Things went downhill for the Terra ecosystem right after the crash in May 2022, when the price of LUNA (the first Terra crypto) crashed by 99.9% from about $120 to $0.02 in under 24 hours. The Terra ecosystem lost billions of dollars, leaving many devastated.
The Terra ecosystem bounced back with the launch of LUNC or the Terra 2.0. A way to repay LUNA’s former holders.
LUNC did well on launch, minimizing the effect of the original Terra crypto crash. However, the cryptocurrency has been in a correction from its all-time highs and many have expressed optimism for its future, until 24 hours ago.
Terra LUNC Price Analysis
Over the last three trading seasons, the price of LUNC (Terra 2.0) has been in a bearish trend. This is understandable since the entire crypto market has been in winter since November 2021.
It is also worth noting that LUNC had a wonderful time in early September, reaching as high as $0.00062 before starting its descent to where it now sits.
So far, the price movement of LUNC to the downside has been reasonable compared to the entire market. Over the last week, the cryptocurrency’s price fell under the 50 and 20-period exponential moving averages right after the FED-rate hike, falling 7.25% and hitting a low of $0.000219.
While most other cryptocurrencies immediately picked up steam and began to trend upwards again, LUNC only trended upwards to the $0.000267 level and then fell by roughly 19% over the last few days. This came after the disturbing news of the issuance of a red notice by Interpol, for the arrest of the embattled Terra founder Do Kwon.
Do Kwon’s Arrest And Effect On LUNC’s Price
This recent price drop came exactly at the same time after the International Criminal Police Organization (Interpol) issued a red notice for Terra founder, Do Kwon.
For context, a red notice is a worldwide arrest warrant issued to locate and potentially detain its subject.
A South Korean court issued an arrest warrant for Do Kown and several others, under allegations of misconduct and violations of the capital-market laws.
Soon after, Do Kwon’s whereabouts became a hot topic after Singapore reported that he was no longer in the country.
However, Do Kwon stated shortly after in a tweet, that he wasn’t on the run, and had nothing to hide.
Do Kwon is known for his abrasive attitude, adding to the fact that he has not tweeted anything since the last one denying that he was on the run. Recent events in general have shown that otherwise is true and that he is obviously on the run.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)