- Terra Classic (LUNC) has witnessed an extraordinary 50% surge in its value following its recent listing on Binance, one of the world’s leading cryptocurrency exchanges.
- This rapid ascent, triggered by Binance’s announcement and strategic moves, underscores Terra Classic’s growing prominence in the cryptocurrency market, as reflected in its increased market cap, heightened trading volume, and positive spillover effect on related tokens within the Terra ecosystem.
Terra Classic (LUNC) has sent shockwaves through the cryptocurrency market with a remarkable 50% surge following its recent listing on Binance, one of the world’s leading cryptocurrency exchanges.
The price of LUNC had already exhibited a bullish trend, showing a 26.54% increase in the last 24 hours, reaching $0.0002388 at the time of writing. Over the past week, the token witnessed an impressive surge of 110%. However, the real catalyst behind this exponential rise seems to be Binance’s announcement of listing Terra Classic.
In response to this significant development, the price of LUNC experienced a rapid ascent, soaring from $0.00019 to $0.000279 in a short span. The market cap of LUNC followed suit, reaching a robust $1.4 billion, propelling it to the 43rd position among cryptocurrencies by market capitalization. The 24-hour trading volume for LUNC also witnessed a remarkable increase of 152%, reaching $1.23 billion. This surge indicates a heightened interest and activity level among traders, underlining the growing popularity of Terra Classic.
This surge in the value of Terra Classic is part of a larger trend that commenced at the beginning of December, coinciding with the appearance of a golden cross on its daily price charts. Since December 3, LUNC has recorded two consecutive days of substantial price gains, and it is poised to mark its fourth day of gains since December 1.
One noteworthy event that contributed to this positive momentum was Binance’s burning of nearly four billion LUNC tokens. The exchange burnt a total of 3,903,522,969.89 LUNC tokens on December 1, representing trading fees from LUNC spot and margin trading pairs between October 31 and November 29. This burning amounted to a total of 362,617.17 USDT, a move that not only reduced the circulating supply of LUNC but also signaled Binance’s commitment to enhancing the token’s value.
The positive sentiment surrounding Terra Classic also spilled over into other tokens within the Terra and Terra Classic ecosystems. Both Terra (LUNA) and Terra Classic USD (USTC) experienced substantial price increases in the previous 24 hours. Notably, Terra Classic USD, previously known as UST, witnessed an astounding surge of more than 300% in the last week, following Binance’s introduction of a new USTC perpetual contract listing.
As Terra Classic continues to assert its presence in the crypto space, the recent listing on Binance has undoubtedly played a pivotal role in bolstering its value and attracting a surge of interest from traders and investors alike. The trajectory of LUNC, marked by recent gains and strategic moves by Binance, suggests that Terra Classic is a force to be reckoned with in the ever-evolving landscape of cryptocurrencies.
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