- Terra Classic (LUNA) was nearing its all-time high around this time one year ago.
- LUNA hasn’t been able to perform well since Terra’s collapse despite the rebranding.
- On-chain metrics indicate little selling pressure for the token.
Popular crypto influencer Crypto Rand pointed out in a tweet earlier today that LUNA, which was rebranded after Terra’s collapse in May 2022, had started pushing toward its all-time high around this time last year. The throwback was followed by an inquiry as to how many of his followers still held LUNC.
Around this time a year ago, Terra Classic (LUNC) began a bullish rally heading toward an all-time high of $116. That was of course before the Terra ecosystem came crashing down following an unprecedented bank run that set off 2022’s notorious crypto contagion.
The majority of Crypto Rand’s followers were not too thrilled about being reminded of the notorious token that contributed to the brutal crypto winter which left several firms bankrupt in its wake, not to mention the millions of people that saw their funds and savings disappear as the total crypto market cap fell below a trillion dollars.
One of the influencer’s followers highlighted the need for LUNC developers to lead a token burn campaign in order to push the token’s price. Earlier this month, the Terra Classic community voted in favor of two key proposals that sought to restrict the re-minting of LUNC by altering the token burn rate.
Meanwhile, community members have been taking matters into their own hands by sending millions of LUNC tokens to burn. Just yesterday, a LUNC validator revealed on Twitter that they had sent a whopping 9 million LUNC to burn. Earlier this month, a similar move was made by Terra Casino, where 8 million LUNC were burnt.
Data from the on-chain analytics firm Coinglass shows that there is very little selling pressure on LUNC. The longs outweigh the shorts by a considerable margin. LUNC is currently trading at $0.00017, with a market capitalization of $1.02 billion.
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