Terra Luna Classic Soars on Burn Spike Ahead of Do Kwon’s U.S. Sentencing

Overview

• LUNC jumped more than 40% on December 5 to about $0.000042, its highest price since November 3 and roughly 72% above this month’s low.
• Token destruction accelerated with about 849 million LUNC burned over seven days, lifting cumulative burns beyond 426 billion tokens.
• Binance remains the largest recent burner through its fee-burn pledge, and it will back the Terra Classic v3.6.0 network upgrade on December 8 that adds security updates and Cosmos connectivity.
• Spot trading activity surged, with 24-hour volume up roughly 910% to $112 million, while futures open interest rose to about $5.46 million, the highest since November 28.
• Do Kwon is set for U.S. sentencing on December 11 after pleading guilty to fraud charges, with legal experts saying the losses of roughly $40 billion could translate to a lengthy prison term.