- Terra Luna Classic (LUNC) defies market expectations with a remarkable 35% surge, nearing a $1 billion market cap amidst volatility in the TOP 100 cryptocurrencies.
- Key factors contributing to this surge include the release of Terra chain’s co-founder Do Kwon from prison and the activation of a critical proposal aimed at enhancing the blockchain’s scalability, propelling LUNC’s trading volumes and investor interest.
In the volatile world of cryptocurrency, where prices can fluctuate wildly in a matter of hours, Terra Luna Classic (LUNC) has managed to defy expectations with an impressive 35% surge. This remarkable uptrend comes at a time when many cryptocurrencies in the TOP 100 are experiencing significant fallout.
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Over the weekend, LUNC experienced a series of bullish impulses, with a notable 21% surge on Saturday alone. Despite trading below the $0.0002 price range, Terra Luna Classic is rapidly approaching a $1 billion market capitalization, marking a significant milestone for the project. It’s worth noting that LUNC had reached a 3-month high in market cap of $1.32 billion on March 5, 2024.
A key factor contributing to this recent surge is the release of Terra chain’s co-founder, Do Kwon, from prison. After serving a four-month sentence for various charges, including forging documents, Kwon’s release has injected optimism into the Terra Classic community. With Kwon awaiting developments in the TerraForm Labs versus the U.S. Securities and Exchange Commission (SEC) hearing, March 25 holds particular significance for LUNC supporters.
In addition to Kwon’s release, Terra Classic is set to undergo a critical upgrade today, marked by a hard fork on the network. Proposal #12090, widely accepted by LUNC chain validators, introduces new functionality aimed at enhancing the blockchain’s scalability and functionality. This includes features such as an E2E, Interchain Testing Suite, and IBC Hooks by Genuine Labs, which are expected to benefit decentralized applications, notably EnterpriseDAO.
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The positive sentiment surrounding Terra Luna Classic is further bolstered by its impressive trading performance. With LUNC breaking through confluent support levels, daily highs of $0.0001712 have been observed, according to CoinGecko. Moreover, trading volumes have surged, with a 263.62% increase in combined liquidity over the past 24 hours.
On the derivative side, the 1000LUNC smart contract has experienced a notable spike, reaching $199.06M in daily trading volume. Leveraged smart contracts, measured by Open Interest (OI), have also seen a 5.20% growth, indicating growing investor interest in Terra Luna Classic. According to on-chain statistics from CoinGlass, Binance users are particularly bullish on LUNC, with long positions outnumbering shorts by a ratio of 3.58 to 1.
Terra Luna Classic’s recent surge exemplifies the resilience and potential of the project, defying market expectations and garnering significant attention from traders and investors alike. As developments continue to unfold, all eyes are on Terra Classic as it continues to carve its path in the ever-evolving cryptocurrency landscape.
