LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
LUNC surged over 160% weekly, driven by anticipation around Do Kwon's sentencing and increased token burn activity.Summary
LUNC, the rebranded token from the collapsed Terra ecosystem, experienced a significant rally, climbing over 160% in the past week, with a 74% jump in the last 24 hours. This surge is attributed to two main factors: speculation surrounding the impending Dec. 11 sentencing of Terraform Labs founder Do Kwon, who faces up to 12 years after admitting to U.S. financial fraud charges, which traders hope will bring legal clarity to the project; and technical factors, notably accelerated token burns. In the past week, 849 million LUNC were destroyed, with Binance burning half of its LUNC trading fees. Furthermore, Binance paused LUNC withdrawals ahead of the Terra Chain’s v2.18 upgrade scheduled for Dec. 8, intended to fix bugs and improve stability. Despite the rally, LUNC remains volatile and is outperforming the broader market, which saw the CoinDesk 20 (CD20) index drop by nearly 2.3% over the same period.
(Source：CoinDesk)