LUNC and LUNA Experience Significant Surge Leading the Market, Potentially Related to SBF's Pardon

BlockBeats News, December 6th, according to HTX market data, LUNC saw a 24-hour price increase of 70.3%, with a current market cap of $342 million; LUNA saw a 24-hour price increase of 38.2%, with a current market cap of $131 million. The surge of LUNC and LUNA may be related to market speculation about potential pardon for FTX founder SBF.

LUNC (Luna Classic, formerly LUNA) is the native token of the Terra Classic chain (formerly Terra main chain), which was renamed after the LUNA collapse in May 2022 that led to a deep bear market. LUNA (the new version of Terra's token) is the native token on the Terra 2.0 chain, reissued through a community proposal after the LUNA collapse in May 2022.

The 2022 UST unpegging caused LUNA's price to plummet from $80 to near zero, with a market cap loss of around $45 billion, making it one of the largest crashes in crypto history. FTX exchange and Alameda Research founder SBF was jailed on suspicion of manipulating the crash. Recently, SBF has been vocal after a fellow inmate received clemency, raising the possibility of him being pardoned. However, the prediction market on Polymarket currently places "Will Trump pardon SBF in 2025?" at an extremely low level of around 2%.