coinquora.com
At the Bloomberg Crypto podcast, Mike Regan and Misyrlena Egkolfopoulou argue that there is a class of risk takers scooping up Terra Classic (LUNC) across exchanges. Regan argued that the non-stop promotion of LUNC is surprising.
Misyrlena explained how the “drop the zero” ecosystem came into existence, and crypto investors started chasing zombie tokens like Terra Classic. From meme coin promotion to LUNA-UST collapse, Misyrlena argues that investors believe in the potential and promise of zombie tokens.
The Bloomberg reporter argues that percentage returns earned on staking and rewards and promised returns are indicators of zombie crypto tokens. Dogecoin (DOGE) and Shiba Inu (SHIB) have maintained a hype, unlike LUNC, which lost its longevity with the DeFi bear market and the Terra collapse.
The reporter argues that a relative lack of value affirms that Terra Classic is a relic of the past, and there is a slim probability of the token making a comeback. Though crypto Twitter keeps pushing for LUNC to drop another zero, Regan and Misyrlena believe this is unlikely.
Terra Classic plummeted below the $0.000110 level. Terra Classic price nosedived to $0.000089 at press time. After dropping from $0.000110, the LUNC price is at risk of collapsing to $0.000090. Buying pressure across exchanges has failed to push LUNC’s price higher. Instead, the altcoin could drop to similar levels as the last week of June 2022.
Consequently, Terra Classic is on a path to becoming a zombie crypto token unless LUNC climbs back above the $0.000110 barrier. Terra’s token is struggling to recover from the downtrend. However, the overall outlook on LUNC remains bearish. If the bearish thesis is invalidated, LUNC could climb to $0.00015 — levels previously seen in the first week of July 2022.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.