Why I am selling all my ADA & ETC and buying Terra Classic LUNC
Why I am selling all my ADA & ETC and buying Terra Classic LUNC: This TabStocks Article considers if it’s best to buy LUNC and dump ADA & ETC
Coin Name and Trading Exchange Platform
Terra Classic – Binance Exchange
– Huobi Global
– Mandala Exchange
Terra Classic is a remnant of the old chain Luna chain after forking and the de-pegging of UST.
In a bid to secure the chain after the collapse, a new chain emerged, and a rigorous burn mechanism is underway.
The new chain aims to build a better infrastructure that is all-inclusive for promising developments.
The chain is backed by several stablecoins, e.g., KRT, UST, EUT, and utilizes an improved proof-of-stake consensus, assuring high security.
The token is backed by fiat currencies like the US dollar and is unique in this regard, combining day-to-day price stability with global access.
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Do Kwon is the eccentric founder of the token, but LUNC is run by Terraform labs and the Luna foundation, consisting of members of the developer community.
Recent Most Important News
The market is sending mixed signals right now and the Crypto benchmarks like BTC and Eth are seeing a slump.
They might appear to have fallen and the underdogs are rising to victory. Nothing embodies this statement better than LUNC- USDT, a token that was almost erased from existence this year.
Global indices are falling and the crypto industry, known for its instability, has had it even worse. Surprisingly to many naysayers, LUNC is treading upwards and breaking records.
LUNC is now the biggest gainer in Q3 2022 and is one of the few assets that are up double digits in the past month.
The coin is seeing renewed interest with a bustling social media engagement. The token has secured its first-ever decentralized exchange listing which is a huge milestone.
Perhaps more sizzling news that received mass attention, is the burning process. Over the course of four months, the total burn of LUNC has amounted to a whopping 5 billion.
This is very large and not typical in the sector. History has also shown that such a drastic reduction in supply drives the price to the moon.
Current Position of LUNC
The coin still stands at a market cap of $1.6B, miles away from its record highs. Binance has jumped aboard in the restructuring of LUNC.
This has received significant investor attraction, with many seeing an opportunity for a discounted buy. What are these individuals eyeing that others are not?
To begin with, LUNC is a counterintuitive play, its ‘fall from grace’ was a disguised opportunity. In a heavily overvalued market, this token was trading (still is) at a bargain.
Terra classic has made a massive move to the upside due to the 1.2% burn implemented by Binance.
It has an impact so far but is still a drop in the ocean when factoring in the total circulating supply of
Terra classic has emerged as independent of any one person and the legal issues against founder Do Kwon has not negatively affected the token.
LUNC is under the control of the Terra rebels with support from Terraform Labs.
LUNC might just be the biggest opportunity in Crypto right now, given the state of the market. CEO Chang Peng Zhao (CZ) gave a positive outlook on Terra Classic saying:
…We’ve had a number of discussions about how Binance can better support the LUNC community’s request for TX Tax burns.
A total of 2.3 trillion tokens are forecasted to be burned over the next decade.
He further stated:
This way we can be fair to all users.
He however remains cautious that this should be done on the protocol level first.
LUNC is pursuing more projects which is a remarkable step for the company in launching marketable products.
Web 3 gaming solutions are particularly gaining momentum and the Metarivals platform powered by myriad announced the launch of its flagship game on the Terra chain.
This is gold for the LUNC community as more adoption will strengthen the chain. Conversations are also sparking on the re-pegging of UTSC.
This move could see the price skyrocket exponentially but needs sound backing by sound assets.
Fiat Currencies are predicted to crash and new standards will emerge as money. Precious metals are one candidate for this, but their bulkiness and expensive price will deter mass adoption.
Crypto is the only fine solution that is fast, secure, borderless, and affordable. LUNC is now better positioned for this transition than ETH and BTC.
BTC aka digital gold lacks application outside of being a currency and ETH is overwhelmed, therefore too expensive for everyone.
Terra can gain mass adoption at the current price and has very little downside risk.
Ultimately, it comes down to effort and faith. Reviving the token has required both of these and the new social media following can turn the situation around.
Although seemingly greedy, LUNC holders realize that the bad times are the good buys.
LUNC Price Chart
Reverse psychology is the word that best describes the price action of LUNC. Currently, at $0.00028, Luddites are screaming for an exit after the fall, claiming it to be dead.
A similar case scenario has occurred in the depressed equity markets, with many renowned names losing more than half of their value in the past year yet many experts are advocating for ‘buying the dip’.
LUNC is no different and is even better considering fundamental changes are being made to improve the chain.
The Bull was grabbed by the horns unlike the propped-up equities, especially in the US which remains in the same state nay worse than before.
As more burns continue and an attractive chance for Investors to board the train appears, LUNC could easily surpass the $1 target.
The involvement of Binance says a lot, considering they hold a great deal of the tokens.
The token is positively up by 675 in the last 30 days. LUNC is way undervalued, trading at a peak of $108 just 5 months ago.
Sentiment on LUNC
Negative perceptions certainly exist around the coin, supporting the notion that it’s a failure. Booms and busts are common in all markets, and this is no exception.
Today’s booming tech stocks all went through the dot com bubble to get to where they are today.
These cycles are a prerequisite to the entry of any new technology. Experience is the best teacher, but failure is the greatest one.
Experts supporting LUNC are saying ‘This is no different rather than ‘This time it’s different in liaison to the crash, which is typical in the capital markets.
All coins are technically down as of now, only LUNC and QNT have been spared from the wreckage.
Pros of Investing in LUNC
- Improved Tokenomics – The support of Binance in implementing the burns has boosted the spirits of many, considering how well this has worked before for other tokens. The goal is to reduced supply from 6 Trillion to at least 20B.
- Strong partners and community – LUNC is backed by major venture capital firms and exchanges. The community has also proved to be strong and independent. This will ensure long-term existence.
- Increased tradability – Surging buying activity has seen the token soar as much as 400% in a single month. Binance working with the chain will encourage larger exchanges to incorporate the token.
- Censorship Resistant – Decentralized stablecoins fulfil the novel promise of Crypto – financial anonymity. LUNC does this quite well merging both security and liquidity.
- Improved utility – It has attracted new metaverse projects that will certainly lead to more demand. This utility of the chain is a game changer that shows faith in the network of developers.
- Whales purchases – Whale are the institutional investors of Crypto, made up of big holders like exchanges and other entities. Rapid buying action has been observed in the past few months by whales which has contributed to the surge.
Cons of Investing in LUNC
- Highly volatile – The coin is under a lot of speculation at the moment with the increased popularity. Intense price action will be seen as more people chase it on the way up.
- Selling pressures – With the rally in price, individuals will be looking to cash gains. This will likely continue as it goes up in the near-term.
- Negative sentiments – Once bitten twice shy is the saying that most critics of the token believe. Past performance is no indicator of future growth, but some ‘famous experts’ are hell bent on painting LUNC in bad light.
Growth Potential and Likelihood
When compared to the industry, this token has more upside potential than any other and has certainly proved itself resilient.
The greatest asset in investing is not the quality of the investment but the trust upon which its users will continually follow.
Thankfully, LUNC has a community that is so faithful, that was willing to buy a dead coin just to keep the dream alive.
This loyal following and the determination to get better is what sets this coin apart from its peers.
Coins like ADA face significant challenges in decentralization that was recently proved by inefficiency of the Vasil hard fork. The price of ADA hit an annual low of $0.42, marking its entry into bear territory.
LUNC is doing better because it understands the underlying infrastructure is key to performance, and this is the target of the revival efforts.
Overall Verdict on LUNC
Although it seems like a chase at the top of the market, LUNC will be victor in the distant horizon. The beaten down price is a chance to pick it up cheap.
Mixed reaction exists in the price target, but the magic number stands at $1. Time will tell whether it can or cannot achieve this target.
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