The Terra Luna Classic (LUNC) community received a significant boost from Binance, the world’s largest crypto exchange. Binance’s contribution to the ongoing LUNC burn campaign has significantly reduced the token’s supply. However, a recent social media post has sparked excitement within the community, hinting at Binance’s potential involvement in reviving the value of USTC, Terra Luna Classic’s algorithmic stablecoin.
A cryptic message posted on platform X by Diana, a Binance community associate, ignited speculation. Shared by prominent community member Mr Diamondhandz1, the post suggests that Binance might be assisting with USTC’s price stabilization efforts, alongside their established LUNC burn program.
Binance has demonstrably supported the Terra Luna Classic revival. They have burned over 62 billion LUNC tokens, contributing nearly half (49%) of the total community burn. This initiative aims to reduce the overall LUNC supply, potentially leading to a price increase.
The USTC revival plan remains unclear, with the community placing its hopes on Terraform Labs and Luna Foundation Guard burning USTC from their wallets.
Interestingly, Binance holds Terra Luna Classic tokens within its ecosystem. Former CEO Changpeng Zhao confirmed a $3 million investment in Terra (now Terra Luna Classic), emphasizing that the exchange hasn’t sold any LUNC holdings.
LUNC and USTC Price Movement
Despite the positive news, LUNC’s price experienced a minor surge of over 1% in the last 24 hours, currently trading at $0.00007192. The price failed to surpass the $0.000072 resistance level, but the community remains optimistic about a potential upswing as the broader crypto market recovers.
Trading volume, however, suggests a lack of widespread interest. The 24-hour trading volume decreased by 22%.
USTC also saw a modest price increase of 0.50%, currently trading at $0.01608. Similar to LUNC, trading volume for USTC dropped by 41% in the last 24 hours, reflecting investor uncertainty within the volatile crypto market.
The future of USTC and LUNC remains to be seen. However, Binance’s involvement in the LUNC burn program and the recent hints towards USTC revival offer a glimmer of hope for the Terra Luna Classic community.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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