On the release date, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publishing Guidelines.
#CoinbaseListLUNC takes off as investors rally behind LUNC Crypto
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This past month has Terra (LUNA-USD) saga has taken a wild turn. The hunt for the network’s founder is turning into a real wild goose chase, and the whole world is watching. And yet there is still strong investor interest in the failed project’s assets. That much is evident in a social media campaign that is pumping up Terra Classic (LUNC-USD) Network. Wanted Coin base (NASDAQ:COIN) listing of the LUNC crypto catalyzes gains for the coin?
There is a lot of anger towards the Terra blockchain ecosystem. A lot of evidence suggests that it played a key role in the collapse of the crypto market. Its stablecoin’s failure led to a price crash that would bankrupt three companies, freeze hundreds of thousands of investors’ assets and plunge the crypto industry into the ongoing bear market.
And Terra users themselves largely hold the dev team in contempt as well. Aside from not investing, there is evidence that founder Do Kwon and other Terra members had outright lied about things like secret holdings and failure to disclose past project implosions.
And the aftermath of the network’s collapse has not escaped controversy either. Picking up the pieces, the Terra team came up with the idea of a hard fork to split Terra into two networks: Terra 2.0 and Terra Classic. The idea had initially met with great opposition from the community. However, the vote went well. However, it would emerge that Kwon had manipulated the vote using his own personal LUNA holdings.
Even through all this turmoil, however, there are always investors who believe in a comeback story. And there seem to be a lot of people putting effort into getting the LUNC crypto back off the ground.
Investors urge Coinbase to list LUNC Crypto
The LUNC crypto is unsurprisingly having a hard time capturing the investors. Although there are many investors who are eagerly hoping for a resurgence that could take their investment sky high. A new social campaign by these investors is trying to produce a catalyst for the coin.
LUNC is the coin underlying the Terra 1.0 network. Before the network’s collapse, it was called LUNA. Since the hard fork, LUNA was renamed LUNC and relegated to the Terra Classic network. A Terra 2.0 network emerged from the hard fork, and developers created a new coin named LUNA. So, LUNC is the coin with all the price history of the original Terra network.
When it collapsed, LUNC went from a price well over $100 to its current price of less than 1 cent. With a precedent set for how high LUNC can go, many crypto fans seem to see today’s price as an extreme bargain. After all, if LUNC can capture even a fraction of the price it once held, it could make a thousand-fold return.
A likely future? It’s far-fetched, of course, but stranger things have happened in the hyper-volatile space of digital assets. And investors aren’t waiting for a miracle either. They are trying to monetize the coin themselves.
That much is evident by today’s trending Twitter campaign, #CoinbaseListLUNC. It’s exactly what it sounds like. LUNC owners hope Coinbase will list the coin, with the expectation that the increased access for other investors will lead to an increase in trading volume and a rise in price. Well over 100,000 tweets has been published with the hashtag, and many are still convinced that the entry is only a matter of time.
Whether or not Coinbase actually completes a LUNC crypto listing is up for debate. But there is demonstrable interest in terms of trading volume. Since the hashtag started trending, LUNC has seen a 40% increase in volume and a 9% increase in price.
