Amid an intense crypto winter, the fallen Terra Luna Classic (LUNC) won the medal for the day’s top gainer, with 20% in the green. Even though the aftershocks of the terrifying implosion of Terra (LUNA) and the Terra (UST) stablecoin depegging in May are still being felt, a community remains behind the controversial altcoin.
In celebration, the remaining Terra (LUNA) holders took over Crypto Twitter on Tuesday afternoon with trending hashtags #LUNCburn, #LUNCcommunity, and $LUNC.
We are pumping up #LUNCcommunity pic.twitter.com/n90G5YBpJC
— LuncTech (@LuncTech) December 27, 2022
LUNC Hits $1bn by Market Cap Again
Today, LUNC climbed back into the TOP 40 cryptocurrencies by global market capitalization. At press time, LUNC trades at $0.00017503, claiming juicy 36.5% gains in the last seven days and another 20% in the last 24 hours, according to CoinGecko. Furthermore, the market cap of the rebranded Terra (LUNA) just topped $1bn and now stands at $1,064bn.
The sudden LUNC market price increase is likely impacted by LUNC burning events, most recently with social influencer Crypto King reporting a whopping $7.25bn LUNC burn. The crypto influencer, backed by 68,800 followers on Twitter, claims the Burn And Build project is solely dedicated to “Reviving Terra Luna Classic.”
We've burned 250% of our $LUNC burn and build validator commissions!
— Crypto King 👑 (@CryptoKing_NFT) December 27, 2022
Burn and Build is fully dedicated to reviving Terra Luna Classic 🔥 pic.twitter.com/pHWhatyPkf
Do Kwon Last Traced in Serbia
The iniquitous leading developer of Terra (LUNA), Do Kwon, has been chased by Interpol across the globe. Starting from Singapore and, most recently, Serbia, the nefarious individual’s whereabouts are still unconfirmed. On top of that, the UST Restitution Group (URG) is also after the disgraced entrepreneur.
The Discord rebel group led by 4,400 furious crypto investors lately attempted to locate Kwon in Dubai. The mob, fueled by righteous indignation, shares suggestions on where the scandalous founder of TerraForm Labs might be.
Sponsored
However, Do Kwon has a generous balance of 6980 BTC ($117,435,708) in his Luna Foundation Guard (LFG) wallet, which was cashed out in Serbia just last week. And so, the internationally wanted fugitive is still free. According to fellow embattled entrepreneur, The Perpetual Optimist Su Zhu, Kwon spends most of his time coding.
Had a call yesterday w someone who asked "how come you and Do Kwon came back right after FTX went down, is it just to deflect from your own issues?"
— Zhu Su 🔺 (@zhusu) December 9, 2022
I replied Do Kwon has been building on Luna classic + luna2 literally continuously and hasn't taken more than a week Twitter break
On the Flipside
- The recent success is just a drop in the ocean for the scandalous Terra (LUNA), as the horror story of the Terra (UST) stablecoin depegging sent $60 billion down the drain.
- Do Kwon would have no legal way to enter Serbia with an expired passport. The South Korean Police issued a 14-day ultimatum to Kwon a few months ago, voiding his passport soon after.
- TerraClassicUST (USTC) also gained 12% a day but still trades at just $0.023, a fraction of the algorithmic stablecoin’s intended market price.
Why You Should Care
TerraForm Labs caused one of the biggest scandals in crypto and wiped out $60 billion from the crypto economy. It also took out previously successful hedge funds like Three Arrows Capital (3AC) and Voyager Digital.
