Whale Who Bet Do Kwon $10M That Luna Would Fail Is at It Again

Key Takeaways

  • Gigantic Rebirth, who famously received a $10 million guess in opposition to Do Kwon about the way forward for LUNA, is now shorting the token as soon as once more.
  • The coin (now rebranded LUNC) cratered to $0.000000999967 following the collapse of the Terra ecosystem, however is now up 33,565% because the backside.
  • The Terra group’s plan to implement a 1.2% burn payment on every LUNC transaction was thwarted by Binance’s refusal.

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Luna Traditional has surged greater than 33,565% from its backside in Could. The token’s parabolic run is now being met with promoting stress from crypto whale Gigantic Rebirth, who had already famously shorted the Terra ecosystem earlier than its collapse.

Previous Nemesis

A crypto whale is betting in opposition to Luna Traditional’s revival.

The dealer, who goes by the title Gigantic Rebirth on Twitter, indicated on September 9 that he was shorting LUNC. The token value was roughly $0.00042 on the time; it’s at present trading at $0.00033.

That is the second time Gigantic Rebirth has guess in opposition to the coin. On March 14, he famously made a $10 million wager in opposition to Terra founder Do Kwon that the worth of LUNA (the token title on the time) would drop beneath $92.4 inside a 12 months’s time. The collapse of the whole Terra ecosystem adopted nearly two months later.

Gigantic Rebirth referenced a viral Do Kwon boast when he introduced his new brief: “By my hand [LUNC] will die. Once more.” Hooked up was a screenshot displaying a brief place the scale of 21,988,427,000 LUNC tokens (price about $9,235,100 on September 9). A later tweet revealed the place was opened for a mean value of $0.00048 per LUNC token.

Due to the way in which Terra’s algorithmic stablecoin UST was designed, Luna Traditional suffered from hyperinflation when the whole ecosystem imploded in early Could. In keeping with Statista, the coin’s circulating provide jumped from 345 million tokens to six.9 trillion, which cratered its value. LUNC bottomed at $0.000000999967 on Could 13; nonetheless, the coin’s value has surged by greater than 33,565% since then, fueling hypothesis that it may probably attain $0.01 and even $1. 

Attaining such costs would imply Luna Traditional’s market capitalization (at present at $2.3 billion) overtaking Bitcoin’s and reaching trillions of {dollars}. The extremely unlikely situation rests on the tenuous plan put ahead by members of the Terra group to put in a 1.2% burn payment on all transactions operated on the Terra blockchain. Nonetheless, most LUNC transactions now happen on centralized exchanges reminiscent of Binance, KuCoin, and Gate.io. Binance has already announced that it will not implement the group’s proposed 1.2% tax.

When requested for his value prediction for LUNC, Gigantic Rebirth retweeted a publish from former U.S. presidential candidate Hillary Clinton, which stated: “That’s proper: ZERO.”

Disclaimer: On the time of writing, the writer of this piece owned BTC, ETH, and several other different cryptocurrencies.

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