Val who bet $10 million on Luna has failed again

Important fast food

  • Gigantic Rebirth, best known for winning a $10 million bet against Do Kwon on LUNA’s future, is selling chips again.
  • The coin (now renamed LUNC) crashed to $0.000000999967 after the collapse of the Terra ecosystem, but is now up 33,565% since its bottom.
  • Terra Community’s plan to apply a 1.2% burn-in fee to every LUNC transaction was thwarted by Binance’s rejection.

Luna Classic is up more than 33.655% from its May low. The token parabola is now facing selling pressure from the Gigantic Rebirth crypto whale, which had already trimmed the Terra ecosystem before its collapse.

old enemy

A crypto whale is betting against the revival of Luna Classic.

The trader, who goes by the name Gigantic Rebirth on Twitter, specific On September 9 it abbreviated LUNC. The price of the token was around $0.00042 at the time; It is currently trading at $0.00033.

This is the second time the Giant Rebirth has bet on the coin. On March 14, he bet $10 million against founder Terra Do Kwon that the price of LUNA (its distinguished name at the time) would drop below $92.4 within a year. The collapse of the entire Terra ecosystem followed roughly two months later.

Giant Rebirth Indicated Do Kwon Viral show off When he announced his new short film: “Biddi [LUNC] will die. Seconds.” A screenshot showing a short position of 21,988,427,000 LUNC tokens (valued at approximately $9,235,100 on Sept. 9) is attached to a subsequent tweet. open The position was opened at an average price of $0.00048 per LUNC token.

Because of the way UST Terra’s stable algorithm was designed, the Luna Classic suffered from hyperinflation when the entire ecosystem collapsed in early May. According to Statista, the circulating supply of the coin is jump From 345 million tokens to 6.9 trillion, which led to a price crash. LUNC made as low as $0.000000999967 on May 13; However, the coin has risen over 33.655% since then, saving fuel speculation It can be as high as $0.01 or even $1.

Achieving such prices would cause the market capitalization of Luna Classic (currently at $2.3 billion) to exceed that of Bitcoins and reach trillions of dollars. The highly unlikely scenario is based on the terrible plan put forward by the Terra community members to install a 1.2% burn-in fee on all transactions running on the Terra blockchain. But most LUNC transactions now occur on centralized exchanges such as Binance, KuCoin, and Binance already has it most dangerous They will not apply the proposed 1.2% community tax.

When asked about his award prediction for LUNC, Gigantic Rebirth retweet A post from former US presidential candidate Hillary Clinton, who said, “That’s right: zero.”

Disclaimer: At the time of writing, the author of this piece owns BTC, ETH, and many other cryptocurrencies.

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