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LUNC & USTC Open Interest Soars Over 20%, Terra Luna Classic Price Set For 60% Rally – Crypto News

Published

2 years ago

May 31, 2024

Dripp

Terra ecosystem tokens saw prices rallying in double digits after Terraform Labs and co-founder Do Kwon reached a settlement in principle with the U.S. Securities and Exchange Commission (SEC). LUNC and USTC prices skyrocketed 15% within hours, but pared some gains to settle at 9% higher in the last 24 hours.

Analysts believe LUNC price can again hit the $0.0002 level, making a further rally of more than 60% from current prices.

LUNC Price Set for 60% Rally

CoinGape reported that TFL and Do Kwon tentatively settled with the U.S. SEC over fraud charges. This agreement follows a jury’s verdict in April, where Kwon and his company were found liable for deceiving investors for nearly $40 billion.

U.S. District Judge Jed Rakoff has asked the SEC and the defendants to file papers supporting the settlement by June 12. The SEC seeks Terraform Labs and Do Kwon to relinquish $5.3 billion for ill-gotten gains from sales of the stablecoin, along with a $420 million fine on the company and a $100 million fine for Kwon.

Terra (LUNA) price jumped 30% in an hour and currently trading 16% higher at $0.70 in the last 24 hours, supported by a 450% leap in trading volumes in the last 24 hours.

Terra Classic ecosystem tokens LUNC and USTC prices also witnessed rallies due to the settlement. LUNC price is trading 9% higher at $0.0001240, with a 24-hour high of $0.000131. The trading volume has increased by over 150% in the last 24 hours, indicating massive interest among traders.

LUNC and 1000LUNC futures open interests recorded a 20% jump in the last 24 hours, as per Coinglass data. In fact, open interest on Binance skyrocketed over 23%. This indicates massive buying by derivatives traders.

Analyst Javon Marks in a post on X said LUNC “setting new post-breakout highs in a run that may only be in extremely early stages!” He predicts a 63% move to $0.00021439 as a result of the breakout.

Also Read: Terra Luna Classic Takes Down LUNC Burn Once And For All

USTC Prices Set to Breakout

Meanwhile, USTC price also jumped 8%, with the price currently trading at $0.02419. The 24-hour low and high are $0.02152 and $0.02694, respectively. Furthermore, the trading volume has more than 200% in the last 24 hours.

On the derivatives trading front, total USTC futures open interest has increased by 15% in the last 24 hours. Huobi saw USTC futures open interest rising 25% in an hour.

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