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With news emerging that Terraform Labs and its co-founder Do Kwon have reached an agreement with the US Securities and Exchange Commission (SEC), tokens within the Terra ecosystem saw double-digit price increases. LUNC and USTC prices rose by 15% shortly after the news, but over the last 24 hours, this price movement indicated a 5.67% increase, meaning some of the gains were lost. According to analysts, the LUNC price could reach the $0.0002 level again, potentially achieving over a 60% increase.
Will LUNC Price Rise?
The information that TFL and Do Kwon have temporarily reached an agreement with the US SEC regarding fraud charges hit the market like a bombshell. The agreement emerged after the jury’s decision in April, which held Kwon and his company responsible for causing investors approximately $40 billion in losses.
US District Judge Jed Rakoff requested that the SEC and the defendants submit documents indicating the agreement by June 12. The SEC wants Terraform Labs and Do Kwon to forfeit $5.3 billion in illicit gains from stablecoin sales, and also seeks fines of $420 million for the company and $100 million for Kwon.
Following this news, the price of Terra (LUNA) surged by 30% within an hour but then pulled back slightly. Trading volumes increased by 183% within 24 hours, reaching $118 million. The current price of LUNC is calculated at $0.0001218.
According to information provided by Coinglass, one of the major data providers in the market, LUNC and 1000LUNC futures open positions increased by 20% in 24 hours. The open interest rate on Binance alone rose by over 23%.
Crypto analyst Javon Marks stated in a post on X that LUNC “could be targeting new highs after a breakout, indicating only the very early stages of a process.” He suggests that as a result of the breakout, the price could move to $0.00021439, a 63% increase.
USTC Prices Ready to Break
Meanwhile, the USTC price also rose by over 9%, trading at $0.02373 at the time of writing. The lowest and highest price levels for USTC coin in the last 24 hours were $0.02152 and $0.02694, respectively. Additionally, trading volume clearly increased by over 200% in the last 24 hours.
Looking at derivative transactions, total USTC futures open interest increased by 15% in the last 24 hours. Data from the Huobi exchange showed that USTC futures open positions increased by 25% within an hour.
