LUNA Token Sees 6.79% Drop After Terra Founder Sentencing and Major Network Upgrade

LUNAUSDT has experienced significant volatility in the last 24 hours, primarily attributed to recent events including the sentencing of Terra founder Do Kwon to 15 years in US federal prison for fraud, as well as Binance’s suspension of LUNA deposits and withdrawals to support a major Terra network upgrade. These developments have influenced market sentiment, resulting in a 6.79% price decline over the past day on Binance, where LUNAUSDT is currently trading at $0.1552, down from a 24-hour open of $0.1665. Trading volume has varied significantly across platforms, with Binance reporting the most reliable data. The market remains sensitive to ongoing developments, with notable fluctuations in price and circulating supply, and a continued distinction between Terra (LUNA) and Terra Luna Classic (LUNC) is emphasized.