If you're still trying to apply logic to anything in this space, just give up already. Luna Classic is now worth more than 10x the market cap of new Luna

I'm sure you're all aware that Terra had a fork and the original Terra was rebranded into Terra Classic. The fork, which is now the main blockchain and the new chain created with the existing Terra name, is worth less than a 10th of the useless and pretty much abandoned old chain that had its entire burn/mint mechanism, which was the main reason for its existence, fail and crash into the ground.

Luna Classic is currently ranked #27 by market cap. This, alongside the likes of Safemoon reaching over $6B and Shiba Inu over $40B, are proof logic is irrelevant in this market.