LUNC Shows Resilience Amid Legal Issues
After Do Kwon’s arrest and potential extradition to the US, Terra Classic (LUNC) has demonstrated its resilience. Despite a 3.4% decrease in the last 24 hours, LUNC has managed to withstand the negative sentiment surrounding Kwon’s legal troubles. In fact, over the past seven days, LUNC has seen a significant 77% increase in price.
Kwon Faces Extradition for TerraUSD Manipulation
According to a senior Montenegrin judicial official, Do Kwon is set to be extradited to the United States. Kwon, a former cryptocurrency entrepreneur, is accused of manipulating the TerraUSD stablecoin and causing a $40 billion market crash. He is currently facing charges filed by the US Securities and Exchange Commission.
Terra Classic Surges on Ecosystem Boost and Binance Token Burn
The adoption of a strategic proposal to promote TerraClassicUSD (USTC) and LUNC tokens by the community has led to increased interest in Terra Classic. Additionally, Binance’s token burn has also contributed to the surge in price. As a result, LUNC has gained more than 200% in the last 30 days.
Potential Upside for LUNC
LUNC has experienced a comeback surge, resulting in a 60% increase for the month. However, it faces resistance at the $0.00011495 level. If there is enough purchasing pressure, LUNC may attempt to break through this barrier and reach higher levels, potentially reaching $0.00012000 or even $0.00013000.
Impact of Kwon’s Extradition on LUNC
Investors are keeping a close eye on the developments surrounding Kwon’s extradition to determine its impact on LUNC’s value. While it remains uncertain whether the token will be negatively affected or continue its weekly gains, the volatile nature of the cryptocurrency market adds an additional layer of unpredictability.
Hot Take: LUNC Remains Strong Despite Legal Troubles
Despite the legal issues surrounding Do Kwon, Terra Classic (LUNC) has shown remarkable resilience in the face of adversity. The token has experienced significant price gains in recent weeks and has managed to maintain its positive momentum even after news of Kwon’s potential extradition. While the outcome of Kwon’s legal battle remains uncertain, LUNC investors are optimistic about the token’s future prospects. The surge in interest from the community and Binance’s involvement have also contributed to LUNC’s success. As the crypto market continues to evolve, LUNC continues to prove its durability.
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