In the past 24 hours, Terra Luna Classic [LUNC] has surged by more than 90%, at press time, marking its second straight day of gains. The rally also pushed LUNC to second place among trending tokens on CoinMarketCap. 🤯✨
This price resurgence has been fueled by renewed attention on founder Do Kwon’s upcoming case decision, scheduled for December 11th. Because nothing says “investment opportunity” like a guy who’s already pleaded guilty to fraud. 🕵️♂️💸
Although Do Kwon has already pleaded guilty to fraud tied to the LUNC collapse, a development that would normally weigh negatively on sentiment, the market has moved in the opposite direction. Because logic is dead, and crypto is a circus. 🎪🤡
Despite the unfavorable news, LUNC’s price has climbed sharply, leaving investors questioning the drivers behind this unexpected rally. Ah, yes, because who doesn’t love a good mystery? 🕵️♀️🔍
Liquidation of shorts accelerates rally
Apart from the increase in interactions due to Do Kwon’s discussions, the spike in massive shorts liquidation played another key role. Because nothing says “I’m a winner” like watching your bets blow up. 💥
At the time of writing, LUNC pair had the largest short liquidation, ahead of Ethereum [ETH] and Bitcoin [BTC]. Because even the big boys can’t keep up with LUNC’s chaos. 🚀
As per CoinGlass data, the total amount of liquidity wiped out from LUNC pairs exceeded $1.47 million in an hour and $5.19 million in 12 hours. Because why have a stable market when you can have a rollercoaster? 🎢
This accounted for about 10% of all short position liquidations. Because 10% is just a number, right? 🤷♂️
The alternative token, LUNA, created by Do Kwon after abandoning LUNC, was also in the charts, though it didn’t enjoy as much trading activity. Because even a founder’s second act is just a footnote. 📝
However, it extracted some liquidity from LUNC, which suggests the move could be more robust. Or it could be a mirage. Who knows? 🌫️
LUNC’s token burns surge
Additionally, the on-chain activity, particularly the reduction in supply, was executed perfectly. The number of weekly burned tokens surged to more than 427 billion LUNC. Because burning tokens is just the digital version of “I’m not mad, I’m just disappointed.” 😤
For the day, 84.164 million LUNC had already been burned. The previous day’s supply reduction was about 691.625 million LUNC. Because scarcity is the ultimate flex. 💎
The 1st and 5th of December marked the biggest burn days this month, with over 600 million tokens destroyed. Because nothing says “I’m serious” like destroying your own currency. 🧨
Terre Form Labs had burned the largest portion among all burns, accounting for about 58%. The on-chain activity and short liquidations influenced the price reaction. Because even the most chaotic markets have a rhythm. 🎶
Will the technical outlook remain bullish, or will the decision on Do Kwon’s case change it? Because nothing says “uncertainty” like a court date. 🕍
Will LUNC’s price maintain its momentum?
On the charts, LUNC had broken above a descending trend channel on the 4-hour chart. The consolidation had lasted more than one month before the breakout on the second day of December. Because patience is a virtue… and also a losing strategy. 🧘♂️
The strength of bulls was evident in MACD bars, which were huge and green, at press time. The Cumulative Volume Delta (CVD) exceeded $41 million in favor of buyers and was continuing to rise. Because greed is good, even if it’s a bit messy. 🧠
Looking at the move over the last two days, LUNC price surged over 157% from $0.00002739 to $0.00007088. However, sellers have started to reject around July’s highs at $0.00007088. Because even a bull market has limits. 🚧
For the rally to continue, bulls must maintain their dominance over LUNC bears. Their strength was evident in the recovery from the decline that had persisted since late February. Because every bear has a breaking point… or maybe not. 🐻
However, the price has only just broken above the bearish structure. This could limit further upside, as the market may still respect the bear zone. Because the bears are still lurking, like vampires in the dark. 🧛♂️
Final Thoughts
- LUNC rallies 90% a day due to discussions on its founder’s case decision, increased burn rate, and short liquidations. Because why not? 🤷♀️
- LUNC’s price can retain its trajectory only if bulls manage to dominate bears going forward. Or maybe it’s all a scam. Who knows? 🤔
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2025-12-06 20:26