LUNC Crypto: Why Investors Are Still Throwing Money at This Coin
Fame? Fortune? Otherworldly levels of power? Simple naïveté? Or maybe a combination of any of them. These are the only reasons we can fathom as to why investors are throwing massive amounts of money at LUNC crypto. And that’s exactly what folks are doing.
At last check, LUNC crypto trading volume amounted to more than $500 million. That’s a stunning amount of money to be circulating around a failed project. And make no bones about it, this experiment from Terraform Labs was one of the most closely watched in the world of crypto. And it went down in a cataclysmic blaze of glory.
Case in point: Just a few months ago, LUNA (Terraform changed the name after its fall from grace) was trading north of $80 a token. But then in a matter of a few days, its value plummeted to a fraction of a cent. The price chart for LUNA resembles the sheer face of El Capitan in Yosemite Valley.
LUNA fell a long way down… fast. And there was nothing in place to protect investors. Things were so ugly, the Terraform Labs CEO Do Kwon announced restoration plans to save the Terra ecosystem. He implemented a hard fork. And initially, some were optimistic the plan could work.
First, Terra was essentially disconnected from the old Terra blockchain. Then the LUNA 2.0 token was launched. This would now be traded under the ticker LUNA. And the old LUNA token would be rebranded under the ticker LUNC. Despite its objective failure, some still see opportunity in this token. But we think those folks are simply fooling themselves.
LUNC Crypto Price Prediction
It doesn’t take much effort to find crypto clerics delivering sermons on the future value of LUNC crypto. And a whole lot of them are delusional. Even days after the LUNA crash, folks on Twitter, Telegram and Reddit were prophesizing about LUNA bumping back up to a dollar. For reference, that would equate to a more than 1 million percent gain based on today’s prices.
Now we get it. Turning a $100 investment into a million bucks would be awesome. And there is precedent. We remember when Bitcoin miners were selling their tokens for a fraction of a cent. And we remember reading about Laszlo Hanyecz buying a couple pizzas for 10,000 Bitcoin and not sure who got the better deal (at the time). But LUNC crypto is not the same thing as Bitcoin in its early stages.
It’s not the subject of a crypto winter. This isn’t a boom, bust and boom again cycle. The Terraform Labs experiment didn’t work. And the first wave of it, which LUNC crypto represents, has all but been abandoned by its founders. They’ve shifted focus to LUNA 2.0 (LUNA). And LUNC crypto is an afterthought at best.
So, while LUNC crypto has jumped close to 50% in the past day, it’s simply not built to last. It’s trading in the bargain bin for a reason. It’s like a record company that went all-in on a band and over-pressed its albums. There just isn’t enough demand to recoup the costs. Demand might be high right now, but it’s not built to last. There’s a reason it’s still trading at a thousandth of a cent despite the recent spike in interest. This token peaked a long time ago. And it’s unlikely to breach the $0.01 mark ever again.
What goes down, will surely go up again… Right? If only it were that easy. Sometimes projects fail. And while it hurts investors, it’s part of the process. We’re not putting this out as FUD to scare off potential investors. It’s a warning.
Combing through the annals of social media, we’ve seen folks calling for LUNC crypto to hit $1, $6 and even regain its glory above the $100 mark. But that’s just not realistic. Like we mentioned above, the precedent for crypto’s outsized returns are extremely high. But the future of LUNC crypto is less so. Just because you’ve seen one cryptocurrency go up a crazy amount doesn’t mean they all will.
And we’re not just talking about rug pulls. Although there are plenty of those to be weary of as well. This (we believe) was an earnest attempt to do something new with crypto. We had a stablecoin backed by the value of its own token. The Terra Luna experiment was interesting to say the least.
But LUNA proved to be exploitable. This experiment failed. While we feel horrible for investors who lost their shirts, that’s the name of the game in this burgeoning new market. Keep your chin up. There’s still money to be made. Just not in LUNC crypto.
The Bottom Line on LUNC Crypto
For once and for all, we’re hoping to warn investors away from LUNC crypto. The tech behind it is dead. Its raison d’etre has been vanquished. And so has its price. While we can appreciate investors’ natural desires for outsized gains, there are better ways to go about it than this.
If, for whatever reason, investors are about to (for no reason at all) push the value of LUNC crypto back to all-time highs within the next five years, we’ll take a page out of the book of Warner Herzog. In 1979, he ate his shoe when Errol Morris actually finished his film on the pet cemetery business. And if LUNC crypto hits those previous high-water marks, we’ll be happy to follow suit in such rarified company.