Terra Luna Classic Tokens LUNC and USTC Experience Significant Price Surge
The prices of Terra Luna Classic ecosystem tokens, LUNC and USTC, have skyrocketed following the release of Terra co-founder Do Kwon by the Montenegro Supreme Court. Despite the separation of Terraform Labs (TFL) and Do Kwon from the Terra Classic chain, both tokens have seen substantial gains, along with a 26% increase in Terra (LUNA) price.
LUNC Price Surges by 20% and USTC by 12%
Over the past 24 hours, LUNC and USTC have witnessed an impressive rally. This upward momentum is supported by a continuous surge in trading volumes for these Terra Luna Classic ecosystem tokens.
The surge in prices comes after the Montenegro Supreme Court ordered the release of Do Kwon, who had been imprisoned. The Supreme Court is currently deliberating on extradition requests from the US and South Korea. These decisions were escalated to the Supreme Court due to multiple appeals and errors in legal proceedings and sentences.
LUNC has experienced a 20% jump in price within the last 24 hours, although it has retraced some gains due to profit booking by traders. The price reached a 24-hour high of $0.000166, driven by a more than 200% increase in trading volumes. It is evident that traders took advantage of this news to enter positions.
According to CoinGlass data, open interests for 1000LUNC futures have increased by 40% on Binance and Bybit. Other exchanges have also seen a more than 35% increase in LUNC futures open interests over the past 24 hours. However, both 1000LUNC and LUNC futures have declined in recent hours as traders closed their positions.
Similarly, USTC price has surged by 12% to reach a high of $0.0301 within the last 24 hours. The total open interest for USTC futures has increased by 20% across various crypto exchanges, although it has dropped by 3% in the past hour.
Upgrades Coming to Terra Luna Classic
The Terra Luna Classic chain is set to undergo significant upgrades next week. The introduction of IBC-Hooks will be a key feature that enables the onboarding of new projects onto the Terra Luna Classic ecosystem.
In addition, Terra Luna Classic will announce several key updates aimed at enhancing security, functionality, and interoperability. The development team has planned to complete all these upgrades within eight weeks, including the upgrade to Cosmos SDK 0.47.
These developments, coupled with the increasing number of wallets holding LUNC, indicate a bullish sentiment toward the Terra Classic chain. Developers and projects are showing interest in working on Terra Classic.
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