- In the meantime, as Terra ( LUNA-USD) prices continue to drop investors may believe that this is the end of the LUNA cryptocurrency
- The founder Do Kwon says developers are trying to correct the wrongs of the network
- Analysts are split over the question of whether LUNA price will rebound
It’s tough to put your faith in Terra at this stage. Terra is the topic of crypto bulls and bears alike, in the wake of a massive price crash this week. Investors who remain invested are investing while prices are extremely low, or have suffered so many losses that they’re waiting for the best. Do you think LUNA going to rebound from this?
Do Kwon, the founder of the Terra network, definitely believes that way. Kwon has been working to calm investors since the project started to sink seriously. He has been doing this using his developers’ 3-pronged strategy to resuscitate the product.
The first two elements of the plan will involve the massive TerraUSD ( UST-USD) burn in order to keep the currency stable at $1. More than 371 million UST in the Ethereum ( ETH-USD) network will be destroyed along with the majority of UST left inside the Terra community pool. The third element of this plan is to stake around 240 million LUNA to maintain governance and stop an eagle from taking control of the network.
In addition to these plans, they are accepting a proposal from the community to increase the rate of burn of UST. In addition, they temporarily stopped the blockchain for a period of time and froze all unfinished transactions. This was to keep users from profiting from the low cost of LUNA and then buying all of it all at once.
Does the LUNA Crypto recover? Analysts Aren’t Certain.
Although the LUNA cryptocurrency is trading at just one cent, investors could be making a mess of their hands at the ceiling. What is the chance this bailout plan will help save Terra? Terra network?
There are many who doubt the project. There is a sense that the majority of discussion about the network is negative, with a lot of investors already stating that the project is to be dead. A report from the Motley Fool’s Trevor Jennewine is cautioning investors to stay away from the LUNA network today, despite its extremely low cost. Price-predicting websites such as CoinPriceForecast as well as DigitalCoinPrice have no growth prospects for the network in the near future as well. The two websites predict an end-of-year price of six cents and less than a cent in each case for LUNA.
There are other people who have some hopes to the blockchain. The website for crypto analysis InvestingCube stated that the possibility of a LUNA cryptocurrency price recovery is an option. According to the report, UST return to $1 could trigger a LUNA increase, which would allow it to return to its previous levels. Price prediction website the WalletInvestoris remains highly optimistic about its 12-month LUNA forecast. The site expects the coin to be worth $151 by the end of May 2023. In the meantime, peer-to-peer exchange Gov Capital anticipates an average price of $108 for the coin within the same timeframe.