The past two weeks have seen an extreme bear market in its history. cryptosphereTotal market capitalization fell to $1.1 trillion for the first time since July 2021. Terra (LUNA) was among the 10 most valuable cryptocurrencies in the market, with an all-time high of $119.5. However, on May 11 it lost about 99% of its value and its price dropped from $75 to $0.000005 in 5 days. With unexpectedly large fluctuations, it recovered over 1000% on May 14 and the trading price is $0.00144. Where Luna will go in the face of the current situation has become a major concern.
What’s next for Luna?
Crypto analyst WalletInvestor still describes LUNA as a “great investment” and predicts that the cryptocurrency is poised to experience bullish growth. The token may exceed $50 in November 2022.
However, DigitalCoinPrice does not believe it will rise above the $1 mark again. His prediction on LUNA shows that the cryptocurrency will remain at an average price of $0.0002 this year. This is expected to increase slightly in 2025, when the average price is estimated at $0.0003. His prediction for the price of Terra Luna by 2031 is that the price will climb to $0.0009. Moreover, the future of Luna in the long run is not very optimistic. Predictions for the LUNA by PricePrediction show that a jump is unlikely.
What contributes to Luna’s downfall?
Unlike Tether’s USDT or Circle’s USDC, which is backed by fiat currency or equivalent asset, Terra is designed to hold steady through a mathematical algorithm and active trading. Recently, UST has been “disconnected” at $1 following high selling pressure due to multiple user escapes from the Anchor protocol.
because they are linked to mechanisms mint and burn in chain, this intense short led to sharp declines in both the UST and LUNA. Then the disassembly took place. When investors realized that $1 in LUNA was no longer $1 in UST, they were “non-bankrupt”. As a result, LUNA dropped 98% in price and lost most of its market value.
Is public trust in altcoins a problem?
Faced with the very bearish Luna market, the project team is considering what to do to turn the situation around. Will they be able to lift Luna up? This is extremely difficult to do as it requires a lot of public and financial attention to nurture the project. The team needs the community to trust them again and give them a second chance, but the community is fed up with the project due to the massive loss of funds and lives. In fact, there is more reliance on traditional currencies from the public. At the same time, traditional currencies (BTC, ETH, etc.) showed stronger hedging capabilities in the face of market turbulence. However, I think many crypto novices will have a headache with the complex mechanics and gameplay of some mature platforms. For starters, Bexplus crypto exchange is not to be missed. most copy trade It allows beginners from Bexplus professionals to develop with high-speed veterans and make their own profits in the crypto market.
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