{"id":567400,"date":"2023-12-30T05:44:34","date_gmt":"2023-12-30T05:44:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=567400"},"modified":"2023-12-30T05:44:34","modified_gmt":"2023-12-30T05:44:34","slug":"lunc-plunges-14-as-sec-scores-knockdown-blow-vs-terraform-labs","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/lunc-plunges-14-as-sec-scores-knockdown-blow-vs-terraform-labs\/","title":{"rendered":"LUNC Plunges 14% As SEC Scores Knockdown Blow Vs. Terraform Labs"},"content":{"rendered":"

LUNC, the resilient token emerging from the tumultuous aftermath of Terra’s downfall, witnessed a notable 14% downturn,<\/a> mirroring a substantial legal setback delivered by a U.S. District Court.<\/p>\n

This judicial decision favored the Securities and Exchange Commission (SEC) in their legal pursuit against Terraform Labs, the entity steering the Terra blockchain, injecting uncertainty into the fate of the beleaguered cryptocurrency.<\/p>\n

Harking back to the SEC’s assertions in February, the once-mighty stablecoin, LUNA, now lies at the heart of the controversy that unfolded in May 2022. The SEC contends that LUNA transcended the classification of a digital dollar, deeming it a security.<\/p>\n

Related Reading: Can BSV Hold Its New 2023 Peak? Analysts Watch As Trading Volume Explodes<\/a><\/div>\n

Additional Pain For LUNC<\/strong><\/h2>\n

Crucially, Terraform Labs allegedly neglected to register it as such. The gravity of the situation intensifies as Do Kwon<\/a>, co-founder of Terraform Labs, faces accusations of orchestrating the sale of these unregistered securities, placing additional strain on the future trajectory of LUNC.<\/p>\n

Judge Jed Rakoff’s definitive ruling echoes a harsh reality \u2013 both LUNA and MIR, another token within the Terra ecosystem, are recognized as securities. This legal stance paves the way for potential further action by the SEC against Terraform Labs<\/a>, casting a shadow over LUNC’s future.<\/p>\n

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Source: Santiment<\/pre>\n
The abrupt shift in market sentiment is evident as LUNC’s Weighted Sentiment, a metric gauging market optimism, plummeted to -0.510 post-ruling. This stark transformation from bullish to bearish suggests a loss of investor confidence in the short-term prospects of the token.<\/p>\n
Social Dominance, reflecting the attention given to LUNC, experienced a surge on December 29th, correlating with the court ruling. However, this heightened interest quickly dissipated, indicating that the initial impact was ephemeral, and traders may have swiftly incorporated the negative developments into their decision-making.<\/p>\n
LUNCUSD currently trading at $0.000142 territory. Chart: TradingView.com<\/a><\/pre>\n
LUNC Price Analysis: Overall Downtrend With Potential For Reversal<\/strong><\/h2>\n