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This past month, the Terra (LUNA-USD) saga has taken a wild turn. The search for the network’s founder is turning into a real wild goose chase, and the whole world is watching. And yet, there is still deep investor interest in the failed project’s assets. That much is evident in a social media campaign pumping the Terra Classic (LUNC-USD) network. Would Coinbase (NASDAQ:COIN) listing the LUNC crypto catalyze gains for the coin?
There’s a lot of anger toward the Terra blockchain ecosystem. Plenty of evidence suggests that it played a key role in the collapse of the crypto market. Its stablecoin’s failure led to a price plummet that would bankrupt three companies, freeze hundreds of thousands of investors’ assets and lever the crypto industry into its ongoing bear market.
And Terra users themselves largely hold the development team in disdain as well. Aside from their investments tanking, there’s evidence that founder Do Kwon and other Terra members had outright lied about things like secret holdings and failure to disclose previous project’s implosions.
And the aftermath of the network’s collapse hasn’t escaped controversy, either. When picking up the pieces, the Terra team fielded the idea of a hard fork to break Terra into two networks: Terra 2.0 and Terra Classic. The idea had initially seen great resistance from the community. However, the vote passed handily. Though, it would come to light that Kwon had manipulated the vote using his own personal LUNA holdings.
Even through all of this turmoil, though, there are always investors who believe in a comeback story. And there seem to be many putting effort into getting the LUNC crypto back off the ground.
Investors Call on Coinbase to List LUNC Crypto
The LUNC crypto is unsurprisingly having a hard time catching on with investors. Though, there are plenty of investors eagerly hoping for a resurgence that can take their investment sky-high. A new social campaign by these investors attempts to manufacture a catalyst for the coin.
LUNC is the coin underlying the Terra 1.0 network. Before the network’s collapse, it was called LUNA. Since the hard fork, LUNA was rebranded to LUNC and relegated to the Terra Classic network. A Terra 2.0 network came out of the hard fork, and developers created a new coin bearing the LUNA name. So, LUNC is the coin with all of the price history of the original Terra network.
When it collapsed, LUNC went from a price well above $100 to its current going rate of less than 1 cent. With a precedent set for how high LUNC can go, it appears that plenty of crypto fans see the current price as an extreme bargain. After all, if LUNC can capture even a fraction of the price it once held, it can bring thousand-fold returns.
A likely future? It’s far-fetched, sure, but stranger things have happened in the hyper-volatile space of digital assets. And investors aren’t waiting around for a miracle, either. They’re trying to make gains for the coin themselves.
That much is evident by today’s trending Twitter campaign, #CoinbaseListLUNC. It’s exactly what it sounds like. LUNC holders are hoping Coinbase will list the coin, with the anticipation that the increased access for other investors will lead to an uptick in trading volume and a bump upward in price. Well over 100,000 tweets have been published using the hashtag, and many remain convinced that the listing is only a matter of time.
Whether or not Coinbase actually completes a LUNC crypto listing is up for debate. But, there is demonstrable interest in terms of trading volume. Since the hashtag began trending, LUNC has seen a 40% increase in volume and a 9% price increase.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.