Terra Classic (LUNC) price has been on a downward trend recently and has outperformed almost every cryptocurrency on the market over the past month. The price rose more than 300% in 30 days, pushing its market capitalization past $1.5 billion once again. As the coin continues to outperform, it becomes more likely that it will return to its previous all-time high market capitalization.
LUNC price hits one-year high.
Following the collapse of Terra in 2022, the price of LUNC (then known as LUNA) plummeted from over $100 to less than $0. This continued through last year, especially with LUNC supply increasing to over 6.5 trillion.
As the price fell, the market capitalization also fell. However, given the price recovery so far, a surge in market capitalization is not surprising. However, there is still a long way to go from the all-time high market capitalization of $45 billion achieved in 2021.
Now, if LUNC regains its all-time high market capitalization once again, it will see a significant increase from its current price. However, it is still far from the ATH price of $120. With a market capitalization of $40 billion, the price of an altcoin is only about $0.007.
This means that it will rise more than 10 times the current price. However, it is still very low compared to the previous price and the price of the new LUNA token, which was launched in 2023 and is already trading above $1.
Token price breaks $0.0002 | Source: LUNCUSDT on Tradingview.com
Can Terra Classic beat its previous ATH?
The LUNC community has implemented a burn plan to reduce the amount of tokens in circulation. This resulted in billions of tokens being taken out of circulation in less than a year. According to data from the LuncMetrics website, 83.77 billion tokens have been burned so far since the 2022 burn plan was introduced. However, this is only a reduction in the total token supply, which is in the trillions.
Despite this, the community continues to burn tokens to drastically reduce circulating supply. Over the past seven days, just over 5.2 billion LUNC tokens have been sent to burn addresses, reducing supply slightly.
The LUNC price is already far from regaining its former glory, but the coin still has a long way to go. If the bull market continues to perform well, a return to the $0.01 level is possible. As the cryptocurrency industry grows, it becomes more likely that the top coins will surpass the $100 billion market cap, signaling a brighter future for altcoins.