Luna Facing Delisting from Domestic Exchanges... Price Fluctuates Up and Down

[Image source=Yonhap News]

[Asia Economy Reporter Lee Myunghwan] Luna (Luna Classic), which caused a huge shock in the cryptocurrency market by plummeting over 99% this month, is showing large price fluctuations ahead of its delisting from domestic exchanges.

As of 11:02 AM on the 27th, Luna is trading at 230 won on the cryptocurrency exchange Bithumb, down 65.39% from the previous day. On other exchanges, Korbit and Coinone, it is trading at 0.18 won and 0.16 won respectively. All three exchanges are showing significant price volatility, with Luna on Bithumb soaring to 1,130 won around 6 PM the previous day due to a sudden surge in buying demand.

It is estimated that short-term trading demand driven by liquidation-type trades is causing the price to fluctuate on these exchanges ahead of Luna's delisting. Bithumb announced it will suspend Luna trading from 3 PM on the 27th, while Coinone and Korbit are scheduled to delist Luna on the 1st and 3rd of next month, respectively. Gopax (on the 16th) and Upbit (on the 20th) have already ended support for Luna trading.

The price differences of Luna across exchanges appear to be due to differing trading policies. With limited exchanges allowing KRW trading for Luna, the timing of KRW deposit and withdrawal suspensions varied by exchange, causing price discrepancies. A Bithumb official explained, "Before the crash worsened, on the 11th, we designated Luna as an investment caution item and stopped deposits," adding, "As a result, no new sell orders came in, so the price decline was slower."

Meanwhile, cryptocurrency evaluation and disclosure platform Xangle downgraded Luna's rating to 'Not Rated,' stating, "Mainnet operation has been suspended due to weakened network stability," and "It is judged impossible to evaluate the project."

This content was produced with the assistance of AI translation services.