terra luna price surging today

The price of Terra’s original native tokens – LUNC and USTC – is rallying this morning at $0.000092 and $0.035 respectively in a high-volume trading session that has seen nearly $427.9 million worth of LUNA exchanging hands in the past 24 hours.

No project-specific developments appear to be driving this morning’s uptick but some strong buying is definitely occurring as indicated by today’s 57% rise in LUNC and 253% increase in the price of USTC.

Both LUNC and USTC are considered “dead tokens” by most of the crypto community as the underlying network – the original Terra blockchain – is no longer being used by developers to power decentralized apps (dApps) and other similar protocols.

However, that has not discouraged speculators from engaging in operations with the two tokens.

Your capital is at risk.

Is This Terra Classic (LUNC) Rally Sustainable?

Many investors who lost money with Terra’s original tokens have been advocating for a massive voluntary burn that can shrink the circulating supply of LUNC to more manageable levels.

This initiative has not gained traction as indicated by the relatively small volumes of LUNC that have been sent to the token’s burn address provided by the founder of Terraform Labs Do Kwon.

According to data from BitQuery, only 434 million LUNC tokens have been sent to this address in June. This number accounts for less than 0.1% of the asset’s total circulating supply, which currently stands at around 6.55 trillion.

Prior to today’s uptick, data from CoinMarketCap shows that trading volumes have been doubling every day since moving from around $50 million on 26 June to $143 million yesterday and $430 million as of this morning.

The token’s low liquidity makes it a target for deep-pocketed speculators who many use their resources to pump the price so they can create enough exit liquidity to produce some short-term gains.

In the absence of material events that justify today’s uptick, this is most likely what is known as a “dead cat bounce” or a “bull trap”.

Anonymous Vows to Uncovering Kwon’s Wrongdoings

The international group of hackers known as Anonymous recently released a video in which they vowed to uncover Do Kwon’s illegal actions that led to the collapse of Terra and to billions of dollars in losses for crypto investors.

In the YouTube video, the group claims that “there is significant evidence that Do Kwon had bad intentions from the start”.

There were mentions of recent rumors about the founder of the controversial project reportedly cashing out on $80 million per month – claims that Kwon has “categorically” denied.

The video posted by Anonymous did not share any new information about Kwon or his involvement in these alleged mischiefs but it did warn that the group was “looking into Do Kwon’s entire history since he entered the crypto space”.

South Korean and North American Authorities Keep Investigating Terra

Two prominent regulatory agencies in the United States and South Korea are actively investigating the events that led to the collapse of the original Terra ecosystem to determine if Do Kwon and other people involved in the project should be held accountable for what happened.

In the US, the Securities and Exchange Commission (SEC) is looking into the possibility that there was a violation of the country’s securities law as a result of the offering of unregistered securities to the public – in this case, UST.

Meanwhile, in the Asian country, a task force known as the Financial and Securities Crime Joint Investigation Team has been assembled to determine if Kwon, its company, and the now inactive Luna Foundation Guard (LFG) should be held liable for the billions of dollar lost as a result of the project’s collapse.

Last week, a travel ban was put in place against former employees of Terraform Labs until the investigation is concluded.

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