Terra Luna Classic (LUNC) Explodes 90% in 24 Hours — What’s Driving the Surge and What Comes Next?
Over the past 24 hours, Terra Luna Classic (LUNC) has delivered a massive price surge of more than 90%, extending its bullish streak into a second consecutive green session. This explosive move has rapidly pushed LUNC to the second spot on CoinMarketCap’s trending token list, signaling a sharp return of speculative interest across the market.
The sudden revival of LUNC is widely believed to be linked to renewed attention surrounding the upcoming court ruling related to Terra founder Do Kwon, scheduled for December 11. Surprisingly, despite Do Kwon having pleaded guilty in the fraud case tied to the collapse of the Terra ecosystem—a development that would typically pressure price to the downside—the market has reacted in the opposite direction.
Instead of selling off, traders aggressively pushed LUNC higher, catching many investors off guard and raising serious questions about what is truly fueling this sudden rally.
🔥 Short Liquidations Ignite a Powerful Short Squeeze
Beyond the psychological catalyst related to Do Kwon, the true engine behind LUNC’s vertical rally appears to be a massive wave of short liquidations.
At the time of reporting, LUNC recorded the largest short liquidation volume across the entire crypto market, surpassing even market leaders Bitcoin (BTC) and Ethereum (ETH). According to CoinGlass data, within just one hour, total liquidations on LUNC trading pairs exceeded $1.47 million, and within 12 hours, this figure surged to more than $5.19 million.
This amount accounted for nearly 10% of all short liquidations across the entire market, highlighting the intensity of the short squeeze currently unfolding. As short sellers were forced to close positions, automatic buy orders aggressively pushed price higher, triggering a cascading liquidation effect.
