Terra LUNA Classic (LUNC) price has failed to attract investors in the ongoing crypto rally. Most altcoins are trading close to their yearly highs as Bitcoin price is trading at $28,000. However, the LUNC price remains sideways with no signs of a major recovery. In this article, we are going to discuss the reasons behind this boring price action.
On Friday, LUNC crypto saw a massive volatility spike as the price pumped 9% within a couple of hours. However, the pump immediately got retraced as the Bitcoin price entered a correction. At the time of press, the LUNA Classic price is trading at $0.000124 after losing 0.44% during today’s trading session.
LUNC Crypto TVL Keeps Dropping
Due to the hyperinflation that occurred after the collapse of UST, the TVL network has been in a tailspin. This also shows that the network activity is dying out as most projects and developers have transitioned to Terra LUNA 2.0 blockchain. The new version of the Terra blockchain was launched just days after the demise of UST.
According to the most recent news, the founder of Terraform Labs, Do Kwon, has been arrested by the Montenegro police. As per reports, the controversial figure may face jail time of around 140 years, considering the charges against him in the US and South Korea.
Terra LUNA Classic Price Bores Investors
The LUNC price chart shows that the coin has been in a downtrend since hitting its yearly peak of $0.000211 in February. During this time, the price has lost 40%, which is the most among major cryptocurrencies. While the Bitcoin price is trading close to its yearly highs, LUNC has failed to gain any traction.
Due to the bearish outlook of the chart and the project being abandoned by the founder, my Terra LUNA Classic price prediction remains bearish in the long term. The recent arrest of the founder, Do Kwon, is also another factor behind the ongoing slump.
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