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The point at which the Terra Classic (LUNC) price reached its top in 2022, two of the top crypto traders accurately forecasted that the bull run was over.
LUNC managed to surge by a whopping 590% from the August month as compared to the high of $0.00055 in the month of September. The price that rushed up was primarily an outcome of Binance declaration that they would roll out a scheme to deduct the supply of the token by burning 1.2% from each and every LUNC transactions.
Terra is a blockchain protocol that utilizes the fiat-pegged stablecoins to power price-stable worldwide payment systems. Development of Terra started in january 2018, and it was officially welcomed in April 2019. The genesis block of the new chain was launched to manage future transactions under a newly formed name Terra (LUNA), and thereafter the original Terra Chain was rebranded as Terra Classic.
The original native tokens- LUNA has also been renamed as LUNA Classic (LUNC). However, all network stablecoins (KRT,UST) have been renamed to Terra Classic stablecoins (KRTC,USTC). It is decided that there will be no Terra stablecoins on the new chain.
On 3 October, Lightcrypto, who has 169,600 followers, told about Terra LUNA Classic from its twitter post- “ Unannounced yet but, the total Binance burn for the first period is 5,595,907,839 LUNC, or $1.9mm. This (confident on this) will be the highest burn Binance will ever do. Mind, LUNC doubled due to this announcement and added over $1b in mcap. Wet blanket moment for longs ”.
Light, who also runs a prop trading firm, after doing a combination of fundamental and technical analysis. “Pumped by hit-and-run developers and cynical exchange operators, all taking advantage of the holders of the hordes of retail looking to make it all back in one trade”.
Another firm GCR (GiganticRebirth), who has almost 187,500 followers, commented through their substitute account with a Hilary Clinton quote “that’s right, zero”. On 13 September, they informed via a tweet “LUNC has tumbled from $0.00058 to $0.00033 since September 8.”
Also on 14 September, they posted at their twitter- “ Bitcoin sold off heavily with equalities on hotter than expected CPI. Heavy sell off in LUNC on news that Terraform CEO Do Kwon faces arrest warrant in South Korea.”
Conclusion
In the month of May with the bearish Terra LUNA price prediction, GCR was able to win a $10 million bet against former Terraform Labs CEO Do Kwon.
Light opened a Terra Classic short position on 2 October, 2022- “Luna managed to add over $1 billion market capitalization on a Binance announcement that will see a few million dollars removed from its circulating supply tomorrow. And in the long run, that weekly burn trend to zero along with LUNC’s volume. Filled full short again.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
