Why Investing In Terra Classic (LUNC) May Be A Bad Idea
27 Settembre 2022 - 01:00AM
NEWSBTC
The value of Terra Classic (LUNC) had plunged to below zero
following the largest crash ever seen in the crypto space. The
cryptocurrency had refused to ‘die’ and has instead found favor
among crypto investors who are trying to make a quick buck from the
highly volatile cryptocurrency. However, even with multiple pumps,
investing in LUNC may not be as good an investment as some users
expect due to a number of factors. Uncertainty In Terra Camp After
the crash of the Terra network that caused users to lose billions
of dollars, Terra founder Do Kwon and others had gone on to make
another token which was airdropped to holders. But even this new
cryptocurrency is having a tough go of it. Most of the issues have
arisen with the case against Terra founder Do Kwon and other
associates. The hunt for the founder had escalated after South
Korean authorities had issued an arrest warrant for him. Even
though Kwon had taken to the social media platform Twitter to
‘plead’ his case and say that he was not on the run from
authorities, the South Korean authorities had countered his claim
that they had been unable to reach Kwon. Related Reading: Number Of
Bitcoin Addresses Sending BTC To Exchanges Continues To Drop
Singaporean police had further confirmed that the Terra founder was
no longer in the country, where he had moved earlier in the year.
Then on Monday, September 26th, it was confirmed that the
International Polic (Interpol) had issued a red notice for the
founder. This red notice means that wherever Kwon is, Interpol will
charge local law enforcement to apprehend him. Even though Kwon had
claimed that he was in full cooperation with authorities, South
Korean authorities said that he had not been cooperative in any
way, hence the multiple arrest warrants. Terra Classic (LUNC) Is A
Bad Idea With the issues that continue to plague the Terra network
and its founders, the cryptocurrency has been very unstable. This
is even made worse by the fact that there are now two tokens, and
LUNA has proven to be the more stable of the two. Right now, LUNC
is a gambler’s token and has drawn those who are basically playing
the market like a casino. This lack of long-term conviction makes
the token a bad play, especially for those who are looking for a
token to hold onto. Related Reading: Cardano (ADA) Price
Reacts Poorly To Vasil Hard Fork The recovery trends can be
massive, but so are the declines. For example, while the rest of
the market is actually seeing minor gains over the last seven days,
the price of LUNC is down 25% during this time. Over the last 24
hours, LUNC has recorded more than 10% losses. LUNC’s price has
been reacting negatively to the news of the arrest warrants for Do
Kwon. Now, with Interpol involved, it has become a matter of when,
not if, Kwon is apprehended. When this happens, the price of Terra
Classic will likely dump lower than it did during the network
crash. Featured image from Finbold, charts from TradingView.com
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