Image default

Terra’s LUNA Tumbles More Than 30%, Making U-Turn From Surge

Facebook iconLinkedin iconTwitter iconTerra's new LUNA tokens crashed almost as soon as they launched. (NASA)

Terra's new LUNA token crashed almost as soon as it launched. (NASA)

Facebook iconLinkedin iconTwitter icon

After skyrocketing last week, LUNA – the new token from the Terra blockchain that had spectacularly collapsed in May – made its way down to Earth, falling as much as 33% on Monday.

The token was trading around $4.20 as of press time. It had reached $7.60 on Friday, an all-time high since June.

The market capitalization fell to $542 million, cryptocurrency data aggregator CoinGecko shows.

CoinDesk - Unknown

TradingView price chart shows Terra's native token LUNA slid as low as 33% on Monday. (TradingView)

The second version of LUNA was created after Terra lost $60 billion in value because of its May implosion. Authorities are in the process of investigating the affiliated Terraform Labs and co-founder Do Kwon for alleged fraud.

The original Terra chain was rebranded Terra Classic, and its native token – the former LUNA, now luna classic (LUNC) – has also dropped in price Monday after a surge last week. LUNC’s price was trading at $0.0003 as of 1:15 p.m. ET, down 17% in the past 24 hours, according to CoinGecko.

Howard Greenberg, cryptocurrency educator at Prosper Trading Academy, told CoinDesk last week the surge in LUNC’s price made it look like “a meme coin at this point.”



CDCROP: Terraform Labs co-founder Do Kwon (Terra)Business

S. Korean Court Issues Arrest Warrant Against Terra Co-Founder Do Kwon: Report

Sep 14, 2022



Bitcoin Mining Difficulty Edges to All-Time High

Sep 14, 2022


party (Shutterstock/Roman Samborskyi)Business

Want to Watch The Merge With Your Fellow HODLers? Check Out These Watch Parties

Sep 14, 2022


Down ArrowMarkets

First Mover Asia: Bitcoin Struggles Following Inflation Report; California Crypto Bill Is an Overstep, Say Legal Experts

Sep 14, 2022


Related posts

FTX Collapse Leaves Total Crypto Market Cap Under $800B, Close to 2022 Low

Blake Goodwin

Bitcoin-Ether Correlation Weakest Since 2021, Hints at Regime Change in Crypto Market

Blake Goodwin

Market Wrap: Bitcoin Price Barely Budges as Traders Await Powell Speech

Blake Goodwin

Leave a Comment