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Cardano vs Luna Classic: Which Crypto Will Reach $3 First in 2023?
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The battle for supremacy in cryptocurrencies is nothing new. One such rivalry between Cardano vs Luna Classic has been going on for a long time. While Cardano vs Luna Classic is a notable cryptocurrency battle in today’s market, these cryptos use different mechanisms. While Cardano is intended for general use, Luna Classic (LUNC) has been one of the top-gaining cryptocurrencies at the beginning of Q2 2022. Cardano is primarily focused on fueling a robust ecosystem of decentralized applications, or dApps. The question is, between Cardano vs Luna Classic, which crypto will reach $3 first in 2023?
Both crypto assets show potential in terms of blockchain development. Hence, it is up to traders and investors what to pick as the best crypto to buy before 2023. However, it is recommended to first study cryptocurrency prior to investing in it to avoid losses that cannot be recovered.
Cardano (ADA) has drawn a wide spectrum of investors due to its substantial market gains as well as its energy-efficient mechanism, which is considered to be far more environmentally friendly than Bitcoin. Cardano price is expected to rise in 2023 due to a number of factors. Cardano is projected to enter the institutional adoption circle in the near future. Cardano is now one of the top cryptocurrencies to buy on the market.
Cardano’s primary use case is to allow transactions in its native cryptocurrency, ADA, and to enable developers to build secure decentralized applications powered by it. However, Cardano differs from other blockchain projects by emphasizing a research-driven approach to design, aiming to achieve an academic rigor it believes will propel adoption of its technology.
While Cardano may not promise new ground-breaking features, users and developers may find its cryptocurrency offers appealing optimizations based on scientific research and formal verification, a process by which its code is verified mathematically. On December 8, CardanoDaily tweeted that more people were contributing to the platform’s GitHub. Cardano was at the top and had surpassed many other coins. Cardano’s DEX activity would be another performance metric.
Cardano’s RSI, MACD, and 50-day moving averages are all indicating a selling trend. On a daily basis, the ADA/USD pair is forming Doji and Spinning top candles, indicating a neutral bias; perhaps investors are waiting for a solid reason to trigger a breakout. Cardano has the potential to reach $3 by the end of 2023 in the long run. There are also several alternative coins with enormous upside potential!
Zombie token Luna Classic shocked the crypto market when it pumped over 500% in September, reaching a price of $0.00035, and making a few adventurous traders rich. More of the same and it’s not hard to imagine Luna Classic entering the crypto top 20 by market cap once again.
The bullish case for a $3 Luna Classic is out the window for 2023. Burning Luna Classic will drastically reduce the market cap figures you saw above.
Say the community can burn 15% of all Luna Classic tokens, that then reduces the implied market required to reach 1 cent by $10 billion. Such a successful burn rate would not date to draw huge investment to Luna Classic.
Unfortunately, Luna Classic is way off track at present. After the burn rate was cut in October from 1.2% down to 0.2% of every on-chain (and Binance) transaction, the monthly burn rate fell from 18.8 billion LUNC to 9.2 billion LUNC. It would take at least 10 years to burn 15% of the LUNC supply if things stay the same.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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