ChainThink news, December 6: According to market data, LUNC surged 70.3% over the past 24 hours, with its current market cap at $342 million; LUNA rose 38.2% in the same period, now valued at $131 million. The recent rally in LUNC and LUNA may be linked to growing market speculation about the potential pardon of SBF, founder of FTX.

LUNC (Luna Classic, formerly LUNA) is the native token of the Terra Classic chain (formerly the original Terra mainnet), rebranded following the collapse of LUNA in May 2022, which triggered a prolonged bear market. LUNA (the new version of Terra's token) is the native token of the Terra 2.0 chain, reissued via a community proposal after the LUNA collapse in May 2022.

In 2022, the UST depegging event caused LUNA’s price to plummet from $80 to near zero, erasing approximately $45 billion in market capitalization—among the largest crashes in crypto history. SBF, founder of FTX and Alameda Research, is suspected of orchestrating this collapse. Recently, SBF has intensified public statements after a fellow inmate received a pardon, fueling speculation about his potential clemency.