• Terra Rebels former developer Tobias Andersen called out Terra Luna Classic’s questionable correlation with the largest digital asset Bitcoin (BTC).
• BTC inked huge gains in the last seven days, while LUNC increased by far less.
• Investor QueersInCrypto declared “I’m Out” after Andersen’s statement.
Terra Rebels Developer Pokes Fun at LUNC
Terra Rebels former developer Tobias Andersen poked fun at Terra Luna Classic’s apocryphal price correlation to the largest digital asset Bitcoin (BTC). In a sarcastic tweet, Andersen laid out the main principles of “the Lunatic logic.”
LUNC Price Increases Modestly
The Parity mainnet for Terra Classic blockchain has been in full swing since June 14th, 2023 and BTC increased by 14.7% in the last seven days, while Terra Luna Classic gained just 1.6% in the same time frame. Currently, $LUNC trades at $0.00009146 , according to CoinGecko . Bouncing back after hitting a three-month low on May 8th, $LUNC is trading sideways without any clear on-chain signs for a bullish divergence.
Community Reactions to Andersens Tweet
Andersen’s statement was followed by a GIF of a huge panda sitting in an armchair, facepalming in despair and sparked outrage among some members of the community but others started brainstorming for solutions and calling out the former Terra developer on “the same behavior pattern shown by every single developer who left“. Investor QueersInCrypto simply posted a meme from Arrested Development declaring “I’m Out“.
5.8 Trillion LUNC In Circulating Supply
At press time, there is 5.8 trillion $LUNC in circulating supply; over 14% of Terra Classic is presently staked .
Conclusion
Andersen’s statement exposed how some investors feel about LUNC’s correlation to BTC and sparked debate within the community about potential solutions or changes needed going forward to make it successful longterm