On September 8th, 2022, the Terra Classic price (LUNC) reached its peak, hitting $0.000593 on Binance. The following weeks witnessed over a 50% decrease in LUNC’s value, eventually dipping below the $0.0003 support level. Since then, the price has dropped a further 75%, leaving many crypto traders curious about what’s next for Terra Classic.
Two well-known crypto traders, Light Crypto (@lightcrypto) and GCR (@GiganticRebirth), both accurately predicted the end of the bull run. They claimed that the decrease in LUNC’s price was due to a pump and dump staged by opportunistic developers and exchange operators. According to Light Crypto, the price of LUNC would have to fall 84% for his prediction of a $0.00004 target to be reached.
Subsequent discussions centered around Binance burning LUNC tokens, with Light Crypto arguing that the 1.2% burn did not warrant a $1 billion increase in market cap. He highlighted data from Coinalyze, which pointed out that $262.2 million worth of LUNC derivatives across venues and instruments were being driven by a “bankrupt narrative” bound to result in a sell-the-news event.
Light Crypto and GCR’s predictions concerning Terra Classic have thus far been accurate, and if the trend continues, retail investors holding onto LUNC could witness significant losses. However, it’s important to remember that nothing goes down in a straight line – the collapse in Terra LUNA’s price in May, for example, was a black swan event caused by the circulating supply hyperinflating to 6.5 trillion.
For those seeking alternatives to LUNC, it may be worthwhile to explore new token presales. These often generate higher ROI compared to assets with an established multi-billion dollar market capitalization. One such notable cryptocurrency trending in mid-2023 is $COPIUM, which, in contrast to LUNC’s minimal burn, announced a 30% token burn to be removed from its total supply.
In conclusion, while Light Crypto and GCR’s predictions on LUNC’s price and market moves appear to have been accurate, it’s crucial for investors to keep an eye on changing market dynamics and diversify their portfolios accordingly. Examining promising alternatives such as $COPIUM can prove beneficial in building a more resilient investment portfolio. Crypto enthusiasts should continue monitoring the latest market trends and predictions from experienced traders like Light Crypto and GCR to stay informed and better prepared for potential shifts in the market.
Source: Cryptonews
