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Will Terra(LUNA) Enter the List of Memecoins and Compete With Them to Hit $1?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 20, 2022

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Highlights

    Terra’s disaster continues as the price continues to plunge hard as the traders are losing the hope of a strong rebound until the excess minted coins are burnt

    While the token once secured its position as one of the top performing assets of 2022 is now been compared with the popular memecoins

While the voting for the proposed LUNA fork to create the next version called LUNA V2 is going on, the price continues to dip along with the market cap. The community strongly opposes the fork and wants the excess tokens to be burnt, but nearly 80% of the votes are in favour of the proposed fork. As the proposed fork also includes an airdrop of new tokens for all the holders, the Terra team believes a new start may have a positive impact on the LUNA price. However, the focus on UST still remains indistinct.

Currently, LUNA’s price continues its free-fall since the early trading hours by dropping nearly 10% and stands at $0.0001366. On the other hand, the rounds of Terra dissolving Terraform Labs just before the crash and the entire legal team quitting have deeply impacted the LUNA price. And hence the traders who are waiting for a significant LUNA price jump may have to wait for a pretty long time, as a price reaching $1 also may be a milestone currently. 

The analyst here lays down the reason why LUNA price may not even hit $1 any time in the near future. As the proposal does not include burning LUNA tokens, the market cap could reach more than $6 trillion as the current circulating supply is above 6 trillion. And as it is 6 times more than the present global market cap, it is impossible for the asset to hit $1, similar to Shiba INU. 

However, it appears that the Terra(LUNA) price is somewhat appearing to be slowly including itself within the memecoin lists. Similar to the SHIB, DOGE and other memecoins which do not have any prospects to reach even closer to $1 any time, LUNA may also have the same fate ahead. On the other hand, despite the need to burn the tokens intensifying, it is still uncertain that the burn may uplift the price in the near future. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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