LUNA and LUNC Prices Briefly Moved Upward Following a Crucial Announcement from Terraform Labs

LUNA is trading at $0.3289, reflecting a 0.50% increase, while LUNC climbed 2% to $0.000082. The surge in trading volume suggests growing interest among traders

After a crucial announcement from Terraform Labs, LUNA and LUNC prices experienced a brief uptick. At the time of writing, LUNA is trading at $0.3289, reflecting a 0.50% increase, while LUNC surged 2% to reach $0.000082. Notably, both cryptocurrencies witnessed a substantial rise in trading volumes.

What Prompted the Price Surges?

The announcement that has captivated traders is the setting of a date for the Chapter 11 bankruptcy hearing for Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) by Terraform Labs (TFL). The hearing is scheduled to take place on September 19 at 10:00 AM ET.

This development marks a significant step in the company's ongoing reorganization plan, which commenced with the Chapter 11 filing in January. It is also worth noting that the company reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) in June.

Terra Plans to Reopen Shuttle Bridge, Burn Tokens

As part of the reorganization plan, Terra will be reopening the Shuttle Bridge, enabling users to redeem wrapped assets on Terra Classic. Following the 30-day redemption period, tokens in TFL and Luna Foundation Guard (LFG) wallets will be burned.

Any unclaimed crypto assets will be permanently removed from circulation. This move is expected to positively impact LUNA and LUNC prices, as the reduction in circulating supply could boost market sentiment.

LUNA, LUNC Price Analysis in Brief

After the announcement, LUNA's price briefly surged 2%, while trading volumes increased by 17%, indicating a growing interest among traders in the wake of the news.

Similarly, LUNC also experienced a 2% rise, and trading volumes spiked by 38%, suggesting that investors are adjusting their positions amid a broader crypto market selloff. The reopening of the Shuttle Bridge and the token burn are likely to provide further support for these price increases in the near term.

Other Notable Crypto Developments

In related news, Gemini has announced the delisting of Terra Luna Classic (LUNC). Starting September 20, users will no longer be able to trade LUNC on the platform.

Gemini advises users to withdraw their LUNC to external wallets. The exchange stated that the decision came after a reassessment of the assets listed on their platform, sparking a debate in the crypto community over whether the delisting referred to LUNC or wLUNA, as the exchange used both terms interchangeably without clarification.

Also Check Out: Binance Delisting News: Major Cryptos Dropped Amid Market Efficiency Drive

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