The old Terra LUNA coin some traders sold and forgot about is outperforming the market, up 80% in September already following its token burn news.
The proposal to implement a 1.2% token burn on LUNC transactions being voted in has seen the price rocket to a monthly high of $0.0004295 so far, while Bitcoin is chopping around at $20,000 or lower.
That LUNC daily high hit earlier today equated to a $2.6 billion market cap, and the Terra Classic price now is currently consolidating around the $0.0004 level.
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One of the best crypto Twitter traders @follis_ noted #LUNAClassic trending from last week as the price was up approximately 230% from the June lows as of August 31st.
— フ ォ リ ス (@follis_) August 30, 2022
On Binance’s LUNC/BUSD pair the 2022 low was hit June 9th, at a price of $0.00004123.
Its move to $0.0004295 in the just under three months since then is a 10.4x gain. How high will LUNC go from here? That’s anyone’s guess as the markets can be very irrational, cryptocurrency in particular.
Many retail investors are still FOMO’ing into LUNC expecting it to go to $1 (essentially impossible as its market cap would then exceed $6 trillion, six times the total crypto market cap in its entirety) on the back of Twitter trends.
Terra Luna Classic Video Analysis
Some are optimistic ‘Luna Classic’ as it is being called can at least recover its former market cap upwards of $40 billion – back when the former Terra LUNA had a circulating supply of 350 million and hit an all time high of $119 in April 2022.
How long it will take for a 1.2% LUNC burn to significantly lower the Terra Classic supply is also difficult to predict. Read our full analysis in our Terra Luna Classic burn program post.
Update – #TerraClassic, #LUNC and #TerraClassicUSTC have also now begun to trend on Twitter alongside #LUNAClassic.
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