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.

AccessTimeIconSep 12, 2022 at 6:55 p.m. UTC
Updated May 11, 2023 at 6:20 p.m. UTC

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.

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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.”


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Jocelyn Yang is a markets reporter at CoinDesk. She is a recent graduate of Emerson College's journalism program.

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