LUNA Supply Nears 7 Trillion, Is $1 Still Possible?

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 fluctuation...