The prices of Terra Classic (LUNC) and USTC recently experienced significant increases. This comes after the Supreme Court of Montenegro ordered the release of Do Kwon, a co-founder of Terraform Labs, and postponed extradition requests.
Despite Terraform Labs and Kwon having severed ties with the Terra Classic network, this event spurred notable gains for the tokens.
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Positive Momentum for LUNC and USTC
News of Do Kwon’s release ignited a surge in buying activity within the cryptocurrency market. This enthusiasm was reflected in the performance of LUNC, which experienced a substantial 20% price increase according to CoinMarketCap.
While some profit-taking has tempered the initial spike, LUNC currently trades at $0.000155. The token’s trading volume also saw a dramatic 200% increase, though this has since moderated to a still-impressive 53% gain over the last 24 hours.
The positive momentum extended to USTC, which climbed 12% to reach $0.0301 briefly. Though the price has slightly retreated, USTC maintains a 3.51% increase. This bullish sentiment is further evidenced by a 20% rise in total USTC futures open interest across various cryptocurrency exchanges.
Market Data Analysis
Data from CoinGlass demonstrates a substantial increase in 1000LUNC futures open interest on Binance and Bybit, reaching a 40% peak. Other exchanges saw a similar surge in LUNC futures, exceeding 35% in the past day. Currently, a decline in both 1000LUNC and LUNC futures is evident as some traders are liquidating their positions.
Upcoming Upgrades and Developments Drive Optimism
The Terra Luna Classic chain anticipates a significant upgrade in the coming week. A key highlight of this upgrade is the implementation of IBC-Hooks, which will facilitate the seamless onboarding of decentralized applications (dApps) onto the network.
Furthermore, Genuine Labs is expected to share crucial updates aimed at enhancing the security, functionality, and interoperability of Terra Luna Classic. The development team aims to finalize all improvements, including an upgrade to Cosmos SDK 0.47, within 8 weeks.
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The combination of these developments and the rising number of wallets holding LUNC signals a positive outlook for the chain. Developers and projects are increasingly expressing interest in building on Terra Luna Classic.
It’s important to exercise caution in the cryptocurrency market. Prices are inherently volatile and subject to swift fluctuations.
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