- Terra Classic (LUNC) nears a $1 billion market cap upon Do Kwon’s release.
- Hard Fork on Terra Classic’s chain today is set to activate a key proposal.
- Details emerge on code enhancements as LUNC trades skyrocket 263%.
Terra Luna Classic (LUNC) showcased a series of bullish impulses during the weekend despite trading below the $0.0002 price range. Surging by 21% on Saturday, LUNC is rapidly approaching a $1 billion market capitalization after a 10-day hiatus. LUNC claimed a 3-month high in market cap of $1.32 billion on March 5, 2024.
However, the latest upswing can be ascribed to Montenegro’s Supreme Court decision to release Terra chain’s co-founder Do Kwon from prison after serving a four-month sentence for forging multiple documents, including a fake Costa Rican passport. As Do Kwon awaits developments in the hearing of TerraForm Labs versus the U.S. Securities and Exchange Commission (SEC) today, March 25 is as important for Terra Classic’s community.
According to several LUNC chain validators, a critical upgrade to the Layer-1 blockchain will occur today at approximately 15:51:14 (GMT+1). According to widely accepted proposal #12090, the hard fork on the network introduces new functionality like an E2E, Interchain Testing Suity, and IBC Hooks by Genuine Labs. This is expected to widen the scalability of decentralized applications, most notably EnterpriseDAO.
Terra Classic Gets Confluent Support Boost
Cryptocurrency traders on X are analyzing Terra Classic’s 35% monthly upswing, attributing the bullish momentum to developments on the chain and Do Kwon’s postponed extradition. On the technical side, LUNC has broken through confluent support to reach daily heights of $0.0001712, according to CoinGecko.
Moreover, Terra Classic’s market data showcases a tremendous upward trend in LUNC trading. The combined liquidity book has increased by 263.62% over the past 24 hours, as both pending buys and sells are split at 6 million each, hinting that bulls are not holding a strong advantage just yet.
On the Derivative side, the 1000LUNC smart contract witnessed a 38% daily spike to $199.06M. Leveraged smart contracts are measured by Open Interest (OI), which recorded a 5.20% growth over the latest 24-hour timeframe. According to CoinGlass on-chain stats, Binance users are bullish on Terra Luna Classic, as the long positions outweigh the shorts by 3.58 to 1.
On the Flipside
- TerraForm Labs declared bankruptcy in January 2024. However, the legal scrutiny surrounding crypto entrepreneur Do Kwon’s activities still tends to influence the prices of all three associated tokens: LUNC, LUNA & USTC.
Why This Matters
Terra Classic hosts a vibrant community of developers and crypto enthusiasts striving to revamp a once-thriving blockchain ecosystem.
Explore DailyCoin’s top crypto news:
Binance Ends USDC (TRC-20) Support on Tron Network
Top 10 Cryptos Confused by 30% Gainer Amid Mixed Performances
