What happened? Terra Classic developer Tobias Andersen said that the market for the native LUNC token is being manipulated by one entity. This version, in his opinion, is supported by the fact that the asset has a limited growth trend. The developer predicted a collapse in the value of the asset, and also admitted that the manipulations were carried out with the participation of large crypto exchanges.
What else is known? While Andersen is not currently an active participant in the protocol, he believes that the best solution for the Terra Classic community would be to create a completely new chain.
Terra Classic was the result of a hard fork of the Terra network from Terraform Labs (TFL) after the collapse of the value of the LUNA token and the algorithmic stablecoin UST in May 2022. After the separation, LUNC and USTC assets circulate on the Terra Classic network; the original tickers belong to the new Terra 2.0 chain.
Terra Classic participants are actively trying to restore and develop the project. Last month, Six Samurai's engineering team unveiled a $116,000 plan to modernize the network's technology and attract developers. According to them, LUNC “has limitless growth potential.” The team’s efforts are partially supported by the Binance crypto exchange, carrying out periodic burning of LUNC, which should help maintain/increase the price of tokens.
However, Andersen believes that the value of LUNC is more likely to fall to zero than to rise to $1, since the protocol is being manipulated by some unnamed party. He is also confident that such actions cannot be carried out without the help of large trading platforms such as KuCoin and Binance.
As of July 25, 10:20 Moscow time, LUNC is trading on Binance at $0.000083, having lost 1.99% per day.$LUNC