The price of Terra Luna Classic (LUNC) experienced a sudden surge on Thursday, witnessing an increase of more than 10% in the last 24 hours. This movement came as a surprise to the Terra Luna Classic community, as the prices of LUNC and USTC have been unable to capture an upward price momentum despite significant offers and chain updates recently.
Current Status of Terra Luna Classic
Terra Luna Classic has seen an increase in trading volumes following the community’s acceptance of two important proposals: “Burning USTC from Binance” and “Preventing the creation and re-entry of USTC”.
Despite the pressure on Terra Classic ecosystem tokens amidst larger crypto market sell-offs, it has been reported that LUNC has experienced an approximately 450% increase in trading volumes.
Trading volumes reached $30 billion on Friday, showing an increase of over 200,000% in the last 24 hours. Community members commenting on the sudden spike in trading volumes attributed this situation to an error caused by the Bitay exchange.
1000LUNC witnessed signs of over $220,000 in net short selling in the past 24 hours. The largest single liquidation transaction occurred on Bybit with $103,000. LUNC also recorded more than $40,000 in short liquidity in the last 24 hours. The reasons behind the sudden liquidation of shorts continue to remain uncertain. However, it is possible that traders may act in hopes of a rise in LUNC.
LUNC and USTC Experience Surge
In the past 24 hours, the price of LUNC has increased by 12% and is currently trading at $0.000061. The lowest and highest prices in the past 24 hours were $0.0000566 and $0.0000637, respectively. Meanwhile, the price of USTC has also increased by 2% in the last 24 hours and is currently trading at $0.012. The lowest and highest prices in the past 24 hours were $0.0121 and $0.0127, respectively.
Considering the events of the past, the current price of LUNC is far from its peak. In a major event that may have triggered the beginning of the bear season in the crypto world, LUNA coin sank, and its creator Do-Kwon disappeared. Today, investors and the new team are trying to assist in the recovery of the altcoin.
