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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.
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.
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