Share this article
Terra’s LUNA Tumbles More Than 30%, Making U-Turn From Surge
The price action in LUNA and LUNC tokens looks more like that of meme tokens such as DOGE and SHIB.
By Jocelyn Yang
Updated May 11, 2023, 6:20 p.m. Published Sep 12, 2022, 6:55 p.m.
After skyrocketing last week, LUNA – the new token from the Terra blockchain that had spectacularly collapsed in May – made its way down to Earth, falling as much as 33% on Monday.
The token was trading around $4.20 as of press time. It had reached $7.60 on Friday, an all-time high since June.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The market capitalization fell to $542 million, cryptocurrency data aggregator CoinGecko shows.
The second version of LUNA was created after Terra lost $60 billion in value because of its May implosion. Authorities are in the process of investigating the affiliated Terraform Labs and co-founder Do Kwon for alleged fraud.
The original Terra chain was rebranded Terra Classic, and its native token – the former LUNA, now luna classic (LUNC) – has also dropped in price Monday after a surge last week. LUNC’s price was trading at $0.0003 as of 1:15 p.m. ET, down 17% in the past 24 hours, according to CoinGecko.
Howard Greenberg, cryptocurrency educator at Prosper Trading Academy, told CoinDesk last week the surge in LUNC's price made it look like "a meme coin at this point.”
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
