LUNC and USTC open interest surged after Terraform Labs and Do Kwon reached a tentative agreement with the SEC. LUNC price is expected to rise by 60%.

The Terra ecosystem tokens saw double-digit price increases after Terraform Labs and co-founder Do Kwon reached a settlement in principle with the U.S. Securities and Exchange Commission (SEC). LUNC and USTC prices surged 15% in a matter of hours, but have given back some of their gains over the past 24 hours to close around 9%.

Analysts believe that the LUNC price could hit the $0.0002 level again, which would represent a further increase of more than 60% from the current price.

LUNC price is expected to increase by 60%

CoinGape reported that TFL and Do Kwon have reached a preliminary settlement with the SEC over fraud charges. The agreement follows a jury verdict in April, when Kwon and his company were convicted of defrauding investors of nearly $40 billion.

U.S. District Judge Jed Rakoff has given the SEC and defendants until June 12 to file documents supporting the settlement. The SEC is requiring Terraform Labs and Do Kwon to give up $5.3 billion in ill-gotten gains from the sale of the stablecoin and to fine the company $420 million and Kwon $100 million.

Terra (LUNA) price has increased by 30% in one hour and is currently trading at $0.70, up 16% in the last 24 hours, helped by a 450% increase in trading volume in the last 24 hours.

The prices of Terra Classic ecosystem tokens LUNC and USTC also rose due to the settlement. LUNC price rose 9% to $0.0001240, with a 24-hour high of $0.000131. The trading volume has increased by more than 150% in the past 24 hours, indicating strong interest from traders.

According to Coinglass data, LUNC and 1000LUNC futures open interest has increased by 20% in the past 24 hours. In fact, Binance’s open interest has surged by more than 23%. This indicates heavy buying by derivatives traders.

Analyst Javon Marks said in an article for X that LUNC “has hit new highs in a post-breakout move that may still be in the very early stages!” He predicted that the price will rise 63% to $0.00021439 after the breakout.


USTC price expected to break through

Meanwhile, the USTC price has also increased by 8% and is currently trading at $0.02419. The 24-hour minimum and maximum prices are $0.02152 and $0.02694 respectively. In addition, the trading volume has increased by more than 200% in the past 24 hours.

In derivatives trading, total open interest in USTC futures increased by 15% in the past 24 hours. Huobi found that USTC futures open interest rose by 25% in one hour.


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