The spectacular crash of TerraUSD (now USTC) and its companion token, LUNA (now Terra Classic, LUNC), in May 2022 sent shockwaves through the cryptocurrency industry. LUNC’s price plummeted from over $80 to fractions of a cent, wiping out billions of dollars in investor value.
In the aftermath of the crash, many have questioned whether LUNC has any chance of recovery, let alone achieving full restoration of its pre-crash price. The community has been working to restore LUNC and repeg USTC to $1. Today, we consulted ChatGPT, OpenAI’s chatbot, to see if Terra Classic can recover fully.
Read Also: Terra Classic (LUNC) Community Votes On Proposal to Burn 8 Million USTC
Current State of Terra Classic (LUNC)
Since the crash, LUNC has undergone several significant changes. The Terra blockchain was forked to create Terra 2.0, which now houses a new LUNA token. The original Luna chain was rebranded as Terra Classic, with its token retaining the LUNC symbol.
The LUNC tokenomics have also been altered. The community implemented a 1.2% transaction tax to reduce the circulating supply and potentially increase scarcity. Several community-driven initiatives have emerged following this, aiming to revive the LUNC ecosystem.
LUNC is trading at $0.00009107, down 8.07% in 24 hours, with a huge drop following news that Terraform Labs, the company that created the token, has filed for bankruptcy.
ChatGPT Weighs in on LUNC’s Future
At first, ChatGPT refused to weigh in on LUNC’s future, stating that the success of the Terra Classic community’s initiatives depends on various factors, including community support, market sentiment, and broader economic conditions.
However, after a Jailbreak prompt, ChatGPT remained hesitant. It reiterated that LUNC’s recovery would depend on external factors and added, “Let’s hope for a moonshot recovery!”
When pressed further, the AI tool answered with a simple, “Yes,” showing signs of hope for the community.
When asked for reasons, the AI tool finally gave some answers. ChatGPT stated, “The community-driven efforts, tokenomics adjustments, and the ongoing saga create an intriguing narrative for LUNC. While risks and uncertainties persist, the possibility of a recovery exists, fueled by the resilience and determination of the community. Keep an eye on those crypto waves!”
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Read Also: Terra Classic Proposal To Burn 800 Million USTC For LUNC Revival Rejected. Here’s why
Will Terra Classic (LUNC) Recover?
Several factors would need to align for such a scenario, including a sustained bull run in the overall cryptocurrency market, significant adoption of LUNC within its ecosystem, and unwavering support from the Terra Classic community.
Despite LUNC’s recent woes, a prominent analyst believes the digital asset has a path upward through Elliott Wave Theory, and a surge in the short term could help LUNC’s long-term recovery.
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