Terra Luna Classic (LUNC) Price Soars 20% and USTC 12%, Here’s Why
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
- BREAKING: US SEC Withdraws All Delay Notices for Solana, XRP, Other Crypto ETFs
- Pi Coin Tanks As Pi Network Allegedly Misused $20 Million Funding
- Experts Say Bitcoin CME Gap Brings Short Term Uncertainty Before Uptober Rally Begins
- MrBeast Expands Holdings in ASTER Token as Revenue Outpaces Hyperliquid by 10x
- Why Is Canary Litecoin ETF Approval by US SEC This Week Crucial for Crypto Market?
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
