The Terra Luna price has gone nowhere in the past few days as investors remain pessimistic about the platform. The coin is trading at $0.000137, which is close to its all-time low. While Terra has collapsed, the coin’s token is still valued at over $900 million. This makes it the 67th biggest coin in the world. Similarly, while the TerraUSD stablecoin has lost its peg, it is still valued at over $857 million.
Will LUNA recover?
The fallout of Terra Luna has been well documented. Adding the totals together shows that investors have lost billions of dollars from this retreat. For example, LUNA was once valued at over $40 billion, making it bigger than Lehman Brothers when it crashed. Similarly, TerraUSD had a peak market cap of more than $20 billion. Further, its DeFi ecosystem had a total value locked (TVL) of over $30 billion, making it the second-biggest platform after Ethereum.
Therefore, the Terra Luna price is likely because many investors believe that the coin will recover as developers develop a revival plan. Do Kwon, the network’s founder, has already identified a plan that he believes will revive the platform. The strategy involves distributing tokens to holders of UST and LUNA and coming up with an approach that does away with the stablecoin. In addition, Binance, the biggest blockchain firm globally, has offered to help the network recover.
Still, this recovery plan leaves many questions unanswered. For example, it is unclear whether the blockchain projects that supported Terra, like Anchor Protocol and Astroport, will be longer willing to use the network. Analysts believe that they will instead choose other popular platforms such as Ethereum and BNB Chain.
Terra Luna price prediction
It is incredibly difficult to conduct a Luna price prediction at this stage. The coin has seen low volume, and it has been moving sideways. Still, a rebound cannot be ruled out in the coming weeks. For one, with the coin trading at $0.00013, many investors will likely bet on its future and buy some. At this stage, the risk-reward ratio is a bit positive. Besides, we have seen many worthless cryptocurrencies do well in the past.