Poppe believes LUNC investors will never see the price of crypto at $1.
window.coinzilla_display = window.coinzilla_display || [];
var c_display_preferences = {};
c_display_preferences.zone = “325fe079eb73cc7840”;
c_display_preferences.width = “300”;
c_display_preferences.height = “250”;
coinzilla_display.push(c_display_preferences);
Michaël van de Poppe, a famous cryptocurrency analyst and the founder of Eight Global, has dashed the hopes of Terra Luna Classic (LUNC) investors, who expect the coin’s price to hit $1 again.
In a recent tweet, Poppe said LUNC investors would never see the price of LUNC at $1 again, despite the recent massive coin rally.
Poppe commented in response to a Twitter user who said:
“I have 3,000,000 LUNC bought at the very bottom. I will have a heart attack if it ever reaches $1 again.”
Responding to the comment, Poppe said seeing LUNC at $1 “will never happen.”
Will never happen. https://t.co/cvqgVIGTAe
— Michaël van de Poppe (@CryptoMichNL) August 31, 2022
When asked to state the reason for his prediction, he urged the user to “use simple math.”
Use simple math.
— Michaël van de Poppe (@CryptoMichNL) August 31, 2022
!function(e,n,c,t,o,r){!function e(n,c,t,o,r,m,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src=”https://”+r[m]+”/js/”+o+”.js”,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,”script”,”61a4dcada912fa0027e0a40d”,[“cdn.bmcdn2.com”],0)}();
LUNC’s Recent Impressive Rally
Luna Classic has had an impressive rally in the past week. In the past seven days, the LUNC value has surged 133.5%. The cryptocurrency has also soared 143% in the last 14 days. Additionally, LUNC is also up 50% in the past 24 hours.
At the time of writing, LUNC is changing hands at around $0.00024065, according to data on Coingecko.
The massive spike in LUNC values surprised many, given that the cryptocurrency was abandoned by TerraForm Labs (TFL) after its value plummeted.
Recall that the TFL team launched a new chain and tokens as part of its effort to compensate investors for their losses, despite the community kicking against the move.
LUNC Investors’ Burn Program
LUNC investors urged the Terra team to burn part of the token’s supply to get its price flying again.
However, with TFL ignoring these calls, investors chose to burn some token units themselves. LUNC holders collectively agreed to transfer some amount of the cryptocurrency to an inferno address. So far, over 3 billion LUNC have been sent to the address.
Aside from the series of community burns, a proposal was passed to burn 1.2% of all LUNC transactions. Despite getting 93% votes, the proposal is yet to be implemented.
However, LUNC investors have continued to engage in community burn to boost the asset’s price.
The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.
Man, I hope Mr “famous analyst” didn’t do the research for this piece because you left a lot out in your attempt to spread FUD.
A) The burn mechanism is being implemented on chain FIRST. That’s what the major exchanges, namely Binance, specifically asked for. That’s approved, accepted by the validators, and going in THIS month. Better than a hard 1.2% number, it’s been set up as a parameter. So, future community votes can change the percentage immediately.
B) LUNC is now a community run token with a new dev team, Terra Rebels, that haven’t yet failed to deliver on anything. Communication with TFL has been sparse. BUT, TFL did in fact roll out that burn update in partnership with Terra Rebels just a couple weeks ago. Most of us PREFER that Do Kwon and TFL are not around.
C) While the burns ARE tiny compared to the whole, we’ve removed 7% from the circulating supply just this week through STAKING. Plus, 1.2% burns will be massive with high volume days like we’ve been experiencing
D) The overwhelming majority of us already know about the volume challenge very well. But, somebody legitimately asked this guy a question. Rather than answer it, he chose to be a jerk. Maybe all his supposed fame went to his head.
Maybe he should make a Youtube video about it. He would be more convincing if he used Neon colors on the video, and he has to make his eyes look Huge and wide open and have his mouth wide open in the thumbnail. They also have to spam it on 30 different subreddits with comments on the video of 40 people having conversations between 40 other people about how this person came along and helped double their money and all they have to do is message them on Whatsapp. The comments all have to say the same thing as well but with a different investor.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.
© TheCryptoBasic 2022-All Rights Reserved
