According to the Founder of Gokhshtein Media, LUNC has no utility.
Terra Luna Classic (LUNC) continues in its rally despite current market conditions, but some proponents believe the asset still has no utility.
Luna Classic (LUNC) appears to have made millionaires out of investors overnight with its surprising surge of over 170% in just one week. The asset’s recent rally has awakened interest in it, with some investors making some bullish forecasts about it.
Nonetheless, not everyone is hyped by the asset’s recent comeback. David Gokhshtein, entrepreneur and media personality with 690K Twitter followers, remains particularly skeptical about LUNC’s prospects. Gokhshtein, in a recent tweet, has dubbed the asset “a lottery ticket”, asserting that it has no intrinsic utility.
“LUNC is a Lottery Ticket.
All I see on my tweet feed is how it’s going to $0.01.
When I asked about its utility, I’m told “who cares. just focused on the burn and it hitting $0.01.”’ Gokhshtein said.
$LUNC is a lottery ticket.
All I see on my tweet feed is how it’s going to $0.01.
When I asked about its utility, I’m told “who cares. just focused on the burn and it hitting $0.01.” https://t.co/k5T9PAslnc
— David Gokhshtein (@davidgokhshtein) September 6, 2022
Previously, Gokhshtein had asked the community to stop bringing up mentions of the asset to his feed. He argued that the LUNC project has no solid backing or foundation. “it’s like musical chairs except the last person are holding the bag,” he added.
stop @‘ing me about $LUNC.
there’s nothing behind the project. it’s a lottery ticket.
it’s like musical chairs except the last person is holding the bag.
anyway, enjoy the hot dogs.
— David Gokhshtein (@davidgokhshtein) September 5, 2022
Despite its history, some proponents still remain optimistic about LUNC’s prospects.
LUNC has been making waves of late with its proposed burn rate upgrade and recent rally. Members of the Terra community brought back a burn rate proposal for the asset to help revive it. The burn rate would introduce a 1.2% tax burn on transactions carried out with the asset.
U.K.-based exchange Y-5 indicated support for the burn rate, as previously reported by TheCryptoBasic. Additionally, MEXC Global also declared support for the upgrade on September 2. With reports of the burn proposal gaining momentum, LUNC has seen a rapid surge since the beginning of September.
LUNC is up 173% in the past seven days at the time of writing. The asset, which was consolidating at the $0.000099 level in the past two months, now trades at $0.000398 as of press time. Several community members remain skeptical, asserting that this is just another pump-and-dump scheme.
Nonetheless, others remain optimistic. Notable crypto analyst Miles Deutscher noted that the recent upgrade and burn proposal could indicate the start of something new for LUNC. While he mentioned that he could increase his investment in the asset, he has highlighted the risks involved. “There are no guarantees,” he said.
23/ Irrespective of its long term prospects, the upcoming network upgrade certainly marks the beginning of an interesting shift for $LUNC.
Maybe I'll even chuck in some gambling money in case it pays off.
But, it's highly risky stuff and there are no guarantees.
— Miles Deutscher (@milesdeutscher) September 1, 2022
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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