, the rebranded token from the fallen Terra ecosystem, has seen one of the largest increases in the cryptocurrency market in the last 24 hours, surging over 74% to $0.0000072 with skyrocketing trading volume. The token has gained more than 160% in the past week.
This surge comes just before the Dec. 11 sentencing of Terraform Labs founder Do Kwon, who has acknowledged committing financial fraud in the U.S. and could face up to 12 years in prison. Traders seem to believe that a final decision could clarify a project that has been engulfed in legal troubles. Additionally, Do Kwon’s hearing is generating attention that the project has lacked for a long time.
Moreover, technical aspects are drawing interest. Token burns, which permanently eliminate coins from circulation, have accelerated.
In just the past week, 849 million LUNC were burned, with Binance playing a role by incinerating half of its trading fees from LUNC transactions. As of December, more than 959 million tokens have already been burned. A tracking dashboard shows that Binance has now burned a total of 75.89 billion LUNC.
While this number is relatively small compared to the token’s circulating supply of 5.49 trillion, the burning activity has revived a community still hoping to restore the ecosystem after the 2022 collapse wiped out $40 billion in value.
Adding to the momentum, Binance suspended LUNC withdrawals ahead of the Terra Chain’s v2.18 upgrade set for Dec. 8. This upgrade aims to address interoperability issues and enhance network stability.
Nonetheless, the token remains volatile while outperforming the broader market. According to the performance metrics of the CoinDesk 20 (CD20) index, it dropped by almost 2.3% during the same timeframe.
