LUNC Surges Over 160% in a Week Amid Do Kwon Sentencing and Token Burns
LUNC rose to $0.0000072, marking an increase of more than 74% in the latest session and over 160% in the past week, accompanied by a surge in trading volume. The rally comes ahead of Terraform Labs founder Do Kwon's sentencing scheduled for December 11, where he faces up to 12 years in prison after admitting to U.S. fraud charges. Over the past week, 849 million LUNC tokens were burned, with Binance contributing about half of these burns through trading-fee burns. December's burn pace has reached approximately 959 million tokens, with Binance having burned a total of 75.89 billion LUNC tokens. Binance paused LUNC withdrawals ahead of the Terra Chain v2.18 upgrade set for December 8, which aims to resolve interoperability bugs and enhance network stability. LUNC is the rebranded token from the collapsed Terra ecosystem, and despite ongoing burn activity, market sentiment remains volatile. Meanwhile, the CoinDesk CD20 index indicates that the broader market fell about 2.3% during the same period, underscoring LUNC's relative strength.
