What is the market value shrinkage of Luna and ICX coins, both of which are Korean public chains?
The market crash of Luna coin
Luna coin experienced a severe crash in May 2022, leading to a significant decrease in its market value. Specifically, Luna coin reached a peak price of $119 in April 2022, with a market value of $41 billion (approximately 270 billion RMB). However, on May 11, the price of Luna coin plummeted from $31 to $0.6, almost bringing its market value to zero, resulting in heavy losses for many investors. Subsequently, the price of Luna coin further declined, and by May 17, 2022, the price had fallen to $0.00018.
The market value shrinkage of ICX coin
In terms of the overall cryptocurrency market situation, ICX coin was also affected by the market crash. In May 2022, the cryptocurrency market as a whole suffered a heavy blow, with many cryptocurrency prices plummeting and market values shrinking significantly. As part of the cryptocurrency market, the price and market value of ICX coin were also impacted. However, the final price or market value of ICX coin only declined by thirty percent, making it one of the coins with a smaller decline in the crypto market at that time.
The impact of Luna coin's crash
The crash of Luna coin had far-reaching effects on the cryptocurrency market.
Market impact: The crash of Luna coin triggered a decline in the entire cryptocurrency market, with the total cryptocurrency market value dropping by $600 billion in just six days, leading many large institutions to bankruptcy.
Legal consequences: The founder of Luna coin, Do Kwon, was sued by the U.S. Securities and Exchange Commission (SEC) for alleged fraud and ultimately reached a settlement with the SEC, paying a fine of $4.5 billion. Additionally, South Korean prosecutors issued a red notice for Do Kwon, allowing member countries of Interpol to execute an immediate arrest.
In summary, both Luna coin and ICX coin suffered significant losses in the crash of May 2022, with the crash of Luna coin having a profound impact on the cryptocurrency market, while ICX coin was affected by Luna coin but to a lesser extent.
