Terra Classic (LUNC) has wiped out a large chunk of its recent gains, plunging over 21% in 24 hours and leaving traders questioning whether the token can ever create millionaires again. The crash follows a blistering 140% monthly rally that reignited speculation, but profit-taking and a breakdown in market structure have now handed control to sellers.
The sell-off liquidated heavily leveraged longs. CoinGlass data shows $45.39K in long liquidations versus just $5.2K for shorts. Binance alone accounted for $32.12K of those liquidations. Trading volume slumped 28% to $186 million as bullish enthusiasm faded. LUNC's market cap dipped toward $488 million.
Technically, LUNC lost an ascending channel support, with a sharp rejection near $0.00011534. The price now hovers around the $0.00008000 demand zone, with the next major support at $0.00007000. The ADX climbed to 49.99, signaling a strong downtrend, while sellers dominate the Directional Movement Index.
Yet some traders are betting on a bounce. The OI-Weighted Funding Rate flipped positive to 0.0268%, indicating dip-buying activity. Still, the broader picture remains risky unless spot buyers return in force.
The crash has rekindled a debate sparked by crypto creator Matthew Perry, who recently argued that LUNC could still mint millionaires — but only if massive supply reduction occurs. With over 5.9 trillion tokens in circulation, burns are critical. Binance has burned billions of LUNC, and the network’s transaction tax and staking mechanisms continue to remove supply. Perry noted that large holders need only modest price moves, but retail investors require far more aggressive burns and a renewed speculative cycle.
For now, the immediate focus is on the $0.00008606–$0.00009000 support range. A breakdown could push LUNC toward $0.00007000, while a successful hold may stabilize the price. The community remains active, but the token’s volatile swings underscore how far it remains from any sustained recovery.
