Terra Classic (LUNC) and USTC Surge on News of Do Kwon’s Release

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The Terra Classic (LUNC) and USTC ecosystems witnessed a significant price increase following the news of Do Kwon’s release from Montenegrin custody. While Do Kwon and Terraform Labs severed ties with Terra Classic, the news sparked a surge in buying activity, leading to notable token gains.

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Market Reaction to Do Kwon’s Release

  • LUNC Up 20%: CoinMarketCap data shows LUNC experienced a substantial 20% price increase. While profit-taking has moderated the initial spike, LUNC currently trades at $0.000155.
  • Trading Volume Soars: LUNC’s trading volume also saw a dramatic 200% increase, settling at a still-impressive 53% gain over the last 24 hours.
  • USTC Climbs: USTC mirrored the positive sentiment, briefly reaching $0.0301, reflecting a 12% rise. Despite a slight retreat, USTC maintains a 3.51% gain. This bullish trend is further supported by a 20% increase in total USTC futures open interest across exchanges.

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Market Data Analysis

  • Futures Activity Spikes: CoinGlass data reveals a significant rise in 1000LUNC futures open interest on major exchanges like Binance and Bybit, reaching a 40% peak. Other exchanges saw similar surges exceeding 35%. A decline is currently observed as some traders take profits.

Upcoming Developments Fuel Optimism

  • IBC-Hooks Upgrade: The Terra Luna Classic chain anticipates a major upgrade next week, with IBC-Hooks implementation enabling seamless dApp integration.
  • Security and Functionality Enhancements: Genuine Labs is set to unveil crucial updates to improve Terra Luna Classic’s security, functionality, and interoperability. Completing these improvements, including a Cosmos SDK 0.47 upgrade, is expected within 8 weeks.

Positive Outlook, But Caution Advised

The rising number of LUNC wallets and developer interest in building on the chain suggests a positive outlook for Terra Luna Classic. However, it’s crucial to remember the inherent volatility of the cryptocurrency market. Prices can fluctuate rapidly, so caution is advised when making investment decisions.

 


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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
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