated supply of LUNC. A short to medium-term recovery to $1 seems improbable, with the CoinCodex prediction suggesting an increase to $0.000130 by June 2024.

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