Famous crypto influencer Classy Crypto issued a stern warning, saying that an altcoin project will die unless significant changes are made. The project highlighted by the analyst is Terra Luna Classic (LUNC). This dire prediction has caused the crypto community to question the fate of LUNC. Additionally, Classy Crypto outlined the reasons behind this ominous prediction.
Burn concerns take center stage for altcoin
In a recently published video, Classy Crypto makes a point. It also sheds light on the primary concern affecting users of the altcoin LUNC. Token burning. He highlighted a video of Clay, a prominent member of the Terra Classic community, discussing a proposal aimed at burning a significant amount of LUNC and USTC tokens.
As promised, here’s my thoughts on how to save $LUNC.
Without serious consideration, $LUNC goes straight to 0. ⏬https://t.co/HjiaTk4okF pic.twitter.com/j2ovL902J9
— Classy 🔮 (@ClassyCrypto_) October 2, 2023
However, Classy Crypto expressed doubts about CoinInn, the crypto exchange mentioned by Clay as the platform that will perform the altcoin burn. He noted that CoinInn is not among the top 200 crypto exchanges listed on CoinMarketCap. It acknowledges CoinInn’s commitment to LUNC burning and its relationship with the Terra Luna Classic community. Additionally, Classy Crypto references CoinInn’s relatively modest status. Accordingly, he expresses doubts about the potential impact of this initiative. According to Classy Crypto, CoinInn falls short of being considered a top exchange based on its observations.
LUNC’s struggles in the crypto landscape
Classy Crypto’s reservations extend to LUNC itself. He believes that the enthusiasm surrounding CoinInn’s burn offering may not be justified, primarily due to LUNC’s limited importance in the crypto market. Unlike meme coins or newly launched projects, altcoin LUNC has been around for a long time. Despite its legacy community and developers, it has failed to attract meaningful attention from builders and developers in the crypto space.
According to Classy Crypto, developers are staying away from the altcoin Terra Luna Classic. Because they lost interest in the cremation narrative. He notes that the once-prominent concept of cremation is no longer effective among community members. He also emphasizes that it does not give them a competitive advantage.
Market position of Altcoin LUNC
Classy Crypto compares altcoin LUNC with other DeFi projects to highlight its struggle for relevance. In particular, he made a sharp comparison with Friend.tech. As reported by DeFiLlama, the website that provides crypto data, LUNC’s total value locked (TVL) is currently only $1.63 million. On the other hand, when we look at cryptokoin.com, Friend.tech has a TVL of 50.59 million dollars.
Classy Crypto’s assessment of the future of Terra Luna Classic paints a dire picture. Crypto influencer’s warnings raise concerns within the community. On the other hand, it leaves the fate of the altcoin LUNC uncertain.
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