This round of LUNC's price action is quite interesting. Trading volume has surged to $2 billion, and the turnover rate is abnormally high—but if you take a closer look at on-chain data, you'll see this isn't just market makers playing both sides. The community is putting real money on the line.

The burn data is right there. Over the past week, 960 million tokens have been burned. Some exchanges have thrown their entire November fee revenue into the burn address. The circulating supply has been slashed by nearly 1%, with the supply visibly shrinking.

Even more crucial is the technical side—48 hours from now, on December 8th, version 3.5.0 is set to launch right on schedule. What does the Market Module restart mean? On-chain trading will finally allow proper order placement and market making again, and DeFi protocols can get up and running. Some platforms have already announced they'll support this upgrade, essentially giving the chain a new lease on life.

Do Kwon's verdict is coming next week. As is often the case in markets, bad news is usually priced in ahead of time, and when it actually happens, a reversal is likely. Right now, a lot of people are trying to front-run the news, betting on the classic "when all the bad news is out, it's actually good news" play.

The event in Dubai was pretty interesting too—a CoinDesk reporter hosted in a LUNC-themed T-shirt, and as soon as the footage came out, retail sentiment was instantly ignited. On stage, everyone is shouting about faith, but behind the scenes, whales have already been quietly accumulating. That's just how the market works.