Terra’s LUNA Tumbles More Than 30%, Making U-Turn From Surge
The price action in LUNA and LUNC tokens looks more like that of meme tokens such as DOGE and SHIB.
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.
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.
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.”
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