LUNA Supply Nears 7 Trillion, Is $1 Still Possible?
2022年5月19日 - 2:00AM
NEWSBTC
The circulating supply of LUNA has continuously gone up since the
UST debacle began. This has mainly been from people redeeming their
staked UST for the digital asset, which caused its supply to rise
drastically in such a short amount of time. In turn, the price of
LUNA had declined to reflect the enormous amount of tokens that
were being dumped into the market. Now that the dust has finally
begun to settle, the question remains where the price of the asset
might end up. $1 LUNA Still Possible? Now, it may sound comical to
debate whether the price of LUNA would be able to return back to $1
given that less than two weeks ago, the price was sitting above
$100. However, this is the case as the digital asset is now about
four zeros short of $1 and even that seems a generous value. What
is on the minds of investors now is if the price of the digital
asset would ever be able to recover in any meaningful way. Related
Reading | TerraLabs Sold Over 80,000 BTC To Rescue Its
Stablecoin, Luna To really assess if LUNA can recover to $1, the
first thing to look at is the circulating supply of the digital
asset. In less than two weeks, it has grown from a little over 300
million to almost 7 trillion tokens in circulation at the time of
this writing. When the supply still remained above 300 million, the
price was trending at $100, meaning that its market cap at that
time was averaging around $33 billion depending on the price
fluctuations. Presently, the total supply of the digital asset has
now grown by more than 1,000,000% to be sitting at a little over
6.9 trillion tokens, according to CoinMarketCap. For LUNA to get to
$1, it would mean that the market cap would have to touch $7
trillion, and that is if the current supply stays stable. This is
presently impossible given that the whole crypto market cap at its
highest was at $3 trillion. LUNA trending low at $0.00018 | Source:
LUNAUSD on TradingView.com However, for LUNA to get to its previous
market cap before the crash, the token would have to be trading at
$0.005. Since a $33 billion market cap remains in the realm of
possibility, it is safe to say that this is still within
reach. Related Reading | LUNA Aftermath: Total Crypto
Market More Oversold Than Black Thursday One thing to take into
account though is the investor sentiment. So many people have lost
hundreds of millions of dollars to the token that faith in it has
been depleted. Thus, with any significant rise in price, there are
set-offs that rock the token price back down. This leads to the
conclusion of this analysis which is that the price of LUNA could
possibly climb back up to $0.005. But with current market
conditions, this may not happen in the short-term and is entirely
dependent on if the supply stops growing. Featured image from
TheNewsCrypto, chart from TradingView.com Disclaimer: The following
op-ed represents the views of the author, and may not necessarily
reflect the views of Bitcoinist. Bitcoinist is an advocate of
creative and financial freedom alike. Follow Best Owie on Twitter
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