Terra Luna Classic (LUNC) Price Soars 20% and USTC 12%, Here’s Why

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

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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