Poppe believes LUNC investors will never see the price of crypto at $1.
Michaël van de Poppe, a famous cryptocurrency analyst and the founder of Eight Global, has dashed the hopes of Terra Luna Classic (LUNC) investors, who expect the coin’s price to hit $1 again.
In a recent tweet, Poppe said LUNC investors would never see the price of LUNC at $1 again, despite the recent massive coin rally.
Poppe commented in response to a Twitter user who said:
“I have 3,000,000 LUNC bought at the very bottom. I will have a heart attack if it ever reaches $1 again.”
Responding to the comment, Poppe said seeing LUNC at $1 “will never happen.”
Will never happen. https://t.co/cvqgVIGTAe
— Michaël van de Poppe (@CryptoMichNL) August 31, 2022
When asked to state the reason for his prediction, he urged the user to “use simple math.”
Use simple math.
— Michaël van de Poppe (@CryptoMichNL) August 31, 2022
LUNC’s Recent Impressive Rally
Luna Classic has had an impressive rally in the past week. In the past seven days, the LUNC value has surged 133.5%. The cryptocurrency has also soared 143% in the last 14 days. Additionally, LUNC is also up 50% in the past 24 hours.
At the time of writing, LUNC is changing hands at around $0.00024065, according to data on Coingecko.
The massive spike in LUNC values surprised many, given that the cryptocurrency was abandoned by TerraForm Labs (TFL) after its value plummeted.
Recall that the TFL team launched a new chain and tokens as part of its effort to compensate investors for their losses, despite the community kicking against the move.
LUNC Investors’ Burn Program
LUNC investors urged the Terra team to burn part of the token’s supply to get its price flying again.
However, with TFL ignoring these calls, investors chose to burn some token units themselves. LUNC holders collectively agreed to transfer some amount of the cryptocurrency to an inferno address. So far, over 3 billion LUNC have been sent to the address.
Aside from the series of community burns, a proposal was passed to burn 1.2% of all LUNC transactions. Despite getting 93% votes, the proposal is yet to be implemented.
However, LUNC investors have continued to engage in community burn to boost the asset’s price.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
