LUNC and LUNA Surge Significantly, Leading the Market Higher, Potentially Related to SBF's Pardon

2 hours ago

On December 6, per HTX market data, LUNC has surged 70.3% in price over the past 24 hours, with a current market capitalization of $342 million. Meanwhile, LUNA has jumped 38.2% in the same period, holding a market cap of $131 million. The rally in both tokens may tie to market speculation around a potential pardon for FTX founder Sam Bankman-Fried (SBF). LUNC (Luna Classic, formerly LUNA) is the native token of the Terra Classic chain (previously Terra’s mainnet), renamed after the 2022 LUNA collapse pushed the market into a deep bear phase. The new LUNA, by contrast, is the native token of the Terra 2.0 chain—reissued via a community proposal following the May 2022 LUNA crash. The 2022 UST depegging triggered a catastrophic LUNA price drop: from $80 to near zero, with a $45 billion market cap loss, marking one of crypto’s largest-ever collapses. SBF, FTX and Alameda Research’s founder, faces accusations of manipulating this collapse. Recently, SBF has spoken out frequently after his cellmate received a pardon, stoking speculation about his own potential pardon.

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