The bear market has put all crypto warriors on the ropes. I know cause I am one of them. Amazingly though, a beaten up, left for dead coin has gotten some sort of a resurgence. Am talking about the widely despised Luna Classic.

Terra Luna Classic was initially a top ten coin. That is until it’s creator, Do Kwon, grew his head a little too much and figured that the best way to increase the value of his coin is by offending fellow Billionaires/Millionaires. Sometimes you can’t figure out what runs through the head of these people. So much EGO! Anyway, its stable coin called UST got depegged a couple of months ago, and since it is an algorithmic coin, it’s value depended much on LUNA coins being minted or burned and vice versa. With the panic selling that happened next, it wasn’t given much of a chance to stabilize. In the end, the market was flooded with 6.5T of LUNA coins. Essentially price dropping from 110 USD per coin to just .00005 at it’s worst.

A friend of mine brought my attention to what was happening to this coin. I couldn’t believe what I was seeing and wondering how much this destroyed a lot of people’s lives. But….Sun Tzu also said “in the midst of chaos, there is opportunity.” A top ten coin suddenly finds itself besieged, trampled and discarded (even by it’s creator). Do you mean to tell me that the value that was initially perceived by investors (which made it run up to hundreds of dollars per coin) is gone? All that hard work is worth nothing? What happened to the devs? But didn’t the protocols work and worked fine? Surely this was a labor of love for them.

Anyway, it was then that I decided to put in money in this project. Not much, just enough that I can afford to lose. Bought at .000095 and just left it there. I do get the occasional prompt that it went down further or went up slightly. But was focusing more on my other investments as those had more capabilities to hurt if they fail. Then it came. The LUNA community, proud of who they are and what they can do, came together. I then saw an uptick in price in the last week. Apparently, a burn mechanism has been put in place. A certain percentage (1.2%) of coins will be burned every time a transaction happens. Staking, buying, selling or something to that effect. But what this does really is bring down the total number of coins in circulation. Essentially, increasing the value of the remaining coins.

Implementation starts on the 20th of September. And Binance, Kucoin, and other dex’s are on board with this.

Honestly, I can already sell my stash since it is 100X up. But I really like the proverb “curiosity killed the cat.” At least in this case. Am willing to bet my small investment to see how far this can go and it wouldn’t worry me one bit if it decides to go south. Am not buying anymore though. I think I have a sufficient amount of coins in my bag plus the fact that I bought near the bottom. I would stake though, once it becomes available.

What warms my heart is that amidst the crash of the stock market and for most of the crypto coins, that one of my bets still has their candle lit. Trying hard to keep its flame burning whilst a storm rages around it. Who knows, maybe this is where my retirement will be triggered. The coin that everybody dropped and discarded. The one that nobody wanted.

DISCLAIMER: I am not a financial adviser and what you have read here is purely my opinion and may be used to further your own research. This is not financial advise. Cheers!