Terra Luna Classic (LUNC) Skyrockets 10% Suddenly, Here’s Why

Terra Luna Classic (LUNC) price suddenly started moving higher late Thursday, recording more than 10% jump in the last 24 hours. The move is surprising even for the Terra Luna Classic community as LUNC and USTC prices failed to pick upside momentum despite recent crucial proposals and a chain update.

Terra Luna Classic Shoots More Than 10%

Terra Luna Classic saw trading volumes rising after the community passed two key proposals “Asking Binance To Start Burning USTC” and “Stop Minting and Reminting of USTC”.

CoinGape Media reported a nearly 450% jump in LUNC trading volumes despite Terra Classic ecosystem tokens remaining under pressure amid selloffs in the broader crypto market.

The trading volumes reached a high of $30 billion on Friday, up more than 200,000% in the last 24 hours. Community members speculating about the sudden jump in trading volumes gave reasons of an over-the-counter (OTC) trade and an error originating from the Bitay exchange.

However, a rise in trading volume is noted by the community. An analysis by CoinGape revealed massive movement by LUNC and 1000LUNC traders.

1000LUNC saw over $220k in shorts liquidated in the last 24 hours. The largest single liquidation of $103.59k happened on Bybit. Whereas, LUNC recorded more than $40k in short liquidated in the last 24 hours. The reasons behind sudden liquidation of shorts remain unclear, but it’s likely that traders a bullish on LUNC.

Read More: Terra Luna Classic Community Passes Key Proposal To Repeg USTC To $1

LUNC and USTC Jump

LUNC price jumped 12% in the past 24 hours, with the price currently trading at $0.000061. The 24-hour low and high are $0.0000566 and $0.0000637, respectively.

Meanwhile, USTC price also climbed 2% in the past 24 hours, with the price currently trading at $0.012. The 24-hour low and high are $0.0121 and $0.0127, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.