The Terra sisters, Terra Luna Classic (LUNC) and Terra (LUNA), descend from their winning streak from last week. The South Korean government issued an arrest warrant for the defamed TerraForm Labs founder Do Kwon concerning the $45 billion Terra Luna collapse in June.
Terra Luna Classic (LUNC) tumbled a painful 20%, while Terra (LUNA) declined with a more considerable margin of 40%. The Terra community voiced continued support for the original blockchain, Terra Luna Classic, leaving the future of the other Terra in question.
As investors rush to get what’s left from the recent blow, experts think it’s best to put their money in The Hideaways (HDWY).
Terra Luna Classic (LUNC) Erased Last Week’s Rally in a Snap
Terra Luna Classic (LUNC) gave away all of last week’s gains following the news of TerraForm Labs CEO Do Kwon’s imminent arrest. LUNC was last seen trading at $0.00029 in the 24-hour charts, down 23% daily.
The South Korean prosecutors are seeking the help of Interpol to facilitate the legal extradition of Kwon from his current base in Singapore.
Analysts say Terra Luna Classic (LUNC) could have had it worse without its community’s support. After Terra Luna’s blockchain collapse in June, its community took the lead on the network. CEO Do Kwon fled to form his new project, Terra 2.0, with a new native coin Terra (LUNA).
Recently, the community proposed a 1.2% tax burn for LUNC to keep fluidity in prices by decreasing circulating supply. The proposal got the backing of some of the world’s biggest crypto exchanges, including Huobi Global, Binance, and Gate.io.
Terra (LUNA) Has Nowhere to Go Next
Terra (LUNA) takes a more significant hit. The extradition of its CEO Do Kwon, means one thing for the blockchain: it has nowhere to go next.
LUNA is exchanging hands at $2.90, down by 34% in the last 24 hours. Its trading volume has descended to $261 million from a record-high $862 million on September 9.
RSI has fallen to 50.17 after peaking at 91.20 in the previous week. This means traders are swiftly pulling out their LUNA holdings as analysts caution that Kwon’s arrest could be the project’s death.
The Hideaways (HDWY) Is Your Saving Grace For This Bear Market, Says Top Analyst
The Hideaways (HDWY) came at the right time when the market was going into a frenzy over another imminent Terra collapse.
The new crypto project wants to knock into the underlying potential of the trillion-dollar luxury real estate market like no one did before.
Unlike real estate NFT projects like The Sandbox (SAND) with no utility, The Hideaways (HDWY) will sell digital collectibles tied to real-world assets.
Ownership of an NFT gives investors the right to earn monthly rental income from acquisitions made by The Hideaways under the direction of the community.
Token owners have voting power to decide which properties will be acquired. You would want to invest in a project that pays strong attention to what its community has to say.