Ethereum Classic (ETC) is thriving during one of the toughest times in its entire history. This bear market has been hard on most blockchain projects but in our view, Ethereum Classic (ETC) tops the list. This is because the core development team that has been working on Ethereum Classic (ETC) all these years decided to leave because of funding problems that the prolonged bear market created.
From the moment ETC Dev made their announcement of shutdown on Twitter, people have been spinning this in thousands of ways. Ethereum Classic (ETC) had no lack of critics but after this announcement, even those who were on the fence started criticizing it for being a complete failure. Interestingly, a lot of people expected ETC/USD to fall hard after that announcement but nothing of the sort happened.
One plausible explanation why the price did not crash hard after the ETC Dev shutdown was because most of the people that thought this was the end of Ethereum Classic (ETC) were not invested in the cryptocurrency in the first place! Ethereum Classic (ETC)’s community comprises of a small group of loyal supporters that truly believe in this project and closely follow all technical developments. Unlike Ripple (XRP) or Ethereum (ETH) supporters, they are not moved by what the retail trader or investor thinks because they know exactly what is happening on the inside. Those that have been following Ethereum Classic (ETC) for a long time would have already seen the ETC Dev shutdown coming and it would have reflected in the price of ETC/USD had they not been aware of what was going to follow next.