Terra Classic Price Climbs 77% Amid Do Kwon Extradition Drama

Following Do Kwon’s arrest in Montenegro and subsequent legal issues, the price of Terra Classic (LUNC) demonstrated its durability.

Do Kwon’s legal representatives will not be able to stop his extradition to the United States. To be more precise, the attorneys had challenged a ruling from late November that permitted this kind of transfer.

In the aftermath of the arrest, Terra Classic (LUNC) held its ground with a sustained 77% increase in the last seven days, data from Coingecko shows.

LUNC Resilience Amid Legal Woes: Kwon Faces Extradition For TerraUSD Manipulation

Despite a losing 3.4% in the last 24 hours following the news, LUNC was able to brush off the negative vibes surrounding Kwon’s legal nightmares.

A Wall Street Journal report claims that a senior Montenegrin judicial official has personally confirmed Kwon’s extradition. The defunct cryptocurrency entrepreneur is accused of manipulating the TerraUSD stablecoin.

LUNC seven-day price climb. Source: Coingecko

His dishonest supervision caused a $40 billion market catastrophe, which has American and South Korean prosecutors itching for a case. For “orchestrating a multibillion-dollar crypto asset securities scheme,” the US Securities and Exchange Commission filed charges against him in February.

Over the previous few weeks, LUNC’s price has been heading north. After the UST/Luna collapse and the creation of a new Terra chain, the cryptocurrency—which is the original Terra LUNA coin that remained—has, at least, been showing optimistic tendencies for the last three months.

LUNCUSD currently trading at $0.0002023 on the daily chart: TradingView.com

The spectacular weekly rise of the Terra Classic token indicates that it has made significant gains in the last several days, outpacing the overall cryptocurrency market. It has gained more than 200% in the last 30 days, giving investors significant gains.

Terra Classic Surges On Ecosystem Boost And Binance Token Burn

The community’s adoption of a strategic proposal to promote the ecosystem’s tokens, TerraClassicUSD (USTC) and LUNC, as previously reported, increased interest in the token and caused a noteworthy surge. Because it burnt more LUNC tokens, Binance also had a part in the increase.

Source: Coincodex

Due to a comeback surge that has seen the cryptocurrency shed a zero, LUNC is up about 60% for the month. Though LUNC was overbought, the $0.00011495 resistance level has capped the altcoin’s upside potential, and bulls are currently planning for the next break attempt.

If there is more purchasing pressure above the current levels, the price of LUNC might extend and attempt to break through the previously mentioned barrier once more, possibly reaching the equal highs at $0.00011495.

Gains can, in a very optimistic scenario, allow the price to challenge the psychological barrier of $0.00012000 and, in a very bullish scenario, reach the $0.00013000 level. This would represent a 30% increase over the present levels.

Meanwhile, proponents of LUNC are waiting for additional information on the drama surrounding Kwon’s extradition to see if it will hurt the token’s value and cause it to decline, or if it will help it increase its weekly gains in the extremely volatile world of cryptocurrencies.

Featured image from Shutterstock

Jos Tran

Jos Tran

I'm Jos Tran, the author behind Smart Passive Income (SPI), a blog dedicated to online business and entrepreneurship. I started this blog in 2008, following in the footsteps of Pat Flynn, the founder. Being one of the leading business blogs globally, SPI attracts over 2 million readers each month. Through my content, I aim to assist individuals in generating passive income from various online sources. Join me on this transformative journey as we delve into the world of online business and uncover the strategies and tactics that have led to tremendous success for myself and countless others.

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