Why is Terra Luna Classic Struggling ?
Terra Luna Classic (LUNC) is a cryptocurrency that has been facing several bearish signs, indicating that its downward movement is likely to continue. In terms of news, the CEO of Terraform Labs, Do Kwon, is reportedly evading authorities and hiding in Serbia. An arrest warrant has been issued by South Korean authorities following the collapse of the Terra ecosystem. Since Serbia and South Korea do not have an extradition treaty, it is unclear whether Do Kwon will be extradited. This situation adds to the bearish outlook for LUNC.
In addition, the LUNC ecosystem has been facing challenges since its collapse in May. Developers have been unwilling to create on the network, resulting in a lack of utility for LUNC. This lack of utility translates to dips in the token’s price.
The situation with Do Kwon adds uncertainty to the future of the Terra ecosystem, which could impact the adoption and use of LUNC. Furthermore, the challenges facing the LUNC ecosystem have led to a decrease in its total value locked (TVL). Before its collapse, Terra Classic was one of the largest blockchains by TVL, but the lack of development on the network has led to a significant decrease in its TVL.
Additionally, LUNC’s supply currently stands at over 6.8 trillion tokens, and the current burn mechanism is not reducing the supply enough. This high supply could lead to further price decreases for LUNC.
Finally, the potential extradition of Do Kwon and the challenges facing the LUNC ecosystem may lead to increased regulatory scrutiny. Governments and regulatory bodies may closely monitor the situation and potentially impose stricter regulations on the project, which could further impact its future performance.
Overall, the bearish technical and fundamental factors, along with the uncertainty surrounding the future of the Terra ecosystem and the high supply of LUNC, suggest that the LUNC price is likely to continue its downward trend. Investors should exercise caution when considering LUNC as a potential investment.
-
2:06:00
Robert Gouveia
12 hours agoSecret Service REVOLTS in Leaked Email; Senators RIP Acting Director
86.7K138 -
2:25:52
Laura Loomer
10 hours agoEP63: Kamala Harris Caught Buying Social Media Influencers
81.5K67 -
53:33
Candace Owens
11 hours agoMore Occult History Exposed | Candace Ep 35
97.8K163 -
1:40:44
Glenn Greenwald
12 hours agoWhite "Dudes" and Women Rally for Harris; "Weird" J.D. Vance Attacks; Interviews with Political Analyst Bill Scher & Radio Host John Ziegler | SYSTEM UPDATE #307
116K196 -
2:26:25
WeAreChange
12 hours agoRIOTS ERUPT After 3 Girls Stabbed To Death In UK! CIVIL WAR??
95K112 -
1:14:44
Dr. Drew
17 hours agoPeter Navarro: Fresh Out Of Prison, Ex Trump Admin Official Fights Jan 6 "Lawfare" – Ask Dr. Drew
85.2K24 -
2:06:24
Tucker Carlson
14 hours agoSen. Mike Lee: Witnessing Biden’s Decline, and Obama Seizing Power From the Shadows
264K451 -
1:17:02
Redacted News
14 hours agoBREAKING! ISRAEL BOMBS LEBANON, NATO TELLS CITIZENS TO GET OUT NOW BEFORE FULL BLOWN WAR | REDACTED
161K593 -
1:46:13
Exploring With Nug
19 hours ago $3.02 earnedPossible Breakthrough? Viewer’s Lead on Vehicle Location in Jackson MS Missing Case!
50.1K9 -
2:16:07
Pardon My Take
18 hours agoAlabama HC Coach Duggs Starts His National Championship Run
74K4