LUNC and LUNA have surged significantly, leading the market, which may be related to the potential possibility of SBF being pardoned.

On December 6, according to CEX market data, LUNC’s 24-hour increase was 70.3%, with a current market cap of $342 million; LUNA’s 24-hour increase was 38.2%, with a current market cap of $131 million. The surge in LUNC and LUNA may be related to the market’s belief that there is a potential possibility of FTX founder SBF being granted a pardon. LUNC (Luna Classic, formerly LUNA) is the native token of the Terra Classic chain (formerly the Terra mainnet), which was renamed after the LUNA crash in May 2022 that triggered a deep bear market. LUNA (the new version of Terra’s token) is the native token of the Terra 2.0 chain, reissued through a community proposal after the LUNA crash in May 2022. In 2022, the UST depegging caused LUNA’s price to plummet from $80 to near zero, wiping out about $4.5 billion in market cap, making it one of the largest crashes in crypto history. SBF, founder of the FTX exchange platform and Alameda Research, was allegedly involved in manipulating the crash and was imprisoned. Recently, after one of SBF’s fellow inmates received a pardon, SBF has spoken out frequently, raising the potential possibility of him receiving a pardon as well. However, on the prediction market Polymarket, “Will Trump pardon SBF in 2025?” remains at an extremely low probability of around 2%.