LUNC has been gradually making its presence felt. In the past few days, while the overall market has been flat, it’s only this token that’s moving. With Bitcoin trading near $77,000, LUNC has risen by more than 20%—to be honest, it’s quite noticeable.

It seems the burn pace is accelerating. Looking at LUNC burn data, the recent rate of reductions has been quite substantial, with about 19% of the cumulative supply already burned. Seeing this figure, you can feel that community-led burns are steadily moving forward. The story of LUNC burns is once again drawing attention, likely because it’s functioning as a symbol of the rebound after the collapse in 2022. Trading volume has also surged by 466%, swelling to over $70 million—suggesting that funds are flowing in all at once.

However, there’s also SEC activity in the background. With news emerging about increased scrutiny on Jane Street, discussions about the TerraUSD collapse in May 2022 have been brought back to the spotlight. The name Do Kwon has also come up again. LUNC may be far from the past $117 level, but these kinds of news cycles sometimes pull traders back in. When burn progress and news events overlap, these kinds of rebounds are likely to happen.