The Terraform Labs co-founder had been awaiting extradition to either the U.S. or South Korea after serving a prison sentence in Montenegro for using falsified travel documents.
Terra co-founder Do Kwon will stay in Montenegro until February: Report
The Terraform Labs co-founder had been awaiting extradition to either the U.S. or South Korea after serving a prison sentence in Montenegro for using falsified travel documents.
CZ must stay, Do Kwon to be extradited: Law Decoded
A Seattle district court ruled out CZ’s departure to the UAE, and the Montenegrin justice minister plans to grant the United States request for Do Kwon’s extradition.
Montenegrin official plans to extradite Do Kwon to the United States: Report
The Terraform Labs co-founder had been awaiting extradition to either the United States or South Korea after being arrested and charged in Montenegro.
Jury in Terraform Labs case shouldn’t decide whether crypto is a security — SEC
According to the SEC, the tokens at issue in its civil case against Terraform Labs should be a “legal question” for a court, “not a factual question for the jury.”
LUNC Stuns With 300% Gains, Can It Reach Its Previous ATH Market Cap?
The Terra Classic (LUNC) price has been on a tear recently and over the last month, it has managed to outperform almost every cryptocurrency in the market. Its price has risen over 300% in a 30-day period, and this has brought its market cap back over $1.5 billion once more. As the coin continues to outperform, the possibilities of it returning to its previous all-time high market cap become greater.
LUNC Price Breaks One-Year High
Following the Terra collapse in 2022, the LUNC (then known as LUNA) price crashed completely, going from above $100 to less than $0. This has continued through the last year especially as the LUNC supply has swelled to over 6.5 trillion.
As the price has plunged, so has the market cap. But with the recovery in price so far, the jump in market cap has come as no surprise. However, it is still a long way from its all-time high market cap of $45 billion which was reached back in 2021.
Now, if LUNC were to return to this all-time high market cap once more, it would be a significant increase from its current price. But it will still be a long way from its ATH price of $$120. At a market cap of $40 billion, the price of the altcoin would be just around $0.007.
This would mean a more than 10x increase from its current price. However, it’ll still be very low compared to its previous price as well as the price of the new LUNA token which was launched in 2023 and is already trading above $1.
Can Terra Classic Break Previous ATH?
The LUNC community has implemented a burn initiative to reduce the amount of tokens in circulation. This has seen billions of tokens taken out of circulation in less than a year. Data from the LuncMetrics website shows that so far, 83.77 billion tokens have been burned since the burn initiative was introduced in 2022. However, this is only a drop in the ocean of the total token supply which numbers in the trillions.
Nevertheless, the community continues to burn tokens in a bid to drastically reduce the circulating supply. In the last seven days, a little over 5.2 billion LUNC tokens have been sent to the burn address, reducing the supply little by little.
The LUNC price is already far from returning to its past glory, but there is still a lot ahead for the coin. If it continues to perform well in the bull market, a return to the $0.01 level is a possibility. As the crypto industry grows, the likelihood of top coins crossing the $100 billion market cap becomes even more likely, signaling a better future for the altcoin.
Terraform Labs and SEC lawyers spar over whistleblower in court: Report
Though many filings in the SEC case were made under seal, Judge Jed Rakoff reportedly suggested that nothing would remain confidential should the matter go to trial.
Terra’s USTC Gains 300% as Bitcoin-Focused Comeback Plan, Binance Perpetuals Listing Fuel Speculative Frenzy
TerraClassicUSD (USTC), the remnant stablecoin of the failed Terra blockchain, gained 300% in a week as plans of a bitcoin-backed revamp plan and a Binance perpetual contract listing unleashed a speculative frenzy.
Jump Crypto filed docs confidentially in SEC v. Terraform Labs case
The trading firm and its CEO, Kanav Kariya, allegedly manipulated the price of TerraUSD to gain roughly $1.3 billion in profits.
Road To $1: Why Did Terra Classic (USTC) Rise 300% In One Day?
TerraClassicUSD (USTC), the algorithmic stablecoin tied to the LUNA ecosystem, recently went on an upward trajectory to register gains of over 300%. In a stunning cascade of events, the token’s price spike in the past 24 hours has left investors wondering about the implication for Terra Classic (LUNC) and the potential revival of the LUNA ecosystem.
USTC Coin Spikes 300% In One Day
USTC has lost most of its usefulness as a stablecoin since its implosion in 2022 when it was known as UST. The stablecoin lost its peg to the US dollar which resulted in a chain of events that led to its sister token, LUNA, also losing most of its value and the demise of the Terra-LUNA blockchain ecosystem. After it lost its peg to the US dollar, the stablecoin was rebranded as UST Classic and its value fell to as low as $0.01.
It’s already been more than a year since the crash, but it looks like the token and some members of the LUNA ecosystem are not ready to give up yet. The latest price action has seen the token spike 300% from $0.01569 to $0.0755 in the past 24 hours. The catalyst for this surge can be attributed to Terra Classic Labs (TCL), a LUNC community project.
Terra Classic Labs was created in October 2023 by some members of the former thriving LUNA ecosystem. According to its website, it is dedicated to supporting new LUNC projects for the revival of the Terra ecosystem.
In a social media post by Trader QT, an official partner of Luna Classic Labs, the team made a massive purchase of approximately 25.6 million USTC for $500,000 at an average price of $0.021 per $USTC. This move sent USTC spiking, fueling hopes that Terra Classic Labs can help revive and stabilize the cryptocurrency.
I can confirm that today, in an initial strategic investment, Luna Classic Labs has purchased approximately 25.6m $USTC for $500k in accordance with its Treasury Reserve Policy, at an average price of approximately $0.021 per $USTC.
— Trader QT (@0x_Ears) November 26, 2023
Can Terra Classic Return To $1?
Although the move by Terra Classic Labs sent USTC on a surge, the stablecoin is still trading at $0.0516, far from a $1 price point. The crypto will have to register another gain of 1837% from its current price before it can regain its peg to the US dollar, showing how far behind it is.
The recent price action however did have some sort of bullish action on Terra Classic LUNC, as it has also spiked by 25% in the past 24 hours. Terra Classic is trading at $0.0001004 at the time of writing.
Although the Terra Classic community hasn’t given up on the cryptocurrency, the LUNA ecosystem has since rebranded and moved from Terra Classic LUNC to a new chain (Terra 2.0) with its own native token called LUNA.
It would seem LUNA also reacted positively to the TerraClassicUSD surge as data from Coinmarketcap shows LUNA has increased by 17.8% in the past 24 hours and is now trading at $0.79.
Do Kwon extradition approved by Montenegro court
Montenegro’s Minister of Justice will make the final decision on Do Kwon’s extradition to either South Korea or the United States.
Do Kwon’s Appeal in Fake Passport Case Denied by Montenegro High Court
The founder of Terraform Labs was sentenced to four months in prison, and faces extradition following the completion of his sentence.
SEC’s Gensler hints he’s open to a FTX reboot under proper leadership: Report
“If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law,’” SEC Chair Gary Gensler iterated.
CME Bitcoin futures hit record high, but uncertainty looms above $36K
CME Bitcoin futures hit a 2-year high, but options market data reflects investors’ hesitancy.
SEC seeks summary judgment in Do Kwon and Terraform Labs case
The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra (LUNA) tokens as securities.
SEC Asks Court for Summary Judgement Against Do Kwon, Terraform
The request follows a move by Kwon’s defense team to do the same.
From payments to DeFi: A closer look at the evolving stablecoin ecosystem
The stablecoin ecosystem has evolved significantly over the years, with new regulations and models shaping the landscape.
Daniel Shin Blames Terraform Collapse on Do Kwon’s Management: Report
Shin is attempting to distance himself from Terra and Kwon as he faces trial in South Korea.
Terraform co-founder Shin blames protocol for collapse during trial in S. Korea
Daniel Shin claimed he and Do Kwon parted ways before the collapse of the Terra/Luna ecosystem was imminent and he had nothing to do with it.
Analyst Predicts Terra LUNA To Surge By 80-100% Following Key Event
LUNA, the native token of the Terra 2.0 blockchain, was among the many gainers in the past week positively affected by Bitcoin’s impressive rally toward the $35,000 mark.
According to data from CoinMarketCap, LUNA is up by 13.96% in the last seven days, providing some relief for investors who have had to endure the token’s bearish form in the previous weeks leading to this price rise.
As expected, LUNA’s current bullish form has now attracted much attention, with some analysts speculating there could be more gains in the coming weeks.
LUNA Could Double Its Value After Breaching Major Trendline, Analyst Says
In a post on X on Sunday, crypto analyst Captain Faibik shared with his 67,000 followers an intriguing bullish prediction on LUNA’s price trajectory.
Faibik, who claimed to not be a LUNA enthusiast, noted that the altcoin has recently broken a major bearish trendline and could potentially gain by 80-100%.
I may not be a fan of this coin, but I receive frequent Chart Requests for it.$LUNA has broken a Major trendline and could potentially see a bullish rally of 80-100%.
#Crypto #LUNA #LUNAUSDT pic.twitter.com/R9UEmxK2Bx
— Captain Faibik (@CryptoFaibik) October 29, 2023
According to Faibik’s analysis, LUNA traded above $0.47 in the past week, breaching a bearish trendline that stretches as far back as January 2023 on the token’s daily chart.
Traditionally, trendlines are used by traders to connect several price points together and provide some insight into the potential direction of an asset’s price movement.
When an asset’s price moves out of an established trendline, as in the case of LUNA, it can be interpreted as an impending price reversal.
Since the start of 2023, LUNA has produced an overall negative price performance, losing over 63% of its value in the last 10 months. However, if Faibik’s prediction proves true, the popular altcoin could be on its way to a remarkable recovery.
At the time of writing, LUNA trades at $0.468 with a 0.70% decline in the last day. With an 80-100% price increase, this price could rise as high as $0.934 in the coming weeks.
Meanwhile, LUNA’s daily trading volume is currently down by 3.73% and valued at $48.67 million. With a market cap of $263.92 million, LUNA is ranked as the 117th largest cryptocurrency.
Related Reading: Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?
Terra Community Approves New Proposal
In other news, the Terra Community has recently passed governance proposal 4790 aimed at the active and aggressive development of the Terra ecosystem with resources provided by Terraform Labs.
Under this newly approved proposal, Terraform Labs, alongside Terra community partners, will explore opportunities to utilize non-LUNA capital in driving the growth of the project’s economy.
In addition, 125 million LUNA will be staked by a Terra community council to encourage and reward active network engagement, offer essential services to support the ecosystem, and guarantee equitable decentralization.
