Poppe thinks LUNC investors will never see the price of crypto at $1.

Famous cryptocurrency analyst and Eight Global founder Michaël van de Poppe has dashed the hopes of Terra Luna Classic (LUC) investors, who expect the coin’s price to hit $1 again.

In a recent tweet, Poppe said that LUNC investors will never see the price of LUNC at $1 again, despite the recent massive rally in the coins.

Poppe commented in response to a Twitter user who said:

“I have 3,000,000 LUNC bought all the way down. I will have a heart attack if it hits $1 again.

Responding to the comment, Poppe said he saw $1 LUNC “will never happen.”

Will never happen. https://t.co/cvqgVIGTAe

— Michael van de Poppe (@CryptoMichNL) August 31, 2022

When asked to state the reason for his prediction, he urged the user to “use simple math.”

Use simple math.

— Michael van de Poppe (@CryptoMichNL) August 31, 2022

LUNC’s impressive recent gathering

Luna Classic had an impressive rally last week. Over the past seven days, the LUNC value has jumped 133.5%. The cryptocurrency has also soared 143% in the past 14 days. Moreover, LUNC has also increased by 50% in the last 24 hours.

At the time of writing, LUNC changes hands at around $0.00024065, according to data from Coingecko.

The massive surge in LUNC values ​​surprised many, given that the cryptocurrency was discontinued by TerraForm Labs (TFL) after its value plummeted.

Recall that the The TFL team launched a new channel and tokens as part of its efforts to compensate investors for their losses, despite community opposition to the move.

LUNC Investor Burn Program

LUNC investors urged the Terra team to burn some of the token’s supply to skyrocket its price again.

However, with TFL ignoring these calls, investors opted to burn some token units themselves. LUNC holders have collectively agreed to transfer some of the cryptocurrency to a hellish address. So far, more than 3 billion LUNCs have been sent to the address.

In addition to the series of community burns, a proposal was adopted for burn 1.2% of all LUNC transactions. Despite obtaining 93% of the votes, the proposal has not yet been implemented.

However, LUNC investors continued to engage in community burning to drive up the price of the asset.

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