Terra’s LUNA Coin Drops After Recent Surge, But Prices Remain Up

Late last week, Terra’s LUNA coin climbed by 247% reaching a peak of $6.72 per coin on Friday. However, the token has gone down to $3.04 at the time of writing, accounting for a 45% drop from the recent surge. Nonetheless, the coin’s massive jump was the highest price recorded since it was launched LUNA is the second-generation coin derived from the previous LUNA cryptocurrency, which has since been renamed LUNA Classic (LUNC).

Despite the slump, LUNA is still up by 61.3% over the last seven days, according to data from crypto data aggregator CoinGecko. Prior to the surge, the coin spent months lingering around the $2 mark. Terra’s other coins have, likewise, experienced significant highs and lows over the past few days. LUNC is currently priced at $0.0003 accounting for a 36.9% drop over the past week. However, it is still up by 22.1% over the last two weeks and 188.8% over the last 30 days.

Moreover, TerraClassicUSD (USTC) currently sits at $0.034 per coin putting it down by 1.3% over the past 24 hours. However, it is still up by 30% over the past 30 days. USTC was formerly known as UST, a dollar-pegged stablecoin. Earlier in May, the coin collapsed losing its dollar peg. LUNA, which was paired with UST also tanked as a result. Both LUNA and UST accounted for billions of dollars of the total crypto market cap. Their decline is among the triggers that prompted the recent crypto market crash.

Terraform Labs along with its CEO Do Kwon created the second-generation LUNA coin as an attempt to revitalize Terra’s ecosystem. Following the collapse, investors accused Kwon and other individuals of fraud. Fairly recently, a South Korean court issued an arrest warrant for six people, including the Terraform Labs founder, for violating the country’s capital market rules.

Sources: Decrypt, TechCrunch