How to sell Defunct WLUNA LUNAC as a loss Tax Strategies Motley Fool Community

In this article, we will explain what this token is, take a look at its history, and, finally, provide our WLUNC crypto price prediction. Its wrapped LUNA price prediction for 2025 expected the token to trade above $200 by the end of that year. The proposal was passed and the launch of a new chain and LUNA2 cryptocurrency was confirmed, which would go on to exist without its failed algorithmic stablecoin. The collapse of the Terra blockchain ecosystem in May 2022 put the Terra Classic network and its tokens into a state of limbo.

Wrapped Luna on Coinbase wallet not sure how to transfer to Luna or cash it ?

An unofficial LUNC Twitter account shared that 528.8 billion LUNC had been staked since it launched in late August, making up 7.66% of the total supply. The new community vote proposed by Kwon saw the Terra blockchain split in two separate chains. I would agree with Peter that while it’s ‘nearly worthless’ it is worth something more than zero.

How to Unwrap your Wluna from Coinbase.

The unofficial LUNC Twitter account posted that 528.8 billion LUNC, or 7.66% of the total supply, have been staked since the staking feature introduction in late August 2022. This is consistent with the CoinMarketCap trend that indicated a progressive rise in wallet addresses possessing WLUNC during that time period. According to Terra’s development plan, arbitrage traders will enter the market to benefit from price differences whenever the price of either item changes. They will purchase a less expensive option, redeem or mint the alternative, and then trade a more expensive model for profit. More arbitrage traders will try to take advantage of this price difference, which will lower the stock of the less expensive option while raising demand for it. As a result, the profit margin will be eliminated as the price increases.

The CoinCodex Cryptocurrency Price Tracker

Currently, the best Stellar exchange to buy XLM is Binance, which saw $ 7.43M worth of Stellar trading volume in the last 24 hours. However, you can also choose from other exchanges that list XLM, such as KuCoin, Kraken, Bybit, OKX and gate.io. Wrapped LUNA Classic is currently not trading with any stablecoin. Once WLUNC starts trading with any stablecoin we will display the pairs here. Choose the fiat currency you want to receive for your Wrapped Luna. Coinbase supports various fiat currencies, so select the one that suits you.

New Wrapped Luna Classic (WLUNC) Price Prediction

The token is used for staking and for governance purposes on the network. More importantly, LUNA classic tokens were designed to maintain the dollar peg of Terra Classic’s algorithmic stablecoin terraUSD (UST). Crypto exchanges are where users can buy, sell, and convert different cryptocurrencies. Here you can find list of all WLUNC exchanges where you can buy and sell Wrapped LUNA Classic, trade WLUNC with other cryptocurrencies including stablecoins, and fiat currency. You can search by exchange name to find out if WLUNC is available on your desired crypto exchange.

Is Coinbase going to relist Wrapped Luna Classic?

As Terra’s ecosystem gained traction and saw increased investor and developer activity, WLUNA prices surged to over $86 by the end of 2021. Do Kwon’s company, Terraform Labs, the entity behind the Terra blockchain, simple method to make one hundred a day trading cryptocurrency as a beginner attracted more than 40 million users to work with the company at its launch in 2018, according to Forbes. It also raised $32m from various investors including Binance, Arrington XRP and Polychain Capital.

The time it takes for the funds to appear in your account may vary depending on your chosen payment method. The hard fork and following rebranding caused much confusion in the crypto market; we still see a lot of websites using the WLUNA ticker. So, basically, when you come across something like “Wrapped Luna price prediction” or “WLUNA coin price prediction,” know that they’re referring to Wrapped Luna Classic WLUNC. Actually, it is an ERC-20 token on the Ethereum blockchain network tracking the value of the Luna Classic (LUNC) coin, which is built on the Terra Classic chain. It is also sometimes referred to as Wrapped Terra Classic or Wrapped Terra Luna Classic.

South Korea issued an arrest warrant for Kwon, who is currently thought to be in hiding in Serbia following the collapse of the cryptocurrency. However, it appears to still have the attention of investors after releasing a new staking feature. You’ll need to find out where that trading is happening and potentially move your virtual currency there to sell it and get the tax loss. The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in.

None of the content on Changelly, including the Wrapped Luna Classic forecast, is investment advice, nor is it a replacement of advice from a certified financial planner. Before deciding to buy Wrapped Luna Classic, we recommend you to do your own research. For example, Wrapped Bitcoin (WBTC) is a token that is backed by Bitcoin’s value. When you hold WBTC, you are essentially holding a claim on the underlying Bitcoin, and this claim for the underlying asset can be redeemed at any time. Keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose. However, in early May 2022, the Terra Classic ecosystem collapsed after UST depegged to trade at about $0.02 by the end of the month.

While a new LUNA coin and blockchain were created, the original cryptocurrency, along with its wrapped version, was left behind by the original developers. While historical data does not guarantee the token’s future results, it is still an indicator to keep in mind when investing. Then, after May’s collapse, the original development team abandoned LUNC and WLUNC.

1. For example, Wrapped Bitcoin (WBTC) is a token that is backed by Bitcoin’s value.
2. Because of that, you need to dispose of it before you can claim a loss, or you will need to wait until it’s declared worthless by the company.
3. WLUNA, which had been trading at about $84 at the end of April 2022, fell over 60% to about $30 in the first 10 days of May.
4. While the new Terra 2.0 chain has put a recovery plan in place, the future of the Terra Classic chain remains in limbo.

Blockchain network Terra was founded by South Korean developer Do Kwon. Kwon envisioned the use of an algorithmic dollar-pegged stablecoin to power transactions on and off blockchain networks. You can buy Stellar with a credit card on Binance and other exchanges like KuCoin, Bybit https://cryptolisting.org/ and OKX. Using a credit card is a fast and convenient payment method for purchasing cryptocurrencies, but typically comes with higher fees than other ways of buying cryptocurrency with fiat. The sole difference between the two assets is that they live on two different blockchains.

Because of that, you need to dispose of it before you can claim a loss, or you will need to wait until it’s declared worthless by the company. Have it professionally valued and write the loss off on your taxes, same as any other asset that becomes worthless. Currently, the most popular Stellar exchange is Binance, which handled $ 7.43M worth of XLM trades in the last 24 hours.

The vote was passed on 26 May 2022 and the old chain was rebranded to Terra Classic, while its native token was renamed Luna Classic. It should be noted that WLUNA’s price action is directly correlated to the performance of LUNA classic (LUNC). After the collapse of Terra, many investors have filed lawsuits against Kwon and other Terra entities for allegedly misleading investors. On 12 June, Kwon denied claims that he allegedly cashed out $2.7bn in the months leading up to the collapse of Terra.

For example, wrapped LUNA (WLUNC) is a form of the LUNA classic (LUNC) token that exists outside outside its native Terra Classic blockchain network. Wrapped coins can be redeemed for the cryptocurrency that they represent at any given moment. You can buy Stellar with fiat currency on Kraken, which is one of the most established exchanges in the cryptocurrency industry. Currently, Kraken lists Stellar in pairs against the US Dollar, Euro and British Pound Sterling fiat currencies. You can buy cryptocurrencies on Kraken with a Visa or Mastercard card, or you can fund your account through a wire transfer or other methods. Today, we will talk about Wrapped Luna Classic, a token that tracks LUNC price.

This resurgence came after a staking feature went live on the classic blockchain. The old and new chains operate separately and exist in parallel to each other. The new Terra 2.0 chain has also decided to ditch the algorithmic UST stablecoin. While the new Terra 2.0 chain has put a recovery plan in place, the future of the Terra Classic chain remains in limbo. Brokerages will sometimes buy nearly worthless stocks from you when there’s not a market for a minimal amount, like $1, so that you can document a loss. I’m not sure if Coinbase and other exchanges are willing to do so, but you should ask.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether WLUNA is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. In this article, we will look into the Terra ecosystem, its founders and the price history of the wrapped LUNA token. You will also come across relevant news, on-chain data analysis and wrapped LUNA price predictions for 2022 and beyond. Once the transaction is completed, you’ll receive the funds in your selected fiat currency.

But investors’ interest in them seems to be rising after the launch of the staking feature. Launched in August 2021, the wrapped LUNA cryptocurrency is a version of the LUNA classic token outside its native blockchain. You can buy Stellar with USDT on the Binance cryptocurrency exchange. Binance is one of the most popular cryptocurrency exchanges in the world, and handled $ 7.43M worth of Stellar trading volume in the last 24 hours. Binance also lists a very large number of other cryptocurrencies, so you will have plenty of trading options in addition to Stellar.