Terra Luna Classic Tokens Rise After Montenegro Supreme Court Ruling

After Terra co-founder Do Kwon's release from prison in Montenegro, Terra Luna Classic (LUNC) and TerraUSD Classic (USTC) prices surged significantly. LUNC jumped 20% and USTC rose 12%, with trading volumes for both tokens also increasing substantially, indicating trader enthusiasm following Kwon's release.

Terra Luna Classic Ecosystem Tokens Surge Post-Montenegro Supreme Court Decision

The Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) ecosystem tokens have witnessed a remarkable upswing in their prices following the release of Terra co-founder Do Kwon from detention by the Montenegro Supreme Court.

Court's Decision Catalyzes Token Rally

The Supreme Court's decision to order the release of Kwon, who is facing extradition requests from the United States and South Korea, has sparked a surge in trading volumes and price increases for LUNC and USTC. The tokens' ascent is attributed to the perceived positive implications of Kwon's release for the Terra Classic ecosystem.

LUNC Price Soars 20%, USTC Rises 12%

In the past 24 hours, LUNC has experienced a noteworthy 20% gain, touching an intraday high of $0.000166. USTC has also posted a significant 12% increase, reaching $0.0301.

Futures Market Activity Indicates Optimism

Data from CoinGlass reveals a substantial 40% increase in 1000LUNC futures open interest on Binance and Bybit. Additionally, LUNC futures open interest on other exchanges has risen by more than 35%. However, both 1000LUNC and LUNC futures have subsequently declined as traders closed their positions.

Terra Luna Classic Chain Upgrades in Sight

The Terra Luna Classic community is preparing for a significant v2.4.2 upgrade to its blockchain next week. The introduction of IBC-Hooks, a key feature of the upgrade, will facilitate the onboarding of decentralized applications (dApps) onto the Terra Luna Classic network.

Furthermore, Genuine Labs, a Terra Classic development team, is set to announce key updates aimed at enhancing the security, functionality, and interoperability of the chain. These developments are scheduled to be completed within eight weeks, including an upgrade to Cosmos SDK 0.47.

Developer and Project Interest Bolster Bullish Sentiment

The upcoming upgrades, coupled with the increasing number of wallets holding LUNC, suggest a growing bullish sentiment towards the Terra Luna Classic ecosystem. Developers and projects are expressing interest in working on the Terra Classic chain, further solidifying its potential for future growth.

Cautionary Note

While the release of Do Kwon and the planned upgrades have spurred optimism, it is crucial for investors to exercise caution and conduct thorough research before making any investment decisions. The cryptocurrency market remains volatile, and prices can fluctuate rapidly.