Terra Luna Classic (LUNC) and USTC prices have jumped by 20% and 12% respectively. Investors are now wondering if there’s more room for growth before the major upgrade scheduled for next week.
The prices of Terra Luna Classic ecosystem tokens LUNC and USTC experienced a huge surge following news of Terra co-founder Do Kwon being released by the Montenegro Supreme Court. Despite Terraform Labs (TFL) and Do Kwon severing ties with the Terra Classic chain, the tokens still saw substantial gains. Additionally, Terra (LUNA) also recorded an impressive increase of over 26%.
Impressive Surge for LUNC and USTC Tokens
Surge in Trading Volumes Supports Upside Momentum: LUNC and USTC tokens are experiencing an impressive rally in the last 24 hours, fueled by a continuous increase in trading volumes. This surge in trading activity has contributed to the upward momentum for both tokens within the Terra Luna Classic ecosystem.
Release of Terra Co-founder Do Kwon Boosts Sentiment: The rally follows news of the Montenegro Supreme Court ordering the release of Terra co-founder Do Kwon from prison. Currently, the Supreme Court deliberates on extradition requests from the US and South Korea, with decisions being escalated to this level due to multiple appeals and errors in legal proceedings and sentences.
Price Movements and Trading Activity: LUNC price surged by 20% within the last 24 hours, reaching a peak of $0.000166. However, profit booking from traders led to some gains being pared down. Despite this, trading volumes increased by over 200%, indicating significant trader interest in response to the news.
Increase in Futures Open Interest: Data from CoinGlass shows that open interests for 1000LUNC futures on Binance and Bybit surged by 40%. Similarly, LUNC futures open interest on other exchanges rose by over 35% in the last 24 hours. However, there has been a recent decline in both 1000LUNC and LUNC futures as traders closed their positions.
USTC Price Climbs Amid Increased Futures Open Interest: USTC price also experienced a 12% climb, reaching a high of $0.0301 within the last 24 hours. Total USTC futures open interest across crypto exchanges increased by 20%, although there was a 3% drop in the past hour.
Major Upgrade Planned for Terra Luna Classic Chain
Next week, the Terra Luna Classic chain is set to undergo a significant v2.4.2 upgrade, with the introduction of IBC-Hooks as the key feature. This update will facilitate the onboarding of decentralized applications (dApps) onto the Terra Luna Classic platform.
Additionally, Genuine Labs will announce several key updates aimed at enhancing security, functionality, and interoperability. The developer team has outlined plans to complete all developments within an 8-week timeframe, which includes upgrading to the Cosmos SDK 0.47.
These developments, alongside the increase in the total number of wallets holding LUNC tokens, signal a bullish sentiment towards the Terra Luna Classic chain. Developers and projects are increasingly showing interest in working on Terra Classic, indicating growing confidence in its potential and future prospects.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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