LUNA prices stagnated after a speculative rally in September followed by LUNC's 1.2% tax burn plan. The gains were subsequently reversed as traders took profits in subsequent days. Following the price dump, LUNA has returned to its range since June, showing little or no movement.
LUNA is the native token of the second iteration of the Terra blockchain, revived after Terra's implosion in May, wiping out $60 billion in value. A fraud investigation against Terraform Labs, the company that created the blockchain, followed the collapse of its founder Do Kwon. The old blockchain was rebranded as Terra Classic, with its Luna Classic (LUNC) token and its stablecoin USTC.