Earlier this year, the token linked with algorithmic stablecoin $UST crashed 99.9% from it’s high, shedding a $2B Market Capitalization overnight.
Since then, $LUNA, now known as $LUNC (Terra Classic), has rebounded 3000% from the lows.
Also Read: “I Bet Big And I Think I Lost” Do Kwon Tells All In Exclusive Interview
Altcoin Season
Despite the bear market and Bitcoin failing to maintain any reasonable levels of support, altcoins are surging.
Reflecting the “gambling” narrative that pervades crypto, small-cap tokens are being bought and sold at an alarming rate.
Any major event seems to inspire a whole range of new meme tokens, which are characterized by their lack of use cases.
Despite participants being burnt badly in previous dumps, there seems to be no shying away from the “rags-to-riches” dream.
Terra classic is a key example, and it’s return to major exchanges has help spur on it’s return.
Furthermore, this cannot be attributed to the teams that are still building in the Terra ecosystem as a new “Luna 2” token was released.
Where Is Do Kwon?
While Terra has re-entered the top 30 cryptocurrencies, Do Kwon has remained silent on this.
Aside from a recent interview he did with coinage media, the South Korean national has chosen to remain relatively silent on twitter.
A far cry from the obnoxious posts he used to make at Luna’s all-time-highs, it seems that he has learnt his lesson.
However, it seems that his vision has not changed.
In response to the Tornado Cash sanctions, Do tweeted that decentralized money is needed today, more than ever.
At this point, it seems that his return to crypto may not be a question of if, but when.
Also Read: Su Zhu of Three Arrows Capital Returns to Twitter, Leaves More Questions Than Answers
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: Coindesk
