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.