LUNC (Terra Luna Classic) continues to experience severe losses as its market capitalization took a heavy hit earlier today.
On November 1, the asset’s overall valuation stood at $1.60 billion but in just a span of 24 hours, the value declined by almost 10% as it settled at $1.47 billion, losing $130 million in such a short time frame.
At press time, however, according to tracking from Coingecko, Terra Classic’s market cap slightly recovered as it hovered around $1.53 billion, trimming losses to just almost $70 million.
Meanwhile, LUNC, the chain’s crypto asset, is trading at $0.00022394 and is now down by 8% over the last seven days.
LUNC At The Mercy Of Sellers?
LUNC continues to feel the negative effects of being at the mercy of sellers as it remains bearish despite most altcoins experiencing price surges courtesy of a bullish momentum initiated by the crypto market towards the end of October.
Not only was this evident through the significant capital outflow but also by the fact that Terra Classic continues to see all red in its trading charts. Its spot trading price is almost 50% lower than its $0.00033 changing hands value in October 3.
Image: Analytics Insight
This development comes even after the Terra community came up with different ideas to give the crypto asset more utility in hopes of pumping its price to higher marks or levels.
As some of its investors believed that the asset was worth saving, a burning mechanism was introduced to help trigger a price rally. That, however, did not show any positive result as LUNC continues to decline over time.
A number of organizations, such as the Litosphere developer KaJ Labs, also expressed their desire to help the Terra and its community courtesy of a $55 million grant dedicated for dApps development on the Terra Classic Chain.
Do Kwon Continues To Be A Big Factor
As authorities struggle to ascertain the whereabouts of Terra Labs founder Do Kwon, the Interpol Red Notice-listed personality remains at large.
This development continues to hurt Terra Luna Classic as negative developments involving the infamous “crypto prodigy” usually result in sharp LUNC price declines.
It also doesn’t help that recent reports suggest that South Korean prosecutors might not have a solid-standing case against Kwon. Apparently, the country’s lack of definitive crypto laws is a huge barrier in the prosecution of the CEO.
With this, investors are slowly turning their back on LUNC as they are also losing hope on Terra community’s efforts to save both the chain and the asset.
This development has put the crypto in the same trajectory as Dogecoin and Shiba Inu which are also currently experiencing significant price drops over the last few days.
LUNC total market cap at $1.4 billion on the daily chart | Featured image from ASPCA Pet Insurance, Chart: TradingView.com