Terra Classic Soars as Do Kwon's Release Sparks Optimism

Terra Classic Soars: Do Kwon's Release Ignites Optimism

• Did Do Kwon's Release Spark a Rally?

The recent release of Do Kwon, the co-founder of Terraform Labs, has sent shockwaves through the cryptocurrency community. Despite Kwon's strained relationship with the Terra Classic network, his release has sparked a surge in the prices of Terra Classic (LUNC) and USTC.

• LUNC and USTC Experience Notable Gains

The news of Kwon's release has ignited a buying frenzy, with LUNC experiencing a remarkable 20% price increase. While profit-taking has tempered the initial surge, LUNC remains elevated at $0.000155. Trading volume has also surged by an impressive 200%, indicating strong buying interest.

USTC has also benefited from the positive sentiment, climbing 12% to reach $0.0301 briefly. Despite a slight retreat, USTC maintains a 3.51% gain. Futures open interest for USTC has also increased by 20%, further fueling the bullish outlook.

• Data Analysis Points to Growing Optimism

Data from CoinGlass reveals a significant increase in 1000LUNC futures open interest on major exchanges such as Binance and Bybit. This suggests that traders are bullish on LUNC's prospects. However, it's worth noting that some traders are liquidating their positions, leading to a recent decline in futures open interest.

• Upcoming Upgrades Fuel Optimism

The Terra Luna Classic chain is gearing up for a major upgrade in the coming week. The implementation of IBC-Hooks will streamline the onboarding of decentralized applications (dApps) onto the network.

Additionally, Genuine Labs is expected to unveil crucial updates aimed at enhancing the security, functionality, and interoperability of Terra Luna Classic. The development team plans to complete these improvements, including an upgrade to Cosmos SDK 0.47, within 8 weeks.

• Positive Outlook for Terra Luna Classic

The combination of Do Kwon's release, upcoming upgrades, and the rising number of wallets holding LUNC signals a positive outlook for the chain. Developers and projects are showing increasing interest in building on Terra Luna Classic.

• Caution Advised in Volatile Market

While the recent developments have injected optimism into the Terra Luna Classic ecosystem, it's crucial to exercise caution. The cryptocurrency market remains inherently volatile, and prices can fluctuate rapidly.