Terra Luna Classic Sees 10% Surge in Price
The price of Terra Luna Classic (LUNC) experienced a sudden surge, rising by over 10% in the last 24 hours. This unexpected move has surprised the Terra Luna Classic community, as previous proposals and chain updates failed to generate upside momentum for LUNC and USTC prices.
Trading Volumes Rise After Key Proposals
Following the approval of two important proposals, “Asking Binance To Start Burning USTC” and “Stop Minting and Reminting of USTC,” trading volumes for Terra Luna Classic have increased significantly. Despite broader sell-offs in the crypto market, CoinGape Media reported a nearly 450% jump in LUNC trading volumes within the Terra Classic ecosystem.
Speculation Surrounds Jump in Trading Volumes
Community members have been speculating about the sudden increase in trading volumes. Some attribute it to over-the-counter (OTC) trades, while others suggest an error from the Bitay exchange. The trading volumes reached a high of $30 billion within the last 24 hours, representing an increase of over 200,000%.
Liquidation of Shorts and Bullish Sentiment
In the past day, over $220k worth of shorts were liquidated for 1000LUNC, with the largest single liquidation occurring on Bybit. Additionally, more than $40k worth of shorts were liquidated for LUNC. While the reasons behind these sudden liquidations remain unclear, it is likely that traders are feeling bullish about LUNC.
LUNC and USTC Prices Experience Gains
LUNC price has risen by 12% within the last 24 hours and is currently trading at $0.000061. The 24-hour low and high for LUNC are $0.0000566 and $0.0000637, respectively.
Similarly, USTC price has climbed by 2% in the past day and is currently trading at $0.012. The 24-hour low and high for USTC are $0.0121 and $0.0127, respectively.
Hot Take: Terra Luna Classic Surges Despite Market Pressure
Terra Luna Classic (LUNC) has seen an impressive surge in price, defying the broader market sell-offs. This unexpected jump comes after the approval of key proposals within the Terra Classic ecosystem, which led to a significant increase in trading volumes. While the exact reasons behind the surge remain uncertain, traders’ bullish sentiment and liquidation of shorts suggest a positive outlook for LUNC. With LUNC and USTC prices experiencing gains, it will be interesting to see how this momentum continues in the coming days.
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