Montenegro PM’s LUNA Investment Unveiled Amid Major LUNC Burn and Market Sell-Off

  • The Prime Minister of Montenegro has been revealed as one of the first investors in Terra LUNA Coin.
  • Opposition parties are now calling for his resignation due to the investment revelations.
  • This comes as Terra’s CEO confirms a substantial burn of LUNC and USTC tokens, leading to a flurry of sell-offs by whales and other investors.

Discover the startling connection between Montenegro’s Prime Minister and Terra LUNA, amidst significant token burns and market upheavals.

Prime Minister of Montenegro’s LUNA Coin Investment Exposed

According to a recent report, Milojko Spajińá, the Prime Minister of Montenegro, was identified as one of the early investors in Terra LUNA Coin. Documents submitted to the U.S. District Court for the Southern District of New York showed that Spajińá was the 16th investor in a list of 81 early backers from April 2018. Specifically, the Prime Minister had purchased 750,000 LUNA tokens at $0.10 each on April 17, 2018.

The investment has sparked considerable controversy, with accusations that Spajińá’s involvement influenced Terra co-founder Do Kwon’s decision to use Montenegro as a haven amid legal troubles. Despite calls for resignation from opposition parties, it’s noteworthy that this investment occurred before Spajińá took his office and during his tenure at notable financial institutions including Citi and Goldman Sachs.

Massive LUNC Token Burn in the Terra Ecosystem

The Terra ecosystem recently witnessed a significant development with the burning of over 6.5 billion LUNA Classic (LUNC) tokens within 24 hours. This mass token burn was predominantly due to large wallet holders liquidating their LUNC holdings. This move was confirmed by Terraform Labs CEO Chris Amani, who validated that LUNC and USTC tokens held in TFL and LFG wallets would undergo burning. Such a large-scale token burn has profound implications on the circulating supply and market dynamics, instigating both concern and interest in the Terra community.

LUNC and USTC Price Decline

The substantial sale of LUNC tokens has led to a significant price drop for Terra Luna Classic’s ecosystem tokens. Over the past 24 hours, the price of LUNC has plummeted by more than 19%, settling at $0.00007486. Meanwhile, LUNA Coin has also experienced a downturn, falling by 4.36% to $0.41. Despite these declines, some within the Terra Luna Classic community remain optimistic, citing ongoing initiatives like the Tax2Gas project as potential catalysts for future price increases.

Conclusion

In summary, the disclosure of Montenegro’s Prime Minister as an early investor in Terra LUNA Coin, coupled with the recent large-scale burning of LUNC tokens, has ushered in a period of volatility and speculation within the crypto market. The ramifications of these events continue to unfold, with significant impacts on token supply and investor sentiment. As the market responds to these developments, continued vigilance and strategic insight are paramount for stakeholders navigating this evolving landscape.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Ethereum ETFs Launch Draws Mixed Market Predictions Amidst Lower Demand Expectations, Says Wintermute Report

The cryptocurrency market is bustling with anticipation...

NYSE Approves Bitwise and Grayscale Ethereum ETFs Amid Market Volatility

The New York Stock Exchange (NYSE) has...

BlackRock’s IBIT Dominates as Bitcoin ETF Inflows Hit Record $533.6 Million

Institutional investors are renewing their interest in...

Internet Computer (ICP) Mirrors Bitcoin Movements: A Bullish Trend Ahead?

Internet Computer (ICP) has been closely tracking...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atat√ľrk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
spot_imgspot_imgspot_imgspot_img

Ethereum ETFs Launch Draws Mixed Market Predictions Amidst Lower Demand Expectations, Says Wintermute Report

The cryptocurrency market is bustling with anticipation over the launch of Ethereum ETFs. However, algorithmic trading firm Wintermute suggests the demand...

NYSE Approves Bitwise and Grayscale Ethereum ETFs Amid Market Volatility

The New York Stock Exchange (NYSE) has sanctioned the listing of Bitwise and Grayscale's Ethereum Exchange-Traded Funds (ETFs). Despite this advancement,...

BlackRock’s IBIT Dominates as Bitcoin ETF Inflows Hit Record $533.6 Million

Institutional investors are renewing their interest in spot Bitcoin ETFs, marked by a significant daily inflow on Monday, July 22. Over...