Impressive Surge of Terra Classic (LUNC)
Terra Classic (LUNC) has experienced a remarkable surge of 97.22% in the last 30 days, surpassing its October 27 price of $0.0000646 and grabbing investors’ attention as it aims for the $0.10 mark.
Within the past 24 hours, LUNC, the native token of Terraform Labs, has seen a significant increase of 54.23%. This surge comes amidst news of the potential extradition of former Terraform Labs CEO Do Kwon from Montenegro to either South Korea or the USA.
Alongside its price gains, Terra Classic’s market cap has also significantly increased. Currently standing at $718 million, it has grown by $270 million or 54.57% in just seven days.
Recent Developments Surrounding Terra Classic
This year, the US Securities and Exchange Commission (SEC) accused Terraform Labs and Kwon of orchestrating a multi-billion dollar crypto fraud involving a Terra algorithmic stablecoin and other securities. News of possible extradition and resolution of these charges is having an immediate impact on the price of LUNC.
In addition to this, Binance Futures recently announced the listing of TerraClassicUSD (USTC) perpetual contracts with up to 50x leverage. This news further boosts the optimism surrounding the value of Terra Classic.
Furthermore, the proposal for the Terra Luna Classic v2.3.0 upgrade has received community approval through governance voting. This upgrade includes a dynamic validator commission module.
Terra Classic Price Analysis
Currently trading at $0.0001227, Terra Classic has seen a 52.97% increase in the last 24 hours. It has also experienced a 59.24% surge over the past seven days and a more than 90% advance on its monthly chart.
With 15 green days out of the previous 30, coupled with a negative yearly inflation rate of -3.18%, Terra Classic demonstrates solid fundamentals. However, it is important to note that it is currently trading below its 200-day moving average, which provides an indication of its previous movements and possible direction.
Hot Take: Terra Classic’s Meteoric Rise Continues
Terra Classic (LUNC) has captured attention with its impressive surge in value over the past month. With recent news of potential extradition and resolution of fraud charges against Terraform Labs, the price of LUNC has skyrocketed.
In addition to this, the listing of TerraClassicUSD (USTC) perpetual contracts on Binance Futures has further fueled optimism around Terra Classic’s value. The approval of the Terra Luna Classic v2.3.0 upgrade proposal by the community adds to the positive sentiment.
Despite trading below its 200-day moving average, Terra Classic’s solid fundamentals and promising performance make it an asset to watch in the crypto market.
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