Terra Classic (LUNC) Chances Of Revival Grow Slimmer, Here’s Why
11 August 2023 - 1:00AM
NEWSBTC
Terra Classic (LUNC) has suffered persistent declines since the
network’s collapse back in 2022. These declines have ranged from
its price through to the network’s Total Value Locked (TVL). And
even while development abounds among its community members to try
to restore it to its past glory, the numbers point to a low
possibility of recovery. Terra Classic TVL Falls To All-Time Low
After Terra’s crash in 2022, the network lost a significant chunk
of its TVL due to investors pulling out their funds as well as
developers moving their decentralized applications and protocols to
other networks. Over time, there seemed to be a stable trend but
once again, the network has lost out against its better
counterparts. Related Reading: Cardano (ADA) Next In Line For A
Rally Following Shark And Whale Buying Spree Data from the on-chain
tracker DeFiLlama shows that as of Thursday, the total Terra
Classic (LUNC) TVL is sitting at $2.11 million. This is notable
because this is the lowest that the network’s TVL has ever been. It
is also a long way from the over $20 billion all-time high TVL of
the Terra blockchain before its tragic collapse. LUNC TVL falls to
new all-time low | Source: DeFiLlama The vast majority of its
meager TVL is spread across just two DeFi protocols: Terraswap and
Astroport Classic, with $1.07 million and $933,527 in TVL,
respectively. The highest that Terra’s TVL has been in 2023 is $12
million back in April 2023. Terra’s TVL has now declined by over
83% from its 2023 peaks. In the same vein, DeFiLlama shows $0
decentralized exchange (DEX) volumes over the last week, meaning
that trading activity on the network has grounded to a halt. The
Road To Recovery For LUNC Over the last year, the Terra community
has been consistent about trying to help the network recover.
However, the kind of decline that the cryptocurrency suffered as a
result of the crash is not easy and near impossible to recover
from. Related Reading: Crypto Analyst Says Bitcoin Could Reach
$180,000 Next Cycle If This Happens Throwing in the fact that the
network’s activities are almost non-existent, the chances of
recovery have become even slimmer. But perhaps the biggest
hindrance to its recovery is the fact that LUNC’s supply ballooned
to over 6 trillion coins. Given this, even a surge to the $1 mark
is out of reach for the token, unless there is a significant
reduction in its supply. LUNC’s price continues to struggle at this
time, trading at $0.00007746 at the time of writing. Its market cap
is currently sitting at $450 million, making it the 80th-largest
cryptocurrency by market cap. LUNC price trading over 99% below
all-time high | Source: LUNCUSDT on Tradingview.com Follow Best
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funny tweet… Featured image from Finbold, chart from
TradingView.com
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