Will Terra LUNA make the memocoin list and compete with them to make $1?

While voting is underway for the proposed LUNA fork to create the next version called LUNA V2, the price continues to fall along with the market capitalization.

The community is strongly opposed to the fork and wants additional tokens to be burned, but almost 80% of the vote voted for the proposed fork.

Since the proposed fork also includes the distribution of a new token to all holders, the Terra team believes that the new start can have a positive impact on the price of LUNA. However, the focus is still unclear.

Currently, the price of LUNA remains stable at $0.0001366, down almost 10% since trading hours opened. On the other hand, the liquidation by TerraForm Labs just before the accident and the departure of the entire legal team greatly affected the price of LUNA. Thus, traders expecting a significant increase in the price of LUNA may have to wait a very long time, since there are a large number of obstacles on the way to the price of $ 1.

Here, the analyst gives the reason why the price of LUNA in the near future may never reach $ 1. Since the offer does not involve the burning of the LUNA token, the market capitalization may exceed $ 6 trillion. And since it is more than 6 times the current global market capitalization, it is impossible for an asset to reach $ 1, as is the case with Shiba INU.

However, it seems that the price of Terra (LUNA) is somewhat slowly adding itself to the Memecoin list. Like SHIB, DOGE, and other memocoins that have no chance of approaching $1 at any time, LUNA could suffer the same fate in the future. On the other hand, despite the need to burn the coin, it is still unclear whether the price of burning can increase in the near future.

Author: Anton Zaitsev, Analyst at Freedman Club Crypto News