A prominent early Bitcoin investor has caused a stir on social media after he revealed the size of his Terra Classic (LUNC) holdings. According to him, he holds a staggering 40 billion LUNC coins, making him a significant whale in the market. Following his revelation, the crypto community expressed amazement over the size of his holding.
Notably, the whale disclosed his portfolio when the coin price was experiencing a significant price decline. According to data from CoinMarketCap, LUNC dropped by about 3.03% at the time of writing to trade at $0.00007708.
Whale Reveals Substantial Investment
In a recent post on X (formerly Twitter), Vasil, an OG Bitcoin investor and Kaspa (KAS) whale, revealed his staggering Terra Classic holding. Vasil, who has been investing in Bitcoin since 2013, said he has been frequently asked about his LUNC holding size since it is also listed on his profile as a “whale” in that market.
Because some of you are asking me about $LUNC, I currently hold 40B of $LUNC tokens. I beleive in the community and I am supporting it strong.
— Vasil (@vasil_alyoshin) August 30, 2024
According to him, he holds a massive 40 billion LUNC tokens, a stash which is valued at approximately $3.09 million at the time of writing. He went on to further explain the reason why he invested such an amount in the coin, given that the asset has had a rocky past. Vasil stressed that he believes in the community behind the project which is why he is supporting it heavily.
Recall that Terra Classic went through a major crash in May 2022 following the devaluation of TerraUSD (UST) stablecoin. This made the value of LUNC drop by 99% after reaching an all-time high of $119.8 in April.
Since then, the community and developers behind the project have been working around the clock to try to restore the value to at least $1. These efforts, combined with the whale’s confidence in the project, might hopefully help to trigger the value of the token to levels not seen in years.
Community Reacts to Disclosure
Following his post on X, the community received the update with mixed reactions. Some (possibly those who are also investors in the coin) expressed excitement over the bullish sentiment portrayed by the whale, others showed concern about the size of his holdings and how it might affect the market dynamics.
Particularly, a user, Shane Bannister, questioned the fact that one person can hold such an amount. He insinuated that this is precisely the reason why it will be difficult for the value of the coin to rise.
The fact that an individual can hold 40B is why the token will never do anything
— Shane Bannister (@ShaneBannister) August 30, 2024
However, Vasil replied to his comment, explaining that the fact that he spends Bitcoin to purchase LUNC is good enough. It underscores his belief in the project since he acquired the tokens by selling Bitcoins. Ultimately, Vasil stressed that the LUNC community needs more people like him who are willing to do away with a portion of their other holdings to accumulate LUNC as this might help drive up the demand for the coin, leading to a potential increase in value.
Another user, SGG Research, showed his lack of belief in the LUNC project. He insinuated that the project might never do well, comparing it to a “unicorn.” He said, “Holding 40B LUNC is like believing in unicorns. But hey, sometimes you need a bit of magic to shake things up in the crypto world. Keep the faith, Vasil!”
The community’s reaction to the LUNC holdings underscores the diverse sentiment of investors in the market. While some accumulate a particular token with hopes of a future rally, others shift focus to more established projects avoiding the need to take risks in the very volatile crypto landscape.
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