Coin Edition -
- LUNC surges 14.59% in 24 hours, trading vol up 161% amid Do Kwon’s legal twist.
- Terra Classic market cap hits $1.25B, rallying as extradition uncertainty looms.
- Legal developments fuel LUNC’s 101% monthly growth, and investors eye future potential.
Terra Classic (LUNC) price has been on an uptrend following a Montenegro Court ruling against the extradition of Do Kwon to the US. The reversal has sparked a notable rally, propelling the digital asset to significant gains and capturing the attention of the cryptocurrency community.
Twist in Do Kwon’s Legal Saga
Do Kwon, the founder of Terraform Labs, has found himself potentially avoiding extradition to the United States, as per a recent report. This shift is after a Montenegrin court annulled its original decision, choosing to reconsider the case and render a new judgment.
Do Kwon wins appeal against US extradition $lunc $luna pic.twitter.com/wEiBjBvP25— Lunc_Maxi (@Lunc_Maxi) March 5, 2024
Kwon, who had strongly resisted the extradition, alleging the accusations linked to the collapse of the Terra ecosystem, is still in Montenegro confinement due to a four-month sentence for using falsified documents. The situation represents a pivotal moment for Kwon as he awaits further legal consideration of extradition applications from the U.S. and South Korea.
LUNC’s Meteoric Rise Amid Legal Developments
At the same time, the LUNC market has responded favorably to these changes. Trading at $0.0002147 today, Terra Classic recorded a trading volume of $862.16M which is up by 161%. The market capitalization rose by 14% to reach $1.25 billion. This is a 14.59% price growth for the last 24 hours and signifies an increased investor’s attention towards this coin. The value of the digital asset is drastically different than its historical price, where its highest price reached $119.01 before crashing to an all-time low after the implosion of the Terra ecosystem.
LUNC/USD 24-hour price chart (source: CoinStats)
However, the LUNC price action is met by the market with a combination of bullish and bearish attitudes. With the Fear & Greed Index signaling intense “Greed,” the analyst and traders are watching closely. Concurrently, the rise in the value of LUNC, with 101% growth over the last month, indicates that the market players are quite positive about the future potential of the token, especially when recent legal happenings related to Do Kwon are taken into consideration.
Terra Classic’s Path Forward
The Terra Classic ecosystem is undergoing a transformative phase, supported by community-led proposals and a robust token burn mechanism. Supported by leading cryptocurrency exchanges like Binance, these strategic initiatives aim to streamline the network’s functionality and reduce LUNC’s total supply.
Terra Classic #LUNC burns exceeded 102 Billion units.