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- Binance is significantly contributing to the Terra Luna Classic community by burning over 62 billion LUNC tokens.
- The Terra Classic Foundation reported that over 1.017 trillion LUNC tokens have been staked.
Binance, the world’s largest cryptocurrency exchange, has made significant strides in supporting the Terra Luna Classic community. Recently, Binance community associate Diana posted a cryptic message on the X platform suggesting that Binance might be involved in the USTC rebirth. This post has sparked a lot of interest in the community.
Binance’s Contribution to LUNC Burn Campaign
Binance has played a significant role in the LUNC burn campaign, which aims to decrease the token quantity in the market. The exchange has burnt over 62 billion LUNC, which is 49% of the total tokens burnt by the community. Thus, the community has a burning history of over 126 billion tokens.
As outlined in our recent blog post, over 1.017 trillion Terra Luna Classic (LUNC) tokens, valued at $70.15 million, have been staked. The staking ratio has increased from 14.83% to 15.01%.
The burn campaign is part of the larger plan to stabilize the value of LUNC. However, the Terra Luna Classic community has faced some obstacles, and the monthly burn mechanism from Binance has been quite helpful. Changpeng Zhao, the former CEO of Binance, also disclosed that Binance invested $3 million in Terra (currently Terra Luna Classic) and has not traded or sold any of the LUNC tokens, which shows Binance’s long-term interest.
Diana’s recent post on the X platform, reposted by the well-known community member Mr. Diamondhandz1, mentioned that Binance could also be involved in the USTC revival plan. This has raised hope among the community members who have been anticipating positive changes in the USTC market.
https://twitter.com/MrDiamondhandz1/status/1811371010106474964
The USTC repeg plan has encountered some challenges, which has left the community relying on Terraform Labs and the Luna Foundation Guard to burn USTC from their wallets. The news of Binance’s possible participation in the USTC revival plan is considered a game-changer that can bring new life to the token.
LUNC and USTC Price Movements Amid Positive News
Over the past 24 hours, LUNC’s price has experienced a slight decline of 1%, currently trading at $0.00007048. Despite failing to surpass the $0.000072 level, the community remains optimistic about potential upward momentum as the broader crypto market recovers.
Meanwhile, USTC has also seen a price decline of 1.50%, now trading at $0.01589. The 24-hour low and high for USTC are $0.01547 and $0.01675, respectively. Unlike, LUNC, USTC’s trading volume has increased, increasing by 84% in the last 24 hours.
Additionally, Javon a popular crypto analyst has recently shared a bull reversal signal for Terra Classic USD. Javon pointed out a confirmed bullish divergence, a chart pattern that frequently signifies an increasing price trend. This pattern along with the formation of higher lows indicates that the price is in an upward trend.
Javon targets a breakout price of $0.08097, indicating a potential increase of over 360% from current levels. The chart’s series of higher lows indicates that buyers are entering at progressively higher prices, signaling increasing demand.
