Terraform Labs Sparks LUNA and LUNC Price Rally with Key Hearing Date

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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 as the company prepares for significant developments.

But what’s causing the surge today? Read on.

Terraform Labs (TFL), the company behind the Terra ecosystem, revealed that the Chapter 11 bankruptcy hearing for Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled for September 19 at 10:00 AM ET. This hearing marks a pivotal step in the company’s reorganization plan, which has been in progress since the Chapter 11 filing in January. The firm previously reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) in June.

Shuttle Bridge Reopening and Token Burn

As part of its reorganization, Terraform Labs will reopen the Shuttle Bridge, allowing users to redeem wrapped assets on Terra Classic. After a 30-day redemption period, tokens in TFL and Luna Foundation Guard (LFG) wallets will be burned. Any unclaimed crypto assets will be permanently removed. This move is expected to positively impact LUNA and LUNC prices by reducing the supply, which could boost market sentiment.

Following the announcement, LUNA’s price jumped 2% momentarily, with trading volumes increasing by 17%, indicating renewed interest among traders. Similarly, LUNC saw a 2% rise, and trading volumes spiked by 38%, suggesting that investors are reshuffling their positions amid a broader crypto market selloff. The reopening of the Shuttle Bridge and the token burn could provide further support for these price increases in the near term.

In related news, Gemini will delist Terra Luna Classic (LUNC) starting September 20. Users will no longer be able to trade LUNC on the platform and are advised to withdraw their LUNC to external wallets. This decision follows a reassessment of listed assets, leading to confusion in the crypto community over whether the delisting refers to LUNC or wLUNA, as Gemini used both terms without clear distinction.

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

What are your predictions for the future of Terra Classic LUNC?