In light of regulatory action following the collapse of Terra’s LUNA and its UST stablecoin, holders of these crypto assets are now seeking compensation for their losses.
A class action on June 13 lawsuit is set against Binance.US and its CEO Brian Shroder by Jeffrey Lockhart, who sued for himself and on behalf of all other “similarly situated” plaintiffs. According to the lawsuit, the plaintiffs allege that: Binance.US advertised and sold UST to investors as a “safe asset that can be used to earn substantial returns, including in the form of interest.” In doing so, the exchange misled its users about the “security” of Terra’s UST stablecoin, it added.
That’s not all. On June 17, Nick Patterson served a action against TerraForm Labs, Do Kwon and a few venture capital firms for deliberately misleading investors about the true nature of the UST stablecoin.
Ergo, it might be interesting to see how Terra’s LUNA and LUNC coins have fared lately.
A price drop per Kwon Coins
Over the past seven days, the LUNC and LUNA coins have fallen in price. LUNC registered a decline of 8.38% in the past 24 hours and traded at $0.00005355 at the time of writing. Amid the carnage of the general crypto market over the past seven days, the altcoin recorded a 21% drop in value from $0.000068 seven days ago.
In addition, within that window, the currency’s market capitalization also fell. At the time of going to press, it was $350.68 million – a drop of 21% from the $446 million recorded a week ago.
In contrast, LUNA did not perform better. When trading hands at $1.79 per LUNA at the time of going to press, an 11% drop in price was recorded in the last 24 hours.
Taking into account an index price of $2.57 seven days ago, the coin fell more than 40%.
With the current bear run haunting the crypto market, both Terra coins were deeply oversold at the time of going to press. For example, the Relative Strength Index (RSI) for LUNA stood at 21.33.
LUNC, on the other hand, registered an RSI of 28.16 at the time of writing.
Refusing on a social level
The sequel to the collapse of Terra’s UST, the LUNC and LUNA coins was followed by general disapproval. For example, in the past week alone, LUNC’s social dominance has dropped by 63%. The social volume also decreased by 89%.
The new LUNA token also fell on the social front. With a social dominance of 1.707% at press time, a drop of 57% was registered in the past seven days. The social volume also decreased by 65%.
This post LUNA and LUNC: A battle on the legal front, but what about the price front?
was published first on https://ambcrypto.com/luna-and-lunc-a-fight-on-the-legal-front-but-what-of-the-price-front/