February 9, 2023
Luna Classic ($LUNC) is a stablecoin, formerly known as $LUNA, serves the same purpose as the original Terra Luna coin and maintains the value of the Terra Classic stablecoin ($UST).
- TerraUSD ($UST) Terra Classic might be re-pegged to $1. If this re-peg of the stablecoin is successful, it may bring bullishness on $LUNC.
- Due to the fact that Bitcoin and Ethereum are the two largest coins, many other altcoins tend to follow any major change they make.
- Both coins face resistances for now, which could possibly explain Luna Classic’s short-term depreciation. According to CoinGecko, $LUNC/BTC has depreciated 4.2% in the past 24h.
Image: Terra Classic ($UST)/Bitcoin 24h performance, from Coingecko.
Image: Terra Classic/USDT from KuCoin on TradingView, 2023 YTD.
Terra Classic is up on the year by 19%. It will be interesting to see how successful Terra/Luna might be in making a comeback, and how they maintain the “new” stablecoin. It seems there is a lot of support and evidence showing progress, so this may be a coin worth keeping an eye on.
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