Luna Classic: Why crypto Twitter is pushing for 1000x gains
- Do Kwon addressed the Terra LUNA community and news of an arrest warrant for him and five other TerraLabs employees.
- Luna Classic has yielded double-digit gains over past two weeks, the community believes burn mechanism and new changes could push LUNC higher.
- Analysts have identified the biggest challenge that Luna Classic holders would face in the following months.
Crypto analysts and proponents have evaluated Luna Classic’s recent price gains. Do Kwon’s response to the arrest warrant issued by a South Korean court and LUNC’s burn mechanisms are two key events, driving Luna Classic higher.
Also read: US Department of Justice wants to pull out all the stops in fight against crypto crime
Biggest challenges faced by Luna Classic
Will Chen, a crypto developer identified the biggest challenge facing Luna Classic in the following months. Chen clarified the incentives for Luna Classic holders. Developers and holders of Luna Classic are curious about large wallet investors, entities that control the LUNC network.
Based on data from crypto intelligence tracker Santiment, LUNC, the token of the Terra Classic chain has garnered massive crowd attention as LUNC-related keywords topped social media search history.
The biggest challenge $LUNC will have to face in the following months is clarifying the incentives.
— will chen (@stablechen) September 16, 2022
Who are the $LUNC whales? Who controls the network?
I would imagine it hard to attract projects to build on Terra Classic until the rebels figure out who they're working for.
LUNC entered the spotlight yet again following a recent price rally in response to the planned tax burn of 1.2%. While the gains were quickly reversed with profit taking by LUNC holders, Do Kwon shed light on the situation where Korean authorities issued a warrant for his arrest.
Kwon tweeted to the crypto community, addressing the concern of his arrest and assured LUNC holders. Kwon said he is in the process of defending ourselves in multiple jurisdictions. Kwon told community members that Terraform Labs employees hold themselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.
Chen’s concerns is that Terra Classic’s future looks bleak since it is challenging to attract projects to build on Terra Classic. Chen was quoted as saying, it might be,
hard to attract projects to build on Terra Classic until the rebels figure out who they're working for.
Why crypto Twitter is rallying for 1000x in Luna Classic
LUNC holders are pushing for 1000x gains in Luna Classic price. LUNC yielded 262% gains over the past month, Luna Classic is therefore one of the altcoins with highest 30-day return and a higher 90-day ROI compared to Bitcoin.
Amidst speculation and the recent update from Terraform Labs and Do Kwon, holders have flooded Twitter with mentions of 1000x gains from LUNC.
#LUNC holding strong during #cryptocrash. Why? It's a community owned L1 chain. It's not owned by banks and VCs. Burn tax coming #LUNACLASSIC will #1000x https://t.co/OVz6vvpo6w pic.twitter.com/b22WUmYmwd
— CEO_44 (@CEO_44) September 19, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
