The value of Terra Classic (LUNC) has dropped below zero following the biggest crash ever seen in the crypto space. However, LUNC has refused to be killed and has instead found the support of crypto investors who are trying to make a quick buck from the highly volatile cryptocurrency. However, even with multiple price pumps, investing in LUNC may not be as good an investment as some users expect due to a number of factors.
Uncertainty of Terra
After the Terra network crash cost users billions of dollars, Terra founder Do Kwon and others went on to create another token streamed for holders. But even this new cryptocurrency is struggling.
Most of the problems that have arisen with the lawsuit against Terra founder Do Kwon and other associates.
The hunt for the founder escalated after South Korean authorities issued a warrant for his arrest.Although Kwon took to Twitter to ‘plead’ for help in his case and said he was not fleeing authorities, South Korean authorities have refuted his claims that they were unable to reach Kwon.
Singapore police have further confirmed that the Terra founder is no longer in the country, where he moved earlier this year.
On Monday, September 26, it was confirmed that International Policy (Interpol) had issued a red notice to Do Kwon.
This red notice means that no matter where Kwon is, Interpol will force local law enforcement to arrest him. Although Kwon has stated that he fully cooperated with authorities, South Korean authorities say he has not cooperated in any way and has issued numerous arrest warrants.
Terra Classic (LUNC) is a bad idea
With problems continuing to occur with the Terra network and its founders, cryptocurrencies have been very unstable.This is made even 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 token and has attracted people who are basically playing the market like a casino. This long-term lack of persuasion makes tokens a bad game, especially for those looking for tokens to hold.
Recovery trends can be huge, but so can downtrends.For example, while the rest of the market is actually seeing a slight increase over the past seven days, lunc’s price is down 25% during this time.Over the past 24 hours, LUNC has recorded a loss of more than 10%.
Lunc’s price reacted negatively to the news of Do Kwon’s arrest warrant. Now, with Interpol involved, the issue is when, not if, Kwon was arrested. When this happens, the terra classic price will likely fall lower than it was at the time of the downturn.