The biggest shame of the latest crypto recession is undoubtedly Terra Classic LUNC and its grotesque free fall. A bloodied, depreciated coin that no one wants around but could still rise again like the phoenix.
Terra's LUNC tokens are at an incredibly low price. What's more, if it hadn't been for the community behind Terra and a good handful of engineers who have fought to improve the network, it would have died out completely.
Although there is not much relevant news that can lift the price Terra Classic LUNC is still working in the shadows.
First of all the minimum to be able to send requests to the network has been increased from 1 million tokens. Now it will have to be 5 million tokens held by the holder to be able to submit upgrade proposals that are not pure spam.
On September 12, just yesterday Terra Classic LUNC version 2.2.0 was deployed and is expected to undergo Repeg at the end of the year that will reduce the zeros on its left side. There is no estimated date for this event so far.
For Terra Classic LUNC to resurrect itself and help all the rotten investors in ruins to get ahead, several things have to happen:
The first is to reduce its circulating amount. Nothing less than 4.8 trillion tokens. More than a trillion have already been burned. To date the one that has contributed the most to this reduction in supply is the BINANCE exchange that continues to promote LUNC burns when exchanges are made with the token.
The second is for people to trust the project again. Which is never going to happen in life. No matter how many repegs you do, no matter how many tokens you burn, no matter how many ads you put on TV, no matter how many tokens you give away a laptop for every million tokens bought. People will not buy this token.
The third is to come up with a bull-run. World class. Break all the schemes so that such a scarecrow pulls upwards and eats at least the 2 zeros that would bring it closer to the penny on the dollar.
Update the Terra Classic version eliminating 80% of the current supply. Take zeros out of the matter, come on. Like BitTorrent or PundiX did.
That said, as a holder there is no hope that this token will clean up all the blood it has left behind. However, as a trader, perhaps you can make a good move by opening a long position at the right time. With prudence and a lot of information to enter and exit without scratches.
On the Ethereum blockchain there are more than 13 thousand LUNC holders. In BNB Chain we have more than 220000. This is followed by Polygon and Solana with just over 20 thousand holders. Binance has the largest pool of LUNC holders. At the moment it is supporting everything necessary. Of course, because it is in their interest since they lost money more than anyone else. CZ will surely have some plan to recover from the blow.
