Legend Knowing LUNA Crash Is Selling This Altcoin!

Having won a $10 million bet against Do Kwon on Terra (LUNA)’s future, Gigantic Rebirth is now shorting the token once again. The coin, now known as LUNC, dropped to $0.000000999967 following the collapse of the Terra ecosystem. But now, it’s up 33,565 percent since the bottom. Here are the details…

Whale opposes resurrection of LUNA Classic (LUNC)

As we reported on Kriptokoin.com, Luna Classic rose more than 33,565% from the bottom in May. The token’s parabolic run is being met with selling pressure from the crypto whale Gigantic Rebirth, which had already shorted the Terra ecosystem before its collapse. A crypto whale is betting against the resurrection of Luna Classic. The trader, known on Twitter as Gigantic Rebirth, stated that he shorted LUNC on September 9. The token price was roughly $0.0042 at the time. Currently, the coin is trading at $0.0033.

This is Gigantic Rebirth’s second bet against the coin. On March 14, he made a $10 million bet against Terra founder Do Kwon that the LUNA price would drop below $92.4 within a year. The collapse of the entire Terra ecosystem occurred almost two months later. The user’s tweet included a screenshot showing a short sell position with the size of 21,988,427,000 LUNC tokens (approximately $9,235,100 on Sept. 9). A later tweet revealed that the position was opened at an average price of $0.0048 per LUNC token.

What happened in the Terra ecosystem?

The entire ecosystem exploded in early May due to the way Terra’s algorithmic stablecoin, UST, was designed. Altcoins have suffered from hyperinflation. According to Statista, the circulating supply of the coin has jumped from 345 million tokens to 6.9 trillion. This also lowered the price. LUNC dropped to $0.000000999967 on May 13. However, the coin’s price has increased by more than 33,565% since then. It has fueled speculation that it could possibly reach $0.01 or even $1.

Reaching such prices would mean that Luna Classic’s market cap (currently $2.3 billion) surpasses Bitcoin and reaches trillions of dollars. This indicates that this scenario is highly unlikely. The scenario is based on the vague plan put forward by members of the Terra community to charge a 1.2 percent incineration fee to all transactions made on the Terra Blockchain. However, most LUNC transactions now take place on centralized exchanges such as Binance, KuCoin, and Gate.io. Binance has already announced that it will not impose the community-recommended 1.2 percent tax. When asked about the price estimate for LUNC, Gigantic Rebirth retweeted a post by former US presidential candidate Hillary Clinton that reads “True: ZERO”.