After trading sideways at the $6 level since June, the price of Terra 2.0 (LUNA) has fallen significantly today, by more than 20%, to the current level of $4.86. The recent drop is likely due to Do Kwon shutting down his Twitter so that only approved followers can see his Tweets. It’s unclear why the LUNA founder shut down his Twitter, but the market is clearly not happy with recent developments.
23% price drop for Terra 2.0 (LUNA)
While Bitcoin and Ethereum manage to hold up this Sunday, with BTC trading at the $29,000 level and ETH holding at $1,790, Terra 2.0 (LUNA) struggles to stay above 1 billion dollars in market capitalization, with the token facing growing bearish momentum.
Terra Classic (LUNC) continues its downward spiral, declining more than 12% in the past 24 hours, with a current market capitalization of $534 million.
Meanwhile, the Terra 2.0 ecosystem continues to expand as new services are rolled out to the chain. For example, last night Astrochad was deployed to Terra 2.0, the most powerful DEX in cryptocurrency. Users can provide liquidity and start trading on desktop or mobile.
Check out the Astroport Medium post for full details regarding the launch and features of Astroport.
Do Kwon’s Twitter goes private
The likely culprit for the recent 20% drop in Terra 2.0 (LUNA) is the project’s founder, Do Kwon, who shut down his Twitter last night, where only approved followers can see his Tweets.
While Do Kwon has amassed over a million followers throughout the Terra Luna debacle, those who unfollowed him and want to follow his Tweets should ask to be followed and wait for him to approve. .
It’s unclear why the founder closed his Twitter to the public, but the likely reason is the high volume of harassment he’s received over the past two weeks.
CNBC recently published an article titled “Do Kwon is unlikely to face a prison sentence for destroying $60 billion worth of UST cryptocurrencies – fines and legal action are more likely.”
The pressure is mounting on Do Kwon as investors realize the chances of LUNA returning to its former highs are slim. Civil lawsuits and fines are likely to follow in the United States, South Korea and Singapore.
The price of Terra 2.0 (LUNA) is likely to drop unless Do Kwon opens his Twitter again. Investors and traders are unhappy with the current situation.
LUNA’s trading volume has jumped over 80% in the past 24 hours, currently reaching $380 million. However, most of the volume seems to be made up of sell orders, with investors selling at a loss to take out the remaining profit while they can.
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