Don't call it a come back (seriously, don't)
Ooooof course this is happening.
(We should have seen it coming, it's GameStop all over again).
Who could forget Terra Luna?
It's the token that's largely credited for triggering 2022's crypto market crash, after it lost 99.9% of its value back in May.
...and it's currently up 1000% since June, making it the best performing token of Q3.
So why are folks putting their trust in a token that wiped billions of dollars of value from the market, just a few months ago?
Because they're degenerates (and we say that lovingly).
Here's why the Luna is gaining value again:
With a price and reputation as battered as Luna's (now known as 'Luna Classic,' or LUNC), even the slightest whiff of good news can move the needle.
Last week it was proposed that a 1.2% 'burn tax' be added to all LUNC transactions.
Meaning 1.2% worth of every transaction will be destroyed, in an attempt to slowly reduce the supply of the 6.15 trillion LUNC tokens.
(With reduced supply, comes more scarcity, and with higher scarcity comes a more valuable token).
The proposal alone was enough to prompt the degens of Web3 to gamble on potential price movement.
As the bets piled in, the price rose - and as the price rose, it caught the attention of others, who threw even more money into LUNC...
Up and up the price went, making the chart do this:
It's a very risky game, but it's fun to watch.