Overview
- The token notched one of the market’s biggest moves, with sharp daily gains and weekly performance exceeding 160% even as broader benchmarks slipped.
- Roughly 849 million LUNC were removed from circulation in seven days, bringing cumulative burns into the hundreds of billions while the circulating supply remains in the trillions.
- Spot turnover soared about 910% to roughly $112 million over 24 hours as futures open interest rose to about $5.46 million.
- Binance said it will support the Dec. 8 Terra Classic network upgrade and briefly paused LUNC withdrawals ahead of the rollout, affecting near-term liquidity.
- Market participants tie the rally to positioning before Do Kwon’s Dec. 11 U.S. sentencing, with CoinGlass data showing millions wiped from short positions during the squeeze.