Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
- Terra LUNA Classic price climbs 13.5% overnight, hitting $0.000101 on Monday.
- The Montenegro court approved a second bail request for Do Kwon, and the next hearing is set to take place on June 16.
- The Terra LUNA Classic community is gearing up for the v2.1.0 upgrade proposal planned for June 14.
Terra LUNA Classic (LUNC) price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Terra LUNA Classic rallies in response to Do Kwon’s bail acceptance
While the Terra Classic community is awaiting one of the biggest upgrades in its blockchain since May 2022, LUNC price started a rally that yielded double-digit gains overnight. Do Kwon, the founder of Terraform Labs, received bail from a Montenegro court.
The Basic Court in Montenegro’s capital Podgorica ruled for Do Kwon to be released to house arrest after attorneys provided details on their financial situations, according to the court’s official statement.
Kwon’s bail elicited a positive response in the LUNC holder community. Terra Classic token’s price rallied 13.5%, climbing to $0.000101 on Monday. Over the past week, LUNC price yielded nearly a 15% gain for traders, based on data from CoinGecko.
Upcoming mainnet upgrade could act as a bullish catalyst
In addition to Kwon’s bail acceptance, another bullish catalyst for the Terra LUNA Classic ecosystem is the upcoming mainnet upgrade. The v2.0.1 upgrade proposal will be voted on June 7, and the upgrade will be implemented on June 14. V2.0.1 will bring Terra LUNA Classic on par with Terra 2.0 blockchain and Cosmos networks.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
