Everything you need to know about LUNC (Terra Luna Classic)
What is LUNC?
LUNC (Terra Luna Classic) is the original cryptocurrency of the Terra blockchain, created to drive an ecosystem of payments and DeFi applications using algorithmic stablecoins like UST. It was one of the largest and most promising projects in the crypto market before its collapse in 2022.
🚀 The rise: all-time high
All-time high (ATH):
Approximately $119 USD per coin
Date: April 2022
Market capitalization:
Surpassed $40 billion dollars, ranking in the Top 10 of the global crypto market.
At that time, Luna was considered a solid project, with strong adoption, high volume, and institutional backing.
The collapse of Terra
In May 2022, one of the largest collapses in the history of cryptocurrencies occurred:
The stablecoin UST lost its peg to the dollar
The algorithmic mechanism failed
Trillions of LUNA tokens were printed in an attempt to save the system
The price went from $119 to fractions of a cent in days
Thousands of investors lost capital
This event caused:
Widespread panic
Regulatory investigations
Loss of institutional trust
