Warning: LUNC's Terra Classic stock price has dropped $1 billion since December
Almost two-thirds of Terra Classic's market worth was wiped out in the huge sell-off that began in December 2023. As a result, LUNC is now one of the underdogs among the top 100 cryptocurrencies by market valuation.
On January 23, LUNC had a market value of $525.74 million, trading at $0.0000908 at of press time. In the span of a week, the value of cryptocurrencies plummeted by $200 million. According to CoinMarketCap, the token's market cap was $727.11 million on January 16th.
View the Terra Classic (LUNC) market capitalization chart for the last week. According to CoinMarketCap,
The market capitalization of Terra Classic peaked on December 4 at $1.5 billion. A general uptick in interest in alternative cryptocurrencies prompted this bull run. But LUNC's gain was brief; a few weeks later, the cryptocurrency saw a massive sell-off.
Disposal: Terraform Labs has just filed for Chapter 11 bankruptcy.
The inventor of TerraUSD, Terraform Labs, filed for Chapter 11 bankruptcy in the United States on Sunday, according to court records. Citing assets and liabilities ranging from $100 million to $500 million, the Singapore-based corporation made its bankruptcy filing in Delaware.
The Terra Classic ecology and the faith of LUNC investors may have been impacted by this recent revelation. The bankruptcy proceedings have further added insult to injury for LUNC while the whole cryptocurrency market is in a tailspin.
It is worth noting that within the same time frame, Terra (LUNA) has lost more than 50% of its market value. At the moment, LUNA is trading at $0.5706 and has a market value of $363.61, placing it at position 130. The future of both cryptocurrencies is currently murky.
Chart showing Terra's (LUNA) market capitalization over the last 12 months. According to CoinMarketCap,
In sum, the initiative is up against yet another formidable PR obstacle, and there's no assurance that it will recover. Going forward, the price may keep dropping.
