Terra Classic (LUNC) is making a strong comeback against all odds. Amid failing crypto markets, LUNC has surged over 140% in the past 7 days at the time of reporting. Despite these auspicious moves, most crypto proponents remain skeptical of the asset. In particular, the founder of Gokhshtein Media revealed that he thinks LUNC has no use.
Gokhshtein insists there is nothing behind the Luna Classic project
Media personality and founder of Gokhshtein Media, David Gokhshtein weighed in on the recent craze around the latest wave of LUNC. In his Tuesday tweet, Gokhshtein called LUNC a “lottery ticket”, adding that the asset has no use.
Gokhshtein noted that none of the people promoting the asset gave a reasonable answer to his question about the usefulness of LUNC.
When I asked about its usefulness, I was told “who cares. just focused on the burn and it hit $0.01,”
He noted that all he sees are claims that the asset will move to $0.01.
$ FAR is a lottery ticket.
All I see on my tweet feed is how it’s going at $0.01.
When I asked about its usefulness, I was told “who cares. just focused on the burn and it hit $0.01. https://t.co/k5T9PAslnc
— David Gokhshtein (@davidgokhshtein) September 6, 2022
Gokhshtein had previously tweeted about the asset’s lack of good prospects amid the hype surrounding its recent surge. “There is nothing behind the project. it’s a lottery ticket,” he said.
LUNC’s recent rally took the asset to a 3-month high of $0.00044 in 7 days
LUNC has rallied persistently over the past week. This rally follows a burning proposal from the Terra community. The community is looking to resurrect the asset with this upgrade. The burn mechanism would introduce a 1.2% burn fee for each LUNC transaction performed.
Exchanges such as UK-based Y-5 and MEXC Global have indicated support for the upgrade and burn mechanism. This proposal would contribute to the reduction of the circulating supply of LUNC which should help it in its actions of price. Nevertheless, some community investors do not believe the asset can be restored.
Despite the recent rally, some still believe the development could be an elaborate pump-and-dump system. Luna Classic staged a surprising rally amid the inauspicious conditions plaguing the crypto markets. After its fall from the high position during the Terra crash, the asset had largely consolidated around $0.000099 for the most part.
The recent rally took LUNC to a 3-month high of $0.00044 before losing steam. The asset appears to be losing momentum, as it is currently experiencing a decline of 6.53% in the past hour at the time of writing. Nonetheless, it is still registering minor gains in the last 24 hours, up 8%, as it trades at $0.0003621.
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