- Ex Terra Rebels dev pokes fun at Terra Classic’s apocryphal price correlation.
- BTC inked huge gains in the last seven days, while LUNC increased by far less.
- Parity mainnet for Terra Classic blockchain has been in full swing since June 14th, 2023.
Terra Rebels former developer Tobias Andersen called out Terra Luna Classic’s questionable correlation with the largest digital asset Bitcoin (BTC). In a sarcastic tweet, Andersen laid out the main principles of “the Lunatic logic.” Here’s how Mr. Andersen describes it:
“BTC Lunatic logic: BTC drops 2%, LUNC drops 10%+. No problem, it’s all BTC. Lunatic logic: BTC goes up 25%, LUNC goes nowhere. No problem, it’s not correlated to BTC.” This statement was followed by a GIF of a huge panda sitting in an armchair, facepalming in despair. The message infuriated some but also found many caring LUNC members who started brainstorming for solutions.
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Christos Vasilliou suggested that the embattled LUNC network needs an unbiased CEO, to which Tobias replied, “Unfortunately you don’t get democratically elected leadership in digital oligarchies.” The more snappy replies included calling out the former Terra developer on “the same behavior pattern shown by every single developer who left.”.At the same time, investor QueersInCrypto simply posted a meme from the iconic sitcom Arrested Development declaring, “I’m Out.”
Post-Parity LUNC Price Rolls Sideways
Indeed, the Lunatic Logic theory has some merit, as the top digital asset Bitcoin boosted by 14.7% in the last seven days, while Terra Luna Classic gained just 1.6% in the same time frame. At press time, $LUNC trades at $0.00009146, according to CoinGecko.
Bouncing back after hitting a three-month low on May 8th, $LUNC is trading sideways without any clear on-chain signs for a bullish divergence. The on-chain metrics suggest 5.8 trillion $LUNC in circulating supply; over 14% of Terra Classic is presently staked.
Network Revitalization Quest Escalates
Terra Classic developers finished the crucial parity upgrade Cosmwasm V2.1.0 on June 14th, 2023. That day, $LUNC broke through the northbound upper resistance line and erased a zero in its market price but retraced back to the $0.00009 support level one hour after the bullish breakout.
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As the LUNC community continues to resolute in the malfunctioned USTC repeg crusade, various members are trying to contribute. For instance, proposal #11597 by Redline Drifter suggests opening a $USTC staking vault, where the cryptocurrency would be swapped into Terra’s native stablecoin to erase the difference gradually.
Indeed, the proposal already received approval from several prominent members of the LUNC community. Still, it’s yet to be seen if top crypto exchanges will stride along with Terra Classic’s revitalization plans.
On the Flipside
- $LUNC is still 54.5% up compared to a year ago, while Terra Classic USD still trades at just $0.012.
- Binance and KuCoin, two of the largest crypto exchanges, both supported the parity upgrade and tax burns.
Why This Matters
The community of Terra Classic blockchain aims to revitalize the struggling blockchain to realize its full potential.
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