Luna Classic (LUNC) has posted double-digit gains over the past two weeks. The community believes the burning mechanism and the new changes can lift the LUNC higher. Developer Will Chen explains the biggest challenge altcoin holders will face in the coming months. Meanwhile, Do Kwon made a statement to the Terra (LUNA) community. Kwon broke the news of the arrest warrant for himself and five other TerraLabs employees.
Luna Classic’s biggest challenges
Altcoin developer Will Chen has identified the biggest challenge facing Luna Classic in the coming months. He also noted that Luna Classic developers and holders are curious about the big wallet investors who control the LUNC network. Chen’s concerns are that the future of Terra Classic looks bleak as it will be difficult to attract projects to build on Terra Classic. Chen makes the following statement on the subject:
The biggest challenge LUNC will face in the coming months is to clarify incentives. Who are the LUNC whales? Who controls the network? I find it difficult to attract projects to build on Terra Classic until the Rebels realize who they are working for.
The biggest challenge $LUNC will have to face in the following months is clarifying the incentives.
Who are the $LUNC whales? Who controls the network?
I would imagine it hard to attract projects to build on Terra Classic until the rebels figure out who they're working for.
— Will Chen (@stablechen) September 16, 2022
While the altcoin attracted attention on social media, its price also increased
Crypto intelligence platform Santiment conducted an analysis based on data from LUNC. Accordingly, keywords related to LUNC, the token of Terra Classic Blockchain, topped the social media search history. According to Santiment, this shows the huge interest in the token.
Besides, LUNC has recently recorded significant price increase in response to the planned 1.2% tax burn. After that, the altcoin once again became the center of attention. However, the gains were quickly reversed as LUNC holders took profits.
Do Kwon reassures LUNC holders
Meanwhile, Terra founder Do Kwon made a statement regarding the Korean authorities issuing an arrest warrant. In his post to the crypto community, Kwon expressed concern about his arrest. Also, LUNC reassured its holders. Kwon said he is in the process of defending himself in multiple jurisdictions. He also noted to the community members that the Terraform Labs employees hold themselves to an extremely high bar of integrity and look forward to clarifying the truth in the next few months.
Why is crypto Twitter waiting for 1000x rally for altcoin?
LUNC holders are pushing for a 1,000x increase in altcoin price. LUNC gained 262% last month. That’s why Luna Classic gave the highest 30-day return compared to Bitcoin. It is also one of the altcoins with a higher 90-day ROI than BTC. Amid speculation and Terraform Labs and Do Kwon’s latest update, holders flooded Twitter with mentions of 1,000x earnings from LUNC. For example, the account named CEO_44 shared:
LUNC remains strong during the crypto crash. Why? Why? This is a community owned L1 Blockchain. It is not owned by banks and VCs. The burning tax to LUNACLASSIC will be 1000x.
https://twitter.com/CEO_44/status/1571863108507041792
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