LUNC Price Gains 50% Despite Kwon’s Troubles, What’s Driving It?

The crypto world has been overloaded with stories about Do Kwon, founder of Terra (LUNC), in the past week. Kwon, a South Korean founder, is being pursued both by South Korean authorities as well as Interpol. Kwon can be found in over 190 countries. However, Kwon’s troubles seem not to have affected the price of LUNA Classic (LUNC), as it continues to see green even when the broader market suffers losses.

LUNA Classic Growths 50%

Speculations surrounding the performance of LUNA Classic, (LUNC), rose dramatically once Kwon had been officially declared wanted. The decline in investor sentiment meant that the digital asset was likely to take some damage. However, this is not the case. LUNC, however, has resisted these extremely bearish developments to be a market leader in terms of its gains.

The price of LUNC has increased more than 58% over the past 7 days. However, its bigger counterparts like Bitcoin and Ethereum have seen single-digit gains and even negative gains. Coinmarketcap reports that the daily volume for cryptocurrency trading is still high at almost one billion dollars. LUNC also managed to knock off another zero in the last month, bringing its trading price up to $0.0003.

LUNA Classic (LUNC) price chart from TradingView.com

 Source: LUNCBUSD on TradingView.com| Source: LUNCBUSD on TradingView.com

Even after a weekend of poor performance, LUNC is now turning towards green. It has risen 1.80% over the past hour, as this article was written. The crypto trader community continues to support it and there are no signs of its decline.

What is the Reason for a soaring LUNC price?

There have been many efforts made to rebuild Terra since its collapse. Although it took a while, the community finally agreed to 1.2% transaction fees on all transactions. These are sent to a burn wallet in order to decrease the supply of tokens.

Binance, the largest crypto exchange in the world, had also joined in this effort to support LUNC’s price by announcing that it would be burning all fees realized from LUNC trading on its platform. LUNC’s price had surged more than 60% off the back of the announcement alone as the crypto exchange announced that it would be carrying out a scheduled weekly burn every Monday.

The rumours that LUNC will be listed on major platforms has also contributed to the rise in LUNA’s price over recent weeks. Robinhood and Coinbase are two of these trading platforms, which would immediately drive up any cryptocurrency’s value. For now, though, these rumors are only rumours.

Nevertheless, LUNC has remained a popular choice due to its high volatility. Investors love its existing community, which is a major draw. They believe the digital asset can return to its glory days. It is likely that the large trading platforms won’t pick up this asset as its creator is still on the run.

Featured image taken from Finbold. Chart source: TradingView.com

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