By: Jamen Mendes
If you have been paying close attention to the crypto market, you would have noticed that Terra Luna has completely overhauled the entire crypto industry. This single platform and its stunning collapse and triumphant recovery, has given birth to a New Era in Crypto!
Rising from its own ashes as Luna Classic, the token is making the most historical comeback of any Layer 1 platform in crypto history. After falling from $119 to an abysmal price of $0.000,000,999,967, Luna Classic is currently trading at $0.00028+ range.
Just to give you an idea as to the magnitude of this accomplishment: had you invested a $100k in Luna Classic at the bottom price of $0.000,000,999,967, you would have netted a total of $28,000,000 today; a 27,333% return in just 90 days!
This is so stunning of an achievement that it is hard to fathom. No other Layer 1 platform has ever made this level of return; all this, after a complete collapse!
During the past 7 days, Luna Classic has risen over 150%, while Bitcoin has been trending downward, retesting the $19,500 critical support level. Yesterday alone, Luna Classic rose a whopping 53%!
The Luna Classic Narrative
What most analysts have yet to understand is the fact that Luna Classic, unlike most Layer 1 platforms, the likes of Etherium, Polkadot, Cardano, and so on, is not depending on Bitcoin for its gains. It has already depegged from the Bitcoin “herd” mentality and chosen to buck the trend and make its own path in the world!
Luna Classic is rising on its own internal narrative. This narrative is largely influenced by the fact that Luna’s demise was caused by the depegging of its own algorithmic token, UST; and not by the normal crypto or stock market issues such as inflation, rising commodity prices, or tightening monetary policies.
None of these larger economic issues are of any concern to the Lunatics, the global Luna Classic army. Their focus is on reviving the Luna Classic platform and returning it to its rightful place as a Layer 1 ecosystem, which competes with Ethereum, Solana, Cardano, and others.
In order to accomplish this monumental goal, Luna Classic’s volunteer development team, Terra Rebels, have focused on establishing a new platform governance; re-enabling the staking function; and, reducing the outstanding tokens, currently sitting at 6,585 Billion.
Incredibly, all of the above objectives have been accomplished, so far, without a hitch.
A new governance, made of over 74% of the original validators, were voted in on August 26th; staking was re-enabled on the 28th, and the token-reduction tax (1.2% proposed) initiative is scheduled to go live on-chain, September 12th.
Luna Classic vs Ethereum
These are the reasons why Luna Classic is pumping! And, it will continue to pump as the world awakens to the fact that Luna Classic is the only true Layer 1 ecosystem capable of competing with Ethereum and yet priced a whopping 5,972,867% lower!
Like Etherium, Luna Classic is a fully decentralized Layer 1 platform with smart-contract functionality. In fact, it is better! Luna Classic is faster, has a cheaper transaction cost, and was built from the beginning as a Proof-of-State platform. Ethereum is slow, costly, and is still a Proof-Of-Work platform that needs to survive the upcoming “merge” scheduled for mid September.
Certainly, we cannot discount Etherium’s overwhelming dominance in the Crypto sphere! Ninety percent of all decentralized applications (DApps) run on Ethereum. It is the king of the pride when it comes to smart-contract platforms. However, we do have a new cub rising in the grassland to challenge Ethereum hegemony! That blockchain beast is not Cardano, Polkadot, Solana or Layer 2 solutions such as Polygon and Optimism. It is none-other than Luna Classic!
New Crypto Era
We are entering a new Crypto era. Gone is the time when every token had to file in line behind Bitcoin and beg for permission to shine. That’s the old mentality that had us believing that “all cryptos” are the same and Bitcoin is the King!
Luna Classic’s demise and its meteoric rise is breaking the chains that locked all Layer 1 platforms to a Bitcoin-dominance model. Instead, Luna Classic is proving that not all crypto currencies are identical! They are all uniquely designed to solve particular problems, which will never be tackled by Bitcoin, and, thus, should be analyzed and priced accordingly.
Ethereum, in particular, has always been negatively affected by this lazy mentality on the part of the investors to study and appreciate the unique solutions it has and continues to solve within the Crypto sphere. But, that is a story for another article.
Returning to Luna Classic and the theme of this piece.
We have been ushered into a new phase of the Crypto economy by the collapse of Terra Luna and its Phoenix-like rise from the ashes as Luna Classic. Gone are the comparative analysis/paralysis of the past that enslaved every crypto ecosystem to Bitcoin!
We’ve entered a new phase — a new Cosmic Age — where all Cryptos are uniquely appreciated for their special gift to humanity in helping us solve the entrenched global poverty created by “fiat” currencies, and liberate the creative potential of every human being!
Luna Classic is leading us into a Golden Age of tremendous abundance and, hopefully, a new awareness that money is not priced in fiat but by the very Life essence, which inherently sustains its dynamic and priceless Value!
And Just to prove my point that Luna Classic is leading its own triumph, let me quickly check on its current price! It is trading at $0.00028, a 100% rise over the last 24 hours, while Bitcoin has again dipped to $19,950!
Current Luna Classic Stats by CoinMarketCap:
Fully Diluted Market Cap
In compliance with the financial disclosure requirements, I must inform you that I am not an investment advisor. This article is for information only. Do your own research. Furthermore, I own Luna, including units which I purchased before and after the UST/USD depeg.