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Even a week after launch of LUNA, it appears Do Kwon’s problems are far from over

Following the forking of the Terra chain and the following launch of Terra’s Luna 2.0, the token has since suffered excessive volatility. For instance, following the itemizing on cryptocurrency trade Binance, the value per LUNA token grew by 39.41% final Tuesday. This was nonetheless quickly adopted by a extreme decline that plunged the token under the $10 value index. 

Also, when the newly minted token was first listed on Bybit, it registered a excessive of $30. This was quickly adopted by a value reversal that led the token to lose over 80% of its worth in lower than two hours.

Down by over 50% because it was first listed simply seven days in the past, the token seems to be off to a rocky begin. Let’s take a better take a look at the efficiency of this token vis-a-vis that of the now collapsed Terra Classic( LUNC) within the final seven days.

Birds of a Feather

First listed seven days in the past with the hopes of reviving the failed LUNC token, Terra’s Luna 2.0 token has struggled to maintain the bears away. Data from Coinmarketcap confirmed that the token hit the cryptocurrency exchanges with an index value of $17.8. The token hit each side of the value spectrum because it marked an ATH of $19.54 on the day of its launch and hit an ATL of $3.63 on the identical day. At the time of press, the value per Luna token stood at $6.38, registering a 64% decline because it launched and a 9% loss within the final 24 hours.

LUNA 7D graph coinmarketcap

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Source: Coinmarketcap

The LUNC token was no completely different. This token additionally noticed a 22% value decimation within the final seven days.

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LUNC 7D graph coinmarketcap

Source: Coinmarketcap

At the time of writing, the market capitalization of the Luna token remained unknown. However, CoinMarketCap reported that based on the promoters of the venture, the self-reported CS of the token stood at 210,000,000 LUNA with a self-reported market cap of $1,343,354,760.

On the opposite hand, the market capitalization of the LUNC token at press time stood at $613.56m, a 24% decline from the $808.44 marked seven days in the past.

Price Movements

Since launch, the Relative Strength Index (RSI) and the Money Flow Index (MFI) for the Luna token have been positioned deeply within the oversold areas. At the time of press, the RSI stood at 22.16. Also deep within the oversold area, the MFI on the time of writing, stood at 0.41.

LUNAUSDT 2022 06 04 07 21 34

Source: TradingView

It is worthy of be aware to level out that whereas the RSI for the LUNC token maintained a place under the 15 index for the final seven days, the MFI however launched into an upward curve. With a gradual motion in direction of the 50 impartial area over the course of the final seven days, the MFI was stationed at 56.62 on the time of press. With a decline in value inside the interval below evaluation, a rising MFI typically signifies an impending bullish run.

LUNCUSDT 2022 06 04 07 26 11

Source: TradingView

No Place for Kwon to Hide 

On-Chain knowledge confirmed that on a social entrance, the LUNC suffered a decline within the final seven days. Social Dominance noticed an 84% decline. The Social Volume additionally went down by 84% in the course of the course of the final seven days. 

Terra Classic LUNC 07.34.43 04 Jun 2022

Source: Santiment

Worthy of be aware are the indexes for the event exercise of each tokens. With elevated exercise inside the Terra Ecosystem to avoid wasting the venture, the event exercise for each Luna and LUNC tokens recorded a gradual spike within the final seven days. At press time, growth exercise for the Luna and LUNC tokens stood at 22 and 31 respectively.  

Terra LUNA 07.42.32 04 Jun 2022

Source: Santiment

Terra Classic LUNC 07.42.35 04 Jun 2022

Source: Santiment

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