Investors continue to trade the LUNA token despite its enormous fall, seeing the coin lose 99% of its value from $62 on May 9 down to less than a cent by May 14. However, on May 20, LUNA remains the most trending cryptocurrency searched on CoinMarketCap. With a market cap of $918 million, LUNA is trading at $0.00013 per coin. The coin has gained 1% in the last 24 hours and 75% last week. Related Reading | Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up It’s worth noting that even though the price of this cryptocurrency had fallen dramatically over the past few days and South Korean officials were looking into penalizing its inventor for $78 million in tax avoidance, we see the coin trending higher than ever before. The South Korean authorities are investigating why the value of Terra’s dollar-pegged stablecoin, UST lost its peg on May 9. The market for this coin quickly melted down within four days. As a result, the stablecoin lost $18 billion. This affected not only the stablecoin UST but also all networks built upon it, duch as LUNA, whose price plummetted from $62 per coin down to a fraction of a penny. Tax Authorities Fined LUNA Founder For Avoiding Taxes In order to investigate, both South Korean regulatory bodies, the Financial Supervisory Service and the Financial Services Commission called the local cryptocurrency exchanges to submit the transactions data. The information requested from...
