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Months after the Terra Luna Coin disrupted the entire crypto market with its drastic collapse in May 2022, the Terra Classic (LUNC) appears to be making an exciting comeback.
Some experts believe one of the most spectacular comebacks of the year is developing with LUNC, as the coin has grown by 80% since it reached its all-time low. This exponential growth has been primarily aided by the 1.2% token burn tax imposed on all transactions.
While LUNC continues taking the crypto market by surprise, a meme coin known as Tamadoge (TAMA) currently has the best bullish era this year.
Rising From The Ashes; Appearance of Terra Classic (LUNC)
The native coin of the Terra Classic blockchain is referred to by its ticker symbol, LUNC. This is the identical blockchain that was once called Terra (LUNA) and was developed in 2019 to support the development of a stablecoin called TerraUSD by cryptocurrency pioneers Daniel Shin and Do Kwon (UST). Then, USTs could be exchanged for LUNA and were created by burning LUNA.
The theory was that if the price of UST increased above $1, the same amount of LUNA would be burned, which would produce more UST and reduce its value. On the other hand, if the price of UST dropped below $1, they were exchanged for LUNA, increasing the value of UST. Everything went according to plan until May 2022, when the global crypto ecosystem experienced investor panic and flight. This resulted in the total de-pegging of UST and a downward trend in the price of LUNA tokens due to hyperinflation.
The Luna Foundation Guard announced weeks later that there would be a new blockchain network which would be referred to as LUNA2. They further explained that the original blockchain would be renamed Terra Classic. UST was accordingly renamed to USTC and was remodelled to be a stablecoin backed by collateral rather than an algorithm.
Simply put, what was once LUNA is now known as LUNC and is operated by its network.
Latest Updates On Tamadoge (TAMA)
Tamadoge finally announced a listing date on LBANK. According to their official social media profiles and website, TAMA will be listed on LBANK on Wednesday, October 5, 2022. This update comes a few days after the tokens got listed on OKX DEX and CEX.
For those who don't know, Tamadoge is the first meme coin with actual token usage. Additionally, the project also has a deflationary token design, which means that at the end of each month, 5% of all TAMA tokens spent will be burned. The Tamadoge players who accumulate the most Dogepoints will receive a share of the prize pool, which will receive 65% of the tokens utilised within a month.
The game focuses on raising, battling, and breeding virtual NFT pets. Tamadoge is one of the most eagerly awaited high-growth crypto releases in 2022 because of the entire design and nature of the game, which has the potential to draw millions of players.
At the time of publication, the coin is currently trading at $0.023, down from a high of $0.05, and has found strong support at $0.020 on strong trading volume. Only six hours into the trading sessions and 224 million of the 1 billion Tamadoge tokens in circulation have been traded.
According to traders, the TAMA price might rebound up to 83 times present levels, making the current price an alluring and relatively low-risk starting point.
80% Price Pump From May To Present
Knowing how the coin has performed in the past might provide us with some helpful background when it comes to evaluating an existing terra classic price prediction or making our own. However, historical performance should never be considered a predictor of future results.
In July 2019, terra first appeared on the open market at about $1.30. This price quickly turned out to be somewhat overpriced, dropping below $1. It stayed there until the beginning of 2021, when it broke over $1 in January and advanced to a high of $22.33 on March 21.
After declining during the ensuing months, it recovered later in the year and reached a high of $103.33 on December 27. In the first few months of 2022, what was then known as LUNA experienced some unusual price movement, reaching an all-time high of $119.18 on 5 April. It bottomed at an all-time low of $0.00001675 on 13 May.
The coin's closing price on May 28—the day the old LUNA changed into the LUNC—was $0.00009566. There have been ups and downs since then. The announcement confirmed the bear market that the crypto-lending platform Celsius (CEL) had stopped allowing withdrawals, which sent LUNC to a low of $0.0000517 on June 18.
However, following that, there was some rebound, and on June 29, it hit an intraday high of $0.0001649 per share. Following this, there was a decline, but in late August, there was a sharp increase, and the price ended the month at $0.0002252.
Further increases followed the disclosure of plans to impose a 1.2% tax on blockchain transactions, and things got even better when the KuCoin (KCS) exchange announced it agreed with the measures. The ideas were accepted on September 21.
Terra Classic reached a record of $0.0005888 on September 8, 2022. But after that, its value decreased, falling to roughly $0.000185 early on September 26, 2022. After hearing about the South Korean government, Interpol, Kwon, and, perhaps most significantly, Binance (BNB) announcing that it would implement a 1.2% burn on LUNC trades, the price of the cryptocurrency soared up by lunchtime, trading at roughly $0.00031.
Bottom Line
Terra classic developers have explained that the goal of this updated initiative is to turn LUNC into a deflationary currency as the country's economy recovers from inflation. If you're sceptical about the LUNC tokens, you can purchase the best alternative —Tamadoge— at affordable rates on OKX DEX and CEX.
This article is brought to you by Crypto PR and is not necessarily representative of the views of The Herald.
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