Terra Luna Classic Price Prediction as Former CEO Do Kwon Trial is Pushed Back – What’s Going On?
The Terra Luna Classic price has dropped by 1.5% in the past 24 hours, slipping to $0.000123 after a US federal judge delayed the SEC’s trial against Terraform Labs founder Do Kwon.
LUNC is now up by 3% in the past week, yet remains down by 16.5% in the last 30 days and by a worrying 31% in the past year.
And with Do Kwon’s trial potentially set to shine an unflattering light on Terra and its workings, its delayed arrival on March 25 could have a negative impact on LUNC and its price.
However, the continuous attempts by the Terra Luna Classic community to introduce positive governance proposals and protocol changes may hopefully counteract any negative effects, assuming it can reach consensus.
Terra Luna Classic Price Prediction as Former CEO Do Kwon Trial Gets Delay – What’s Going On?
LUNC’s chart does not make for particularly inspiring reading, in that its indicators continue to look pretty subdued, and are arguably more in line with further losses than renewed gains.
Most obviously, its relative strength index (purple) is stuck at around 45, and while it has lifted a little since early January it has begun to point slightly downwards again.
Source: TradingView
Likewise, LUNC’s 30-day average (yellow) is now sliding towards its 200-day (blue), a sign that the coin is in the middle of a decline.
Perhaps most disappointingly of all, LUNC’s 24-hour volume is exceedingly low, at only $30 million today.
By contrast, it stood at $1.3 billion back in early December, a sign that wider interest in the altcoin has basically collapsed.
As such, it’s more likely that the Terra Luna Classic price witnesses more losses over the next few weeks, rather than a strong recovery.
The upcoming trial involving founder Do Kwon won’t help matters either, with the SEC alleging that Terraform and Kwon made fraudulently exaggerated claims about the stability of TerraUSD.
Do Kwon’s current defence: “I don’t remember who wrote the tweets.”
That’s not going to fly for much longer.
May all truth come to light, and may all fraudsters in the Terra scam be punished. May victims finally receive justice. The trial begins on March 25. pic.twitter.com/vAncz5CWHH
— FatMan (@FatManTerra) January 17, 2024
If the SEC succeeds in convicting Do Kwon and securing a steep punishment, this could damage the LUNC price further, even if Terra Luna Classic doesn’t really have anything to do with its disgraced founder anymore.
On the other hand, the Terra Luna Classic community could help improve LUNC’s situation regardless of the above trial, with members regularly proposing new updates.
The thing is, many of these fail to gain acceptance, including ideas that would arguably improve LUNC’s situation considerably.
It’s therefore hard to see how LUNC is going to secure sustained rises anytime soon.
Newer Tokens for Bigger Rallies
Given the uncertainty surrounding LUNC, many traders may prefer to invest in other altcoins, with a healthy number of presale tokens currently looking like they could rally big in the coming weeks.
One of the hottest presale coins right now is Meme Kombat (MK), an ERC-20 meme token that has raised $6.9 million so far.
We just want to shine a spotlight on some of the key points in the $MK presale:
We have a hard cap at $10 million. The next milestone in sight is $8 million as stated on the website.
We have reached Stage 10 in the presale which means that the price will be $0.279 until…
— Meme Kombat (@Meme_Kombat) January 16, 2024
While merely another meme token at first glance, Meme Kombat is also a social gaming platform that will enable users to bet on AI-generated battles between meme characters.
Meme Kombat’s battles will have randomized outcomes, with their results transparent and open to view on the Ethereum blockchain.
As the platform’s native token, users will place bets using MK, which they will also receive if their bets are successful.
In addition, they can also stake the token, with Meme Kombat’s Staking Dashboard already live and ready for use.
Major Update
The Meme Kombat Staking Dashboard is officially live and ready to be used by you!
Take a break from Kombat and visit the staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G
— Meme Kombat (@Meme_Kombat) November 9, 2023
Combined with its unique and playful stylings, Meme Kombat’s tokenomics and platforms look set to make it one of 2024’s best new tokens.
And while the sale will end once it raises $10 million, investors can still join at the official Meme Kombat website.
MK is currently available at $0.279 per token, its final price before the sale ends, the token lists, and its price potentially rockets.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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