Terra Luna Classic (LUNC) Surges 10% – Reasons Explained

Terra Do Kwon

The price of Terra Luna Classic (LUNC) has seen a sudden surge, increasing by more than 10%. This jump in price coincides with significant trading activity, with a trading volume of $30 billion recorded.

Late Thursday, the price of Terra Luna Classic (LUNC) experienced an unexpected increase, surging by more than 10% within the last 24 hours. This sudden movement came as a surprise to the Terra Luna Classic community, given that both LUNC and USTC prices had struggled to gain upward momentum despite recent important proposals and a chain update.

Terra Luna Classic Surges Over 10%

Terra Luna Classic witnessed a significant increase in trading volumes after approving two important proposals: “Asking Binance To Start Burning USTC” and “Stop Minting and Reminting of USTC.”

Trading volumes surged to $30 billion on Friday, marking a remarkable 200,000% increase in the past 24 hours. Some community members speculated that this sudden spike could be due to an over-the-counter (OTC) trade or a mistake originating from the Bitay exchange.

In the last 24 hours, there were significant short liquidations for both 1000LUNC and LUNC. For 1000LUNC, over $220,000 in shorts were liquidated, with the largest single liquidation of $103.59k occurring on Bybit. Additionally, LUNC experienced more than $40,000 in short liquidations during the same period.

The exact reasons for these sudden short liquidations are not clear, but it suggests that traders may be adopting a bullish stance on LUNC.

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LUNC and USTC Prices in the Last 24 Hours

In the past day, LUNC’s price increased by 12%, reaching a current trading value of $0.000061. During this period, the lowest and highest prices observed were $0.0000566 and $0.0000637, respectively.

Simultaneously, USTC’s price also saw a 2% rise in the past 24 hours, currently trading at $0.012. The lowest and highest prices recorded during this timeframe were $0.0121 and $0.0127, respectively.

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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