Marked by disaster last May, the Terra Luna Classic (LUNC), which fuels the original Terra blockchain, has been demonstrating a rather inspiring performance within the broader crypto market in recent days. Despite significant fallbacks from heavyweight players such as Bitcoin and Ether, LUNC’s value experienced upward movement of more than 5.0% over the past week. Interestingly, crypto observers attribute this stellar performance to a recent vote by the Terra Classic community to cease the production of new LUNC tokens.
For context, the contextualization of the Terra Classic blockchain’s UST stablecoin from its 1:1 peg to the US dollar last May resulted in an astronomical $28 billion flight of Decentralized Finance (DeFi) capital from the ecosystem. This saw LUNC lose nearly all its value. But, Terra Classic enthusiasts are hoping to revive the ecosystem, and the decision being engineered to reduce the number of LUNC tokens serves as a major point of this plan.
However, despite the recent upbeat performance, LUNC still clocks in at 90% lower against its peak value last September. And the overall long-term downtrend suggests a cautious stance might be a good move for those pondering about price projections. In other words, a retest of last June’s all-time low in the $0.00003s could still be on the horizon.
In the face of a potential dip, some foresee a short-lived price spike in the $0.00007/8 area. Such an occurrence would no doubt be treated by many dealers as an invitation to increase their short positions. Consequently, while LUNC’s efforts demonstrate the community’s strength and resolve, the cryptocurrency represents an uncertain wager in the current setting.
That being said, it’s not all gloom and doom. For those willing to play a high-stakes game, crypto presales might be a promising alternative. Presales present an opportunity to become early investors in new crypto projects, providing essential funding and obtaining tokens at significantly lower prices. Considering that some projects have remarkable teams and revolutionary visions, the return on investment could be substantial if identified correctly.
Of course, cryptonews team does its part to assist in this endeavor, regularly exploring presale projects to offer promising selections. Currently, they recommend keeping an eye on their compilation of what they deem the 15 best crypto presales of 2023.
Even with these suggestions, it’s important to keep in mind that the crypto market is characterized by immense risks, and the possibility of losing all invested capital remains.
This isn’t investment advice — it’s a reminder that the crypto tide can rapidly turn for better or worse. It’s up to individual investors to surf the waves diligently.
Source: Cryptonews
