Many crazy things are happening right now. Bitcoin but not Bitcoin Luna Classic, UST classic, and Luna itself, or Luna 2.0, is actually pumping, so we’re going to go through exactly what is going on right now. We’re in a bear market but these coins are up like 300%. Things are wild and wild things.
So moving on to the Crypto Bubbles, we’ve got Luna Classic up 43% today, Luna 2.0 – 16%, we even have 1INCH up 18%. If you don’t know 1INCH, it’s a really good DeX aggregator.
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Now, interestingly enough, Bitcoin isn’t really doing much right. We are sitting at this $20,000 mark and we are teetering here, so we could just be consolidating sideways to open up the trapdoor and fall down to around that $14k, which is what I’m seeing as really the next line of any sort of support we have left here in the market. $14k played a big part back there in 2019 and also in 2018 right after the crash. I wouldn’t be surprised if that happened in the market, so be prepared for that.
We do have extreme fear in the market, so keep in mind that prices can change quickly at any time. With that said, we’ve got Terra Classic up significantly in the last week; just look at that price change; and we’ve got UST Classic up significantly as well; right now sitting at 4 cents, and I actually got out of this at 23 cents. I don’t regret that decision, but there is interesting stuff here a hundred percent of the time today.
Then we’ve got the new Terra, Terra 2 up to 16%, today, so what is going on in the world of Terra? Right, we haven’t covered this in a while, but we have all of those rumors going around that Do Kwon actually knew exactly what he was doing and he was funneling millions and millions, if not billions, out of the project before it all happened. We had speculation that the Terra funds wallet was actually connected to the wallet that started the death spiral in Luna, and also, most recently, Anonymous vows to expose Do Kwon’s suspicious action from the Terra collapse. I think people are getting excited if anything that we’re going to have some light shed on what actually happened. And with that said, of course, we have the community behind the Terra Classic, who I’ve been trying to pump this coin for a while to get back some of their gains and just to create that community feel. One thing that I was saying back was that I could see this new or old lunar classic becoming the new Doge, becoming the new Shiba, or like these community-based meme-based tokens that really thrive on the energy within the community, and I was a skeptic before Doge popped off right. I was very much like, “Nah, these coins have nothing to do with them.” But, it is very obvious that these community coins can go a long way depending on how long the community holds off. With that said, remember exactly what happened with Dogecoin? Dogecoin pumped significantly, people made absolutely millions, like the Dogecoin millionaire, and all they did, the majority of them, was hold, they didn’t take profits. If we do see a similar thing play out here, take profits. Please remember to take profits. Don’t get wrapped up in the hype.
Because of what I’m seeing right now, I have looked all over the Internet and although we have new projects that are seemingly launching on the Terra Classic chain. Of course, there isn’t much news actually happening when it comes to these chains. Nothing really on the web is happening. We do have some articles saying Terra Luna’s price is finally showing a buy signal. I wouldn’t agree with that.
From what I see, there are a bunch of exchanges that you can use. From what I see, this has mainly to do with community, right, community pushing this coin, and what is frustrating to see for sure is that it seems like people have waited for the price to move in order to jump into the coin. Instead of buying the coin when it was down super bad, they’re buying it now when the price is pumping up.
Although you can profit from trading volatility, I believe that unless you have a very long-term mindset and a very strong appetite for risk, you will lose money if you try to get into this for a long-term hold. I’m not even going to get involved in this. If you’re not used to trading, I wouldn’t get involved in it. I also wouldn’t get involved in it if you don’t want to hold this specific coin for a long time. But I see the moon boys again talking about a one-dollar Terra, and just to go through quickly what it would take for that to happen.
So for Terra Classic to get back to one dollar, it would have to move 10 000x, 10 000 times. This would bring the market cap if we got a seven trillion dollar market cap for Terra to reach one dollar. Of course, there is talk about burning rights. We’ve got that new project that is claiming to burn the Terra Classic. We’ve got Binance holding so many Terra Classic coins. Could they be burning, you know, 99% of the coins?
Maybe that will happen. Maybe that’s something that’s on the cards. I actually have no idea, but without a massive, massive fundamental burn happening, there is no way. This is reaching a dollar in my opinion, with the burn, a possible significant burn. But without the burn, of course, we’re not going to see 10,000 X happening anytime soon. Remember, seven trillion dollars is higher than the entire market cap. Over here on Coin Market Cap, we’re at under a trillion, so this would be seven times the size of the entire market cap. So that’s my opinion on what’s happening.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/L5MLJrye19U ]