It has happened. Terra Luna Classic has officially reached its all-time high. After the Terra crash incident arrived, many gave up on this token. But there were those that stood by it, willing to hold the line and long it for big gains. Now their efforts and patience have bear fruit.
So why is LUNC going up – is it only because of the recently introduced 1.2% token burn tax, or is there something else? Let us explore the answer to this question and make some of our own Terra Classic price predictions based on today’s bullish ecosystem.
LUNC is defying all expectation
It wasn’t the first time that LUNC has shown these trends in the last ten days; some little pushes and little pumps made us think it was simple. “A reverse pattern is on the way,” – we thought. And our apprehensions about this crypto were warranted.
It was pumping and got a bit overboard, which is common when there is an overly bullish, overly hopeful crypto crowd backing a cryptocurrency. But Terra LUNA Classic went above and beyond it. Now, the crypto has a $2 billion market capitalization, $500 million of that amount, which it acquired within the past two or three days.
The Reason is Partly the Recent Burning crypto Tax
LUNC has had two bullish news in the past three days. One was about the LUNC V2 that introduced crypto staking, and the other was the introduction of 1.2% token burning fees.
After Terra Crash, crypto holders that were left holding the bags after experiencing millions of dollars in losses decided to go on a campaign to #burnluna. The token had entered into a hyperinflationary mode due to the death spiral that caused LUNA to crash, and the crowd was desperate to limit its supply. It began the #lunaburn campaign.
It started with the crypto crowd requesting Do Kwon to provide a burn address so that they could send their tokens to burn. Do Kwon obliged, but not without saying that doing so is a waste of time. “You’d basically be burning money,” he said on his Twitter feed.
However, the community decided not to let this go and started sending millions of tokens to the addresses daily. Till now, the community has burned over 3 trillion LUNA tokens.
Another update is on the way right now, the Terra Classic 1.2, and with it, the LUNC 1.2% burn tax will be introduced. The date of this upgrade is September 12th, 2022.
Your capital is at risk.
FOMO is Ruling the Board Right Now
You might be itching to chase those green candles, but it is better to hold on to your horses. According to crypto YouTuber Jacob Crypto Bury, it is all FOMO at this point. Check out his full video here:
It is better to enjoy the show because LUNC classic is going in the opposite direction than many crypto experts thought. Against all odds, it has started to grow. How long will this last? It all depends on the day when the 1.2 upgrade finally arrives on centralized exchanges. Should you buy LUNA? It depends on what you believe it. LUNA classic is community crypto, and the crowd is rallying behind it. It is highly likely that the price will pump even higher once the upgrade arrives.
There are even talks of LUNC reaching $0.0005 in a couple of days at this point.
Maybe we can see $0.0005 tomorrow #LUNC #LunaBurn pic.twitter.com/WFFLoFdAw2
— Lunabyt (@Omanchi_Famous) September 1, 2022
That said, be careful with your investments.
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