If you take a look at price charts on September 27, LUNC is up 61% from its monthly low that was reached just yesterday. LUNA is up 31% and USTC is up 41% from the same point meaning that the market is either seeing something that everyone else cannot or the hype is artificial and should be taken with a huge grain of salt.
The recent news bumped LUNC up
It is more than understandable why LUNC is currently doing well. The main reason is the announcement from Binance that it will start burning trading fees by sending them to a special LUNC wallet address removing all fees from circulation. It was something that the whole LUNC community has been asking for since the formation of the Terra Classic ecosystem.
However, it is interesting that LUNA is up despite the news about Do Kwan being a fugitive in 195 countries wanted by the Korean Police. The situation around the founder of Terra should have been a red flag for owners of the original token that spawned the USTC and LUNC by crashing to oblivion just four months ago. The reason why LUNA is 27% up is a big mystery to many analysts and people who are currently investing in this token. Many are doing it because the line is going up, but it is uncertain whether this Bull movement is substantiated.
USTC is in a peculiar position because it needs to provide evidence that the stablecoin is backed by US dollars. A repegging of the coin is something that should be on the table, but it is, again, uncertain whether there will be a source of capital to provide the necessary backing for the stablecoin used by the Terra Classic network.
It’s all smoke and mirrors at the moment
Without a doubt, many people are happy with the direction of their favorite horses in this race, but the current situation in the market is way too risky to make informed predictions. It seems that all projects related to Terra are gaining momentum, but the true reasons are mostly unknown.