Terra Classic Stirs Again Ahead of Do Kwon’s Court Date, But Price Struggles Persist

Once a headline-grabbing giant in the crypto space, Terra Classic (LUNC) is back in the spotlight as co-founder Do Kwon faces a pivotal court hearing in the U.S. on April 10.

While the project has faded from the center of the market, its community continues to push forward—despite legal clouds and a steep price decline.

LUNC has been fighting an uphill battle since the catastrophic collapse of the Terra ecosystem in May 2022. The fall of its algorithmic stablecoin, USTC, which depegged and plummeted below a penny, triggered a loss of over $60 billion and marked the beginning of what many called a “crypto winter.”

Although the 2024 bull market has largely left LUNC behind, the project still maintains a loyal base. One of the community’s key strategies for revival has been an aggressive token burn campaign, designed to cut down on the circulating supply.

READ MORE:

China Slaps 84% Tariff on U.S. Imports – What Could It Mean for Crypto?

To date, more than 407 billion LUNC tokens have been destroyed, with over 17 million burned just on April 9.

Yet despite these efforts, the price impact remains minimal. LUNC continues to trade with little momentum, weighed down by its controversial history and the unresolved legal proceedings surrounding Terraform Labs’ leadership.

As Do Kwon prepares to appear in court, Terra Classic’s future remains uncertain—but the community’s resolve shows no signs of fading.

Alexander Stefanov