South Korean LUNA Buying Skyrockets, Token Trading at Huge Premium on Domestic Exchanges
While some furious South Korean crypto investors are readying multiple lawsuits for Do Kwon and the masterminds of the troubled terra (LUNA) protocol, others in the country are snapping up LUNA tokens at rock-bottom prices – even though the coin is currently being delisted from most major exchanges in the country.
Per Chosun, data from the country’s biggest exchanges shows that the number of customers with LUNA holdings in wallets linked to trading platforms has “more than tripled” since the recent price plunge.
Global LUNA prices have plummeted almost 100% from an all-time high of over USD 119 in April this year to an average of USD 0.00014534 (8:00 UTC), per CoinGecko tada.
All five of South Korea’s licensed fiat KRW-trading exchanges have announced they will cease support for LUNA, with some to halt LUNA operations as soon as tomorrow (May 20).
But Chosun reported that “speculation” on a LUNA recovery appears to have sparked a last-minute shopping spree among some investors, who appear to believe that snapping up tokens at low prices could pay off at a later date – particularly with Kwon apparently determined to breathe new life into the project.
What is more, phenomenal demand for the coins has actually increased the price of LUNA on domestic platforms to the extent that a kimchi premium – usually reserved for cryptoasset like bitcoin (BTC) – appears to have emerged for LUNA.
Per Bithumb – which halts all LUNA trades on May 27 – almost 7.2 million LUNA tokens have changed hands in the past 24 hours, and prices dropped from around USD 0.6 to USD 0.4 at the time of writing.
In the Chosun article, which was published in the early afternoon (KST) of May 19, the article’s author noted that prices on the Upbit exchange were
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