Terra Classic Hype Cool Down – Will LUNC Price Ignite The Bullish Trend or Fall For Bears?
While the broader crypto market struggles for a bull run with the majority of the cryptocurrencies below their important price levels, there is one currency, Terra Classic (LUNC) which is selling on a positive note against the entire market.
Terra Classic (LUNC) has registered a massive 7% jump in the last seven days. However, at the time of reporting, LUNC Price has lost 22% and is trading at $0.000342
Terra Classic (LUNC) Will Not Hold For Long
Though LUNC’s performance is commendable in the last week, many are speculating about the currency’s stability with Terra network’s past record where LUNA and its stablecoin, UST collapsed in May.
Furthermore, Gokhshtein Media founder, David Gokhshtein took to Twitter to address the obsession around LUNC and calls LUNC a lottery ticket where the currency lacks utility.
Additionally, the media founder also revealed that one of the LUNC supporters replied to his tweet that who cares about utility, just pay attention to the burn and the currency reaching $0.01.
$LUNC is a lottery ticket. All I see on my tweet feed is how it’s going to $0.01. When I asked about its utility, I’m told “who cares. just focused on the burn and it hitting $0.01.” — David Gokhshtein (@davidgokhshtein) September 6, 2022
Last week’s LUNC rally is mainly due to the burn proposition by the Terra network as the community hopes to bring back the asset and the trust with the upgrade. After the burn completion, it will see a 1.2% burn fee imposed for every LUNC transaction.
Also, the network has received support from crypto exchanges like U.K based Y-5 and MEXC Global, though many in the industry believe the currency will fall and not hold on for long. Several industry experts are against LUNC because they are of the opinion that the project is a pump-and-dump strategy.
It is also important to note that the latest bull run by LUNC has pushed the currency to register a height of $0.00044 before the currency plunged.Source