- Gigantic Rebirth, who notably won a $10 million wager against Do Kwon over the future of LUNA, is now shorting the token once more.
- After the collapse of Terra, the value of the coin (now renamed as LUNC) plummeted to $0.000000999967 but is now up 33,565%.
- Binance’s denial stymied the Terra community’s attempt to add a 1.2% burn tax on each LUNC transaction.
Since its low point in May, Luna Classic has increased by about 33,560%. Crypto whale Gigantic Rebirth, who notably shorted the Terra ecosystem before its collapse, is now exerting selling pressure on the token’s parabolic surge.
A crypto whale is betting against the rebirth of Luna Classic.
@GiganticRebirth, who also goes by GCR (an acronym for Gigantic-Cassocked-Rebirth), tweeted on September 9 that he was shorting LUNC. The token price was around $0.00042 at the time; it is presently $0.00033.
This is Gigantic Rebirth’s second time betting against the coin. On March 14, he infamously bet Terra creator Do Kwon $10 million that the price of LUNA (the token’s name at the time) would fall below $92.4 within a year. The whole environment of Terra collapsed around two months later.
Gigantic Rebirth referred to a viral Do Kwon brag when announcing his new short: “By my hand [LUNC] will die. Again.” Attached was a snapshot displaying a temporary position of 21,988,427,000 LUNC tokens (worth about $9,235,100 as of September 9). A subsequent tweet disclosed that the stake was established at an average of $0.00048 per LUNC token.
By my hand $LUNA1.0 will die.
— GCR (@GCRClassic) September 9, 2022
Due to how Terra’s algorithmic stablecoin UST was created, Luna Classic experienced hyperinflation in early May, when the whole ecosystem collapsed. According to Statista, the circulation quantity of the coin increased from 345 million tokens to 6.9 trillion, causing its price to plummet. LUNC bottomed out at $0.000000999967 on May 13. Since then, the coin’s price has increased by more than 33,565%, fuelling anticipation that it may hit $0.01 or even $1.
Obtaining such values would result in the market capitalisation of Luna Classic (now $2.3 billion), surpassing that of Bitcoin and reaching trillions of dollars. The improbable possibility hinges on the flimsy proposal by members of the Terra community to impose a 1.2% burn tax on all Terra blockchain-based transactions. Nevertheless, most LUNC transactions currently occur on centralised exchanges like Binance, KuCoin, and Gate.io. Binance has previously indicated that it would not implement the planned 1.2% fee imposed by the community.
Gigantic Rebirth retweeted a tweet from former US presidential contender Hillary Clinton, which stated, “That’s right: ZERO,” in response to a question about his LUNC price forecast.