- The 295% surge in LUNA’s trading volume following the USTC burn proposal suggests a possible bullish trend in the market.
- LUNC experiences a 14% increase in price as its trading volume jumps 275%, spurred by community-driven USTC burning initiatives.
The Terra Luna Classic [LUNC] community has recently put forward a new USTC burning proposal.
This proposal aims to burn 46.55 million USTC through contract migration, focusing on wallets associated with the Mirror Protocol.
While previous burning efforts had minimal effects on price, this new proposal is designed to rekindle investor enthusiasm for both LUNA and LUNC tokens.
Despite initial responses, the price movements for both assets have indicated some alignment with this initiative.
LUNC rises 14% amidst volume increase
LUNC has similarly exhibited a price increase, currently trading at $0.00009694 with a 24-hour trading volume reaching $172,117,904.
In the past 24 hours, LUNC has appreciated by 3.13%, and has risen 14.50% over the past week. According to Coinglass data, trading activity has soared, with a 275.11% increase in volume and a 21.61% growth in Open Interest.
Liquidation information also revealed bullish market momentum, showing $92.49K in long liquidations versus only $310.6 in shorts.
Source: Coinglass
LUNA’s 295% volume spike indicates potential bullish run?
LUNA has also experienced a consistent price growth, currently standing at $0.4317 at present, with a 24-hour trading volume of $203,145,216. This corresponds to a 1.6% increase within the last 24 hours and a 14.44% gain throughout the week.
Market activities have surged, with LUNA experiencing a volume surge of 295.94% and a 14.22% increase in open interest as per Coinglass data.
Liquidation data shows a significant discrepancy, indicating $53.04K in long liquidations while shorts were only $5.52K.
These figures imply that bullish sentiment is prevailing in the market, even amidst volatility spikes leading to liquidations, particularly among leveraged traders.
Source: Coinglass
In fact, the continuous growth in trading volume and open interest may suggest a revival of confidence among investors.
While the USTC burning proposal primarily targets assets associated with Terra Classic, its influence on LUNC’s price has been apparent.
The increase in volume and Open Interest indicates heightened market engagement, likely spurred by renewed community initiatives.
Both LUNA and LUNC have experienced concurrent price hikes following the unveiling of the USTC burning proposal.
In terms of market activity, LUNA has shown a larger percentage increase in trading volume compared to LUNC, with both tokens evidencing strong bullish sentiment in their respective liquidation data.
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