The prices of Terra Classic (LUNC) and USTC recently went up by a lot. This happened because the Supreme Court of Montenegro decided to let Do Kwon go, who is one of the founders of Terraform Labs. They also postponed any requests to send him back.
Even though Terraform Labs and Kwon are no longer connected to Terra Classic, these tokens still saw big increases because of this news.
Do Kwon’s Release Sparks Cryptocurrency Market Surge
News of Do Kwon’s release led to a surge in buying activity in the cryptocurrency market. This excitement was evident in LUNC’s performance, with the token experiencing a substantial 20% price increase, as reported by CoinMarketCap.
Although there has been some profit-taking following the initial spike, LUNC is currently trading at $0.000155. The token’s trading volume also witnessed a dramatic 200% increase, although this has moderated to a still-impressive 53% gain over the last 24 hours.
The positive momentum extended to USTC, which briefly climbed 12% to reach $0.0301. While the price has slightly retreated, USTC still maintains a 3.51% increase. This bullish sentiment is further evidenced by a 20% rise in total USTC futures open interest across various cryptocurrency exchanges.
Rise and Fall of LUNC Futures Amidst Market Activity
Data from CoinGlass reveals a significant increase in 1000LUNC futures open interest on Binance and Bybit, reaching a peak of 40%. Similar exchanges also witnessed a surge in LUNC futures, exceeding 35% in the past day. However, there is currently a decline in both 1000LUNC and LUNC futures as some traders are liquidating their positions.
The Terra Luna Classic chain is gearing up for a significant upgrade in the upcoming week. A key highlight of this upgrade is the implementation of IBC-Hooks, which will make it easier for decentralized applications (dApps) to join the network seamlessly.
Additionally, Genuine Labs is expected to share crucial updates aimed at improving the security, functionality, and interoperability of Terra Luna Classic. The development team aims to finalize all enhancements, including an upgrade to Cosmos SDK 0.47, within 8 weeks.
Positive Outlook for Terra Luna Classic Amidst Growing Interest
The combination of recent developments and the increasing number of wallets holding LUNC suggests a positive outlook for the Terra Luna Classic chain. This surge in interest indicates growing confidence in the platform’s potential.
Developers and projects are showing a heightened interest in building on Terra Luna Classic. This trend signifies the platform’s attractiveness as a foundation for innovative decentralized applications (dApps) and projects within the cryptocurrency ecosystem.
While optimism surrounds Terra Luna Classic, it’s essential to exercise caution in the cryptocurrency market. Prices can be highly volatile, subject to rapid fluctuations that may impact investment decisions. Investors should approach trading with diligence and risk management strategies in place.
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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