Terra Luna Classic Faces Price Drop as Do Kwon Trial is Delayed
The price of Terra Luna Classic (LUNC) has fallen by 1.5% in the last 24 hours, reaching $0.000123. This drop comes after a US federal judge postponed the SEC’s trial against Do Kwon, the founder of Terraform Labs.
While LUNC has seen a 3% increase in the past week, it remains down by 16.5% in the last 30 days and a concerning 31% over the past year.
The delayed trial, scheduled for March 25, could have a negative impact on LUNC and its price as it may shed light on Terra and its operations.
However, the efforts made by the Terra Luna Classic community to propose positive governance changes and protocol updates might counteract any negative effects if consensus can be reached.
Terra Luna Classic Price Prediction amid Do Kwon Trial Delay
The indicators on LUNC’s chart suggest that further losses are more likely than renewed gains. The relative strength index remains around 45 and shows a slight downward trend. Additionally, LUNC’s 30-day average is approaching its 200-day average, indicating a decline.
Furthermore, LUNC’s 24-hour trading volume is currently very low at only $30 million, compared to $1.3 billion in early December. This decrease in interest suggests that the price of Terra Luna Classic may continue to experience losses in the coming weeks.
The upcoming trial involving Do Kwon and the SEC’s allegations of fraudulent claims about TerraUSD stability could further damage LUNC’s price.
Challenges for Terra Luna Classic Community
The Terra Luna Classic community has been actively proposing governance updates to improve the situation of LUNC. However, many of these proposals have failed to gain acceptance, making it difficult for LUNC to secure sustained rises in price.
Despite the trial’s outcome, the Terra Luna Classic community has the potential to positively impact LUNC’s situation by continuing to propose improvements and updates.
Newer Tokens Offer Potential for Higher Gains
Given the uncertainty surrounding LUNC, traders may prefer to invest in other altcoins that have the potential for bigger rallies. Several presale tokens are currently gaining attention and could experience significant growth in the coming weeks.
Meme Kombat (MK) is one such token that has raised $6.9 million so far. It is an ERC-20 meme token that also functions as a social gaming platform. Users can bet on AI-generated battles between meme characters, with transparent outcomes recorded on the Ethereum blockchain.
MK can be used for betting and staking on the platform, and its unique features and playful nature make it an attractive investment option for 2024.
Conclusion: Uncertainty Surrounds Terra Luna Classic as Do Kwon Trial is Delayed
The delay of the trial against Do Kwon, combined with LUNC’s indicators and low trading volume, suggests that further losses are more likely than a strong recovery in the near future. The Terra Luna Classic community’s efforts to propose positive changes may help counteract negative effects but have faced challenges gaining acceptance.
Traders looking for potential gains may consider investing in newer tokens like Meme Kombat, which offers unique features and a promising platform for betting on AI-generated meme battles.
Hot Take: Terra Luna Classic Faces Challenges Amid Do Kwon Trial Delay
The delay of the SEC trial against Do Kwon, founder of Terraform Labs, has added uncertainty to the future of Terra Luna Classic (LUNC). With LUNC’s price dropping and indicators pointing towards further losses, the trial’s outcome could have a significant impact on the token’s value. The Terra Luna Classic community’s efforts to propose positive changes may help mitigate some negative effects, but acceptance has been a challenge. As traders seek potential gains, newer tokens like Meme Kombat offer unique features and a promising platform for investment. Overall, the future of Terra Luna Classic remains uncertain as it navigates through these challenges.
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