- LUNA de Terra has managed to recover 30% of its value in the last week.
- Active tax cases remain to rectify the huge losses suffered by investors in the Terra ecosystem case.
- According to data from CoinMarketCap, to date, LUNA has managed to regain its leadership as the most trending cryptocurrency.
Drastic movements for cryptocurrency users are not something new and what has happened in the Terra ecosystem and its subsequent relaunch as LUNA 2.0 in the last two months has not been favorable. Even so, with the recent scandals that the Terra ecosystem had, it has managed to recover 30% of its value in the last 7 days.
Right now, LUNA is the most searched cryptocurrency on CoinMarketCap, followed by PancakeSwap (CAKE) and Terra Classic (LUNC), the original chain of the collapsed Terra ecosystem, in third place.
Is there hope?
It is important to note that before its algorithmic stablecoin devalued against the dollar, the Terra ecosystem had started to show signs of recovery and had recovered somewhat from the crisis. Last week’s surge shows that investors trust LUNA and Terra Classic to succeed in the cryptocurrency market.
Investor interest in LUNC is also growing; as of August 2, its weekly market volume had reached $1.1 billion. Despite its drop in May, the token appears to be gaining support from the public as it continues to trend.
Although the value of both assets has decreased in the last 24 hours, this may suggest that the volatility in the prices of both assets is still constant.
The negativity remains
Also, on July 20, a team of detectives from the Seoul Southern District Public Prosecutor’s Office carried out a raid on Upbit and other local cryptocurrency exchanges. In an effort to rectify the huge losses suffered by investors, transaction records and other data deemed valuable to the investigation were also seized.
As the investigation into the collapse progresses, the Korean Ministry of Justice has issued a “notice of arrival” for Terraform Labs CEO Do Kwon and a travel restriction for Terra co-founder Shin Hyun-Seong.
