Terra Luna Classic (LUNC) Pumps 20% Daily – Here’s What’s Going On

The unscrupulous Do Kwon’s original LUNC altcoin is the top gainer of the day.

Terra Luna Classic (LUNC) Pumps 20% Daily - Here’s What’s Going On

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.

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.

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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.”

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.

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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.

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.