The price of Terra’s token LUNA was as $100 per 1 LUNA in April, but it crashed to near zero last week. TerraUSD (UST), Terra’s algorithmic stablecoin, lost its peg to the US dollar.
This occurred against the backdrop of a significant crypto market decline, which sent Bitcoin’s price down by over 20%.
Now that Terra has lost 99% of its value, is there any hope for recovery? Its founders are making an effort to get it back up and running, which you’ll read about below.
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What is Terra?
Terra Luna is a crypto project created by Terraform Labs, a tech company based in Singapore. Its purpose was to generate crypto adoption by building a set of algorithmic decentralised stablecoins required to carry out DeFi transactions.
Terra reanimation action plan
Terra’s founder Do Kwon has a plan to reanimate the coin. The first part of the plan involves a huge burn of the stablecoin TerraUSD (UST-USD) to bring it back to $1.
They plan to burn more than 371 million UST on the Ethereum Mainnet and any UST left in the Terra community pool.
The second part is to stake 240 million LUNA tokens to stop whales from seizing control and to stabilize network governance.
In addition, developers halted the Terra blockchain and suspended all pending transactions. This was to keep people from buying up LUNA at its extremely low price.
Should I buy Terra today?
Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never make any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose.
Terra price prediction
Many investors have become pessimistic about Terra’s prospects. According to the Motley Fool, it’s best to steer clear of the project despite the token’s low price.
Digital Coin Price and Coin Price Forecast see little hope for LUNA, forecasting an end-of-year price of below 1 cent resp. 6 cents.
However, other experts beg to differ. Investing Cube believes it is possible for LUNA to recover. If the stablecoin goes back to $1 again, LUNA will start gaining.
Wallet Investor has not adjusted its bullish prediction for LUNA from before the crash. They predict 1 LUNA will trade for $151 in May 2023. Finally, Gov Capital anticipates LUNA to be worth $108 a year from now.
Terra on social media
— Watcher.Guru (@WatcherGuru) May 15, 2022