Terra Classic skyrockets 135% with trading volume climbing 1254%. Sentencing and viral Binance moment of Do Kwon stokes fire-breathing LUNC rally.
Terra Classic has taken the market by storm with the price action. It saw the cryptocurrency skyrocket 135 percent in 24 hours as trading volume shot to record levels.
LUNC price according to L uncdaily on X, increased by 135 percent, and the volume rose by 1254 percent in one day. The theatrical shift drove the trading volume to 654,273,947, indicating high market engagement.
The rally was a result of consolidation that took more than two months. LUNC broke the main resistance areas and reached $0.00007746. The relocation is a five-month high of the ailing cryptocurrency.
Viral Moment Ignites Community Excitement
The result of Binance Blockchain Week Dubai was an unforeseen accelerator. In their interviews, CoinDesk journalist Ian Allison wore a T-shirt of Terra Classic. The photo went viral on social sites.
Vegas on X reposted the viral content, pointing out that CoinDesk had reported favorably on Terra Classic regarding its community work before. The old logo shirt was on air as Allison interviewed Mastercard, Ripple, and TON Foundation executives.
The gesture was construed as fresh legitimacy by the market participants. Retail traders returned to LUNC positions. Social media mentions spiked in addition to the price action.
Kwon Sentencing Adds Speculative Fuel
The court case of Do Kwon is still at the center of speculation in the market. American prosecutors are attempting to sentence Terraform Labs founder to 12 years in prison. His sentencing hearing will be held on December 11, 2025.
In May 2022, the Terra ecosystem collapsed. The collapse of the UST stablecoin wiped out 40 billion of user funds. In March 2023, Kwon was arrested after months on the run.
According to Bloomberg, prosecutors contend that due to the size of the fraud, intense prison terms are warranted. The new resolution has revived interest in LUNC, as well as LUNA tokens.
You might also like: Do Kwon Pleads Guilty in U.S. Fraud Case Over $40 Billion TerraUSD Collapse
Technical Indicators Flash Mixed Signals
The rally is momentum-driven instead of being fundamental. RSI values were very deep into overbought. At major exchanges, order book depth is thin at less than 2 million.
The burn of tokens is ongoing, with 849 million LUNC burned this week. Nevertheless, less than 7% of the total supply is represented by burns. The money supply even remains above 6.48 trillion tokens.
The price spike was heightened by short liquidations. LUNC pairs registered the biggest short volumes of liquidation, which were larger than Ethereum and Bitcoin. Those traders who were betting against the rally lost enormously.
Fibonacci extension levels indicate that the upside is approximately resisted by the levels of $0.000044. Support may be challenged by $0.000025. The liquidity is shallow, and the fluctuations in price are unstable.
Community Activity Surges
Terra Classic incinerated 427 billion LUNC tokens in total using different methods. Terraform Labs holds 58 percent of the total number of burns. The 1st and 5th burns of December had over 600 million tokens.
The weekly burn rates were at new highs with 427 billion LUNC. The average number of tokens burned was 84.164 million per day. The supply reduction plan will be used to raise scarce value.
Network upgrades are controversial. Recently, one of the SDK updates was rejected by a validator, which needed alterations. The society is still split over the priorities of development.
LUNC is currently trading at approximately 0.00007007 with a market capitalization of some 391 million. The token is 86th by market cap. The volume of trading is over $428 million in 24 hours.
Source: https://www.livebitcoinnews.com/terra-classic-lunc-price-explodes-135/
