Terra Classic (LUNC) Price Drops 20%, LUNA Down 40%, Community Stands By

09/15/2022By: C, Fiona

After a South Korean court issued an arrest warrant for Terra (LUNA) and Terra Classic (LUNC) founder Do Kwon and five others, the price of both cryptocurrencies plummeted. The price of LUNA and LUNC has dropped by more than 40% and 20%, respectively, to $2.29 and $0.00027.

Pump and Dump on Terra Classic (LUNC) and Lunar (LUNA) Prices

Since the Terra-LUNA crash, the price of Terra Classic (LUNC) has risen from its low of $0.000588 to a high of approximately 37,000%. The Terra community rallied to support a rise in LUNC’s price, which led to a daily trading volume increase of more than $3.5 billion.

The majority of the increase in LUNC price from $0.00016 to $0.00058 occurred in the month of September as a result of several actions like burning, staking, project construction, ecosystem education, and governance.

The 1.2% tax burn proposal was also approved by both the Terra community and TFL. By September 20th, all modifications will have been implemented. Binance, Huobi, MEXC Global, KuCoin, Gate.io, and a number of other smaller cryptocurrency exchanges have all publicly stated their support for the 1.2% tax burn.

The current price of Terra Classic (LUNC) is $0.00028 at the time of this writing. With the Terra community setting their sights on the $0.01 short term goal, the price is anticipated to rise in the near future. The LUNC price has been effectively increased by the community to the intended level of $0.0005.

The price of Terra (LUNA) soared to $7.06 on September 9 after the community reached their $0.0005 goal on September 8. Despite daily trade volumes of exceeding $6 billion, the rally eventually fizzled out. For some time to come, it appears that the Terra Classic crowd will only back LUNC.

Price of Terra (LUNA) has dropped over 40% in the previous 24 hours, trading at $2.87 at the time of writing. Every day trade volume is now less than $1.5 billion.

South Korean court issued arrest warrant against Do Kwon

Do Kwon, the founder of Terra, and five others have been given arrest warrants by a court in South Korea. This action was taken after a new investigation was launched by the Financial and Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors Office into the securities status of Terra tokens. Furthermore, prosecutors will charge Terra with breaking the Capital Markets Act.

According to reports out of South Korea, Do Kwon will be extradited from Singapore with the help of Interpol.