Investors are Pushing: 1,000x Sounds For Lunc!

Luna Classic (LUNC) has posted double-digit gains in the last two weeks. The community believes that the incineration mechanism and new changes can take 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 an arrest warrant for him and five other TerraLabs employees.

The biggest challenges facing Luna Classic

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 large wallet investors who control the LUNC network. Chen's concerns are that the future of Terra Classic looks bleak as it is difficult to attract projects to build on Terra Classic. Chen makes the following statement on the subject:

THE BIGGEST CHALLENGE FOR LUNC IN THE COMING MONTHS IS TO CLARIFY INCENTIVES. WHO ARE THE LUNC SINKS? WHO CONTROLS THE NETWORK? I THINK IT IS DIFFICULT TO ATTRACT PROJECTS TO BE BUILT ON TERRA CLASSIC UNTIL THE REBELS UNDERSTAND WHO THEY ARE WORKING FOR.

Altcoin gains traction on social media as its price rises

Crypto intelligence platform Santiment conducted an analysis based on data obtained from LUNC. According to the analysis, keywords related to LUNC, the token of Terra Classic Blockchain, topped social media search history. This, according to Santiment, shows the great interest in the token.

In addition, LUNC recently recorded a significant price increase in response to the planned tax burn of 1.2%. Following this, the altcoin was once again in the limelight. However, the gains were quickly reversed by profit-taking by LUNC holders.

Do Kwon reassured LUNC holders

Meanwhile, Terra founder Do Kwon made a statement regarding the Korean authorities issuing an arrest warrant. In a post to the crypto community, Kwon expressed concern over his arrest. He also reassured LUNC holders. Kwon said that he is in the process of defending himself in multiple jurisdictions. He also noted to the community members that Terraform Labs employees hold themselves to an extremely high bar of integrity and look forward to revealing the truth in the next few months.

Why Crypto Twitter expects a 1,000x rally for altcoins

LUNC holders are pushing for a 1,000x increase in the altcoin's price. LUNC has gained 262% in the 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 the latest update from Terraform Labs and Do Kwon, holders flooded Twitter talking about 1,000x gains from LUNC. For example, the account CEO_44 posted the following:

LUNC STAYS STRONG DURING CRYPTO CRASH. WHY? WHY? THIS IS A COMMUNITY OWNED L1 BLOCKCHAIN. IT DOES NOT BELONG TO BANKS AND VC'S. THE INCINERATION TAX COMING TO LUNACLASSIC WILL BE 1000X.

#LUNC holding strong during #cryptocrash. Why? It's a community owned L1 chain. It's not owned by banks and VCs. Burn tax coming 🔥🔥 #LUNACLASSIC will #1000x 🚀🚀 https://t.co/OVz6vvpo6w pic.twitter.com/b22WUmYmwd

— CEO_44 (@CEO_44) September 19, 2022

Source: Fxstreet 

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