Terra and LUNC plummeted to $0 in May this year after dramatically crashing 100% in three days. The crash sent shockwaves across the financial sector shedding doubt about the future of cryptocurrencies. A crash of this sort was unseen in crypto history and sent a reality check that altcoins are not safe. However, despite the unbelievable crash, both LUNC and LUNA are pumping in September and displaying heavy bullish sentiments.
In 30 days, LUNC has pumped nearly 325% in the indices while LUNA has spiked close to 160%. Both the cryptos have generated profits this month and rewarded investors who took the risk of trading them.
Will Terra’s LUNC & LUNA Come Back to Life?
Terra’s LUNC has skyrocketed 37,000% after it collapsed to nearly $0 in May 2022. Also, LUNC saw a sudden spike in price this month after a proposal to implement 1.2% token ‘burns’ on all transactions was initiated. The ‘burns’ would make LUNC deflationary crypto and investors jumped on the bandwagon.
However, the development should be seen as a pump and dump scheme as it offers nothing much apart from burns. Terraform Labs is only creating hype about the situation and only a few lucky ones are reaping the profits. It wouldn’t take much time for both LUNC and LUNA to erase the profits they generated this month.
Both cryptos are now nothing less than betting and gambling. Only those who can afford to take the risk are going all in on the two cryptos.
The truth is, LUNC and LUNA have created irreparable damage and investors will always see it with skeptical eyes. The Terra’s cryptos have slim chances of coming back to life from the dead. It is advised to stay away from the two cryptos and invest in better tokens that are promising and trustworthy.
At press time, LUNC was trading at $0.00040946 and is down 10.6% in the last 24 hours. On the other hand, LUNA was trading at $5.31 and is down 13.9% in the day’s trade.