Terra Classic (LUNC) is initiating a strong comeback against all odds. Amidst the failing crypto markets, LUNC has surged by over 140% in the past 7 days at the time of reporting. Despite these auspicious movements, most crypto proponents remain skeptical about the asset. In particular, the founder of Gokhshtein Media has revealed that he thinks LUNC has no utility.
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 surrounding LUNC’s latest surge. In his tweet on Tuesday, Gokhshtein called LUNC “a lottery ticket”, adding that the asset has no utility.
Gokhshtein noted that none of the individuals hyping the asset has given a reasonable answer to his question on LUNC’s utility.
When I asked about its utility, I’m told “who cares. just focused on the burn and it hitting $0.01,”
He noted that all he sees are claims that the asset will rise to $0.01.
$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
Gokhshtein had previously tweeted about the asset’s lack of good prospects amid the hype surrounding its recent surge. “There’s 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 been rallying persistently in the past week. This rally follows a burn proposal from the Terra community. The community seeks to resuscitate the asset with this upgrade. The burn mechanism would introduce a 1.2% burn fee for every LUNC transaction carried out.
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 LUNC circulating supply which should help in its price actions. Nevertheless, some investors in the community do not believe the asset can be restored.
Despite the recent rally, some still believe the development could be an elaborate pump-and-dump scheme. Luna Classic has staged a surprising rally amid the inauspicious conditions plaguing the crypto markets. Following its dip from the lofty position during the Terra crash, the asset had been largely consolidating around $0.000099 for the most part.
The recent rally took LUNC to a 3-month peak of $0.00044 before losing steam. The asset appears to be losing its momentum, as it is currently seeing a decline of 6.53% in the past hour at the time of writing. Nevertheless, it is still seeing some minor gains in the past 24 hours, up by 8%, as it trades at $0.0003621.
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The presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.