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The Luna Classic is up over 33,565% from its May low. The Parabolic Run of tokens is currently facing selling pressure from crypto whale Gigantic Rivers, who famously shorted the Terra ecosystem before its collapse.
Crypto whales are betting on the return of Luna Classic.
A trader who goes by the name Gigantic Rebirth on Twitter said: shown On September 9, he was short LUNC. At the time, the token price was around $0.00042.it is now transaction $0.00033.
This is the second time Gigantic Rebirth has wagered on coins. On March 14, he made his $10 million bet to Terra founder Do Kwon that the price of LUNA (the then token name) would drop below $92.4 within a year of his famous for doing The collapse of the entire Terra ecosystem followed almost two months later.
Gigantic Rebirth referenced the viral Do Kwon bragging When he released his new short story, “With my hands [LUNC] I will die. Also. “The attached screenshot shows a short position the size of 21,988,427,000 LUNC tokens (worth about $9,235,100 on Sept 9). clearly Positions were opened at an average price of $0.00048 per LUNC token.
Due to the way Terra’s algorithmic stablecoin UST was designed, Luna Classic suffered hyperinflation when the entire ecosystem came to a halt. Imploded Early May. According to Statista, the coin’s circulation is jumped The price plummeted from 345 million tokens to 6.9 trillion tokens. LUNC he bottomed out at $0.000000999967 on May 13th. However, since then the price of the coin has soared by more than 33,565% he said. Speculation It can reach $0.01 or even $1.
Achieving such a price would mean that Luna Classic’s market cap (currently $2.3 billion) would overtake Bitcoin and reach trillions of dollars. A highly unlikely scenario is based on a Terra community member’s tenuous plan to install his 1.2% burn fee on all transactions made on the Terra blockchain. However, most LUNC transactions currently take place on centralized exchanges such as Binance, KuCoin and Gate.io.Binance is already announced Not implementing the community-proposed 1.2% tax.
When asked price predictions for LUNC, Gigantic Rebirth retweeted In a post from former U.S. presidential candidate Hillary Clinton, she said, “That’s right. Zero.”
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and several other cryptocurrencies.
