Highlights
- Terra Luna Classic ecosystem tokens LUNC and USTC prices saw a massive surge.
- The Montenegro Supreme Court ordered the release of Terra co-founder Do Kwon from prison.
- Terra Luna Classic community words toward major upgrade.
Terra Luna Classic ecosystem tokens LUNC and USTC prices saw a massive surge after the Montenegro Supreme Court released Terra co-founder Do Kwon. While Terraform Labs (TFL) and Do Kwon had separated ties with the Terra Classic chain, the tokens still recorded significant gains along with over 26% gain in Terra (LUNA).
LUNC Price Rises 20% and USTC 12%
LUNC and USTC are witnessing a stunning rally in the last 24 hours. The upside momentum is backed by a continuous rise in trading volumes for both Terra Luna Classic ecosystem tokens.
The move comes after the Montenegro Supreme Court ordered the release of Terra co-founder Do Kwon from prison. The Supreme Court currently deliberates on extradition requests from the US and South Korea. The decisions were escalated to the Supreme Court after multiple appeals and errors in legal proceedings and sentences.
LUNC price has jumped 20% in the last 24 hours, but pares some gains amid profit booking from traders. The price hit a 24-hour high of $0.000166 backed by more than 200% increase in trading volumes. Clearly, traders took the opportunity of the news to buy positions.
CoinGlass data indicate 1000LUNC futures open interests were up 40% on Binance and Bybit. LUNC futures OI on other exchanges increased by over 35% in the last 24 hours. Both, 1000LUNC and LUNC futures are dropping in the last few hours as traders closed their positions.
Similarly, USTC price climbed 12% to a high of $0.0301 in the last 24 hours. Total USTC futures open interest increased by 20% across crypto exchanges, but dropped 3% in the past hour.
Read More: Terra Classic Community Votes to Repeal KYC Proposal, When LUNC and USTC to Rally?
Terra Luna Classic Upgrades
Terra Luna Classic chain will see a major v2.4.2 upgrade next week. The introduction of IBC-Hooks is the key feature that will enable onboarding of dApps on the Terra Luna Classic.
Moreover, Genuine Labs will announce few key updates to boost security, functionality, and interoperability. The developer team planned to complete all developments in 8 weeks, including the Cosmos SDK 0.47 upgrade.
The developments coupled with the rise in the total number of wallets holding LUNC indicate bullishness toward the chain, with developers and projects eyeing to work on Terra Classic.
Also Read: Toncoin (TON) Price Drops As Spain Bans Telegram
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut