Terra Classic (LUNC) market statistics have been impressive over the past few weeks. Data obtained from CoinGecko, a leading crypto assets tracking site, revealed LUNC’s market value to have increased by approximately 261.3% and 205.5% in the previous month and the past 14 days, respectively.
The statistics above imply good tidings for a crypto asset struggling to remain afloat over the past few months.
Notably, Terra Classic (LUNC), onetime Terra (LUNA), has experienced a rough journey since its release. After attaining an all-time high (ATH) of about $119.2 in April 2022, LUNA’s value plunged to a fraction of zeros in May 2022.
Read Also: Terra Classic Surges 32% As Binance Burns About 4 Billion LUNC. A Strong Comeback At Hand?
The collapse above was predominantly due to some unfortunate events that led to the collapse of its stablecoin, TerraUSD (UST), now USTC.
Nevertheless, the Terra Classic development team has been working to revive the ecosystem tokens, which is evident in recent price actions.
Although LUNC has shed little of its gains over the 24 hours, it remains among the top 50 cryptocurrencies, as it recently deleted a zero from its fraction of zeros.
Should the above price movement persist a little longer, it would not be daunting for LUNC to achieve a price high in the range of $1.
It is worth noting that LUNC was projected to attain a $1 price mark in November, following a TerraClassicUSD (USTC) surge of about 160%.
In a deeper sense, Terra Classic achieving a $1 price level would invariably pump its market cap to new highs.
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Read Also: If Terra Classic (LUNC) Hits This Price, It Will Regain Its ATH Market Cap of $41 Billion
Terra Classic (LUNC) At $1 – What Would Market Cap Become?
Barring any changes to LUNC’s circulating supply, LUNC at $1 would imply a significant increase in the token’s market capitalization value.
For context, LUNC’s projected increase to the $1 price level would imply a 416,566.7%. Also, the coin’s market cap is worth $1,396,258,533, with a circulating supply of 5,835,135,999,752 tokens.
Based on calculations, LUNC at $1 would imply a market cap surge to over $5.8 trillion. This value is far above LUNC’s all-time market cap of $40.99 billion.
The above indicates that for LUNC to achieve a $1 price level, there is a strong possibility that the token’s circulating supply will reduce. With the current circulating supply, the Terra Classic community should stop chasing the dream of LUNC reaching $1 anytime soon.
However, it is left to see how events unfold. Notably, there have been significant efforts to reduce LUNC’s massive supply, with Binance at the forefront of the burn project.
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