The recent crypto market crash that happened on May 19 will be remembered as one of the steepest market crashes in the history of the crypto markets. Bitcoin, the world’s most famous cryptocurrency, lost its value by over 40 per cent within a span of 24 hours, as per Coin Market Cap. Most other cryptocurrencies also saw a major dip in their prices. However, the crypto markets recovered quite rapidly. One crypto by the name of Terra Luna (LUNA) especially showed promising returns after the crash. In this article, we’ll be looking at the cryptocurrency Terra Luna and Terra Luna Price Prediction.
What is Terra Luna?
As per their website and whitepaper, Terra Luna was formed in January 2018 by the founding members – Daniel Shin and Do Kwon. They wanted to develop a new ‘intelligent currency’ that could adjust to today’s flexible financial markets. Terra Luna is a decentralised finance blockchain protocol that aims to provide users with long term crypto assets that are flexible to the needs of the market.
As per Ripple Coin News, Terra uses a price stabilisation algorithm that constantly changes the supply of an asset in relation to the demand to keep the prices stable. Terra uses this on their TerraUSD coin, which is a stable coin pegged to the value of a dollar. LUNA, the native coin of the Terra Luna network is used to make a transaction on the Terra Luna network and traded as a cryptocurrency. LUNA has seen significant gains in 2021. At the beginning of 2021, the Terra price stood at around $0.65 dollars in January. At the time of writing this article, the price of Terra has jumped up to $10.74, about a 2000 per cent rise in price.
Terra Luna Price Prediction
While crypto price predictions can be difficult, many crypto experts have given their take on Luna’ future prices. As per Ripple Coin News, Terra Luna could reach a price of more than $25 by the end of 2021. They also predict that the price of Luna could reach $40 by the end of 2022. Wallet Investor predicts that the price of Luna could reach up to $35 by the end of 2021. However, these price predictions should be taken with a grain of salt, especially given the recent crypto crash, which only goes to show that crypto markets are highly unstable.
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IMAGE: TERRA LUNA WEBSITE